Mortgage and Financial News From 2007-10-23 Page 14

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• FTSE breaks 3-day losing run, miners, banks bounce

  Reuters - The comments lifted fellow mortgage lenders Northern Rock (NRK.L: Quote , Profile , Research ), Britain's most prominent casualty of the global credit squeeze, and Alliance & Leicester (ALLL.L: Quote , Profile , Research ). Northern Rock gained 2.4 percent ...
  2007-10-23 09:01:00

• Big dip in Sept. home sales: Tighter lending policies could be part of ...

  Patriot Ledger - Industry sources attribute the market’s persistent softness to tightening credit requirements by mortgage lenders and rising foreclosure rates. From Jan. 1 to Aug. 20, there were nearly 17,500 foreclosure petitions filed statewide, a 72 percent ...
  2007-10-23 07:35:00

• North Carolina Lawmakers Cosponsor Mortgage Bill

  WSOC-TV - The bill is designed to protect future borrowers, not the estimated two million people with weak credit histories whose monthly costs are expected to jump when their adjustable-rate mortgages reset. The bill would bar mortgage lenders from getting ...
  2007-10-23 07:35:00

• Fannie, Freddie regulator says portfolio caps 'red herring' in ...

  Forbes - This reduces their holdings and allows them to buy more mortgages from primary lenders, thus providing new liquidity to the mortgage market. This constant churning allows Fannie and Freddie to buy as much as 30 bln usd worth of mortgages per month ...
  2007-10-23 07:50:00

• Bill Would Tighten Mortgage Standards Rep. Frank Aims to Prevent ...

  Washington Post - Most troublesome for the industry is a provision that would require lenders and mortgage brokers, who act as liaisons between lenders and consumers, to make loans only to borrowers who can be reasonably expected to repay them. "In one section of the ...
  2007-10-23 08:47:00

• MORTGAGE BILL PROPOSED

  New York Post - October 23, 2007 -- House Financial Services Committee Chairman Barney Frank said he'll seek new federal standards for mortgage lenders and to make companies that bundle loans and sell them as securities accountable. Frank (D-Mass.) unveiled ...
  2007-10-23 12:19:00

• Developers expected to plead guilty in Minn. mortgage fraud case

  Grand Forks Herald - A longtime home builder, his wife and son-in-law are preparing to plead guilty for their roles in an alleged mortgage fraud scheme that prosecutors say bilked lenders and others out of an estimated $50 million involving nearly 200 homes. Michael ...
  2007-10-23 08:33:00

• FTSE bounces as mortgage lenders reassure

  Times Online - London shares swung back into the black today buoyed by a positive Wall Street close last night and reassuring news from Debenhams and Bradford & Bingley. B&B revealed in an analysts presentation that it had managed to raise £1.8 billion since ...
  2007-10-23 03:18:00

• Countrywide to offer mortgage help

  MSNBC - As subprime mortgages made from 2005 through the first half of 2007 defaulted at increasing rates, bonds backed by those mortgages began to lose value. More than 50 mortgage lenders have gone out of business this year. A seizure in the global credit ...
  2007-10-23 06:09:00

• Coastal Banking Company Subsidiary Forms New Wholesale Mortgage ...

  MSN MoneyCentral - We're taking advantage of the opportunity in the industry, created by many mortgage lenders exiting the business, to generate a new source of noninterest income with minimal risk. We plan to use the fee income to help fund the company's organic ...
  2007-10-23 07:14:00

• US mortgage giant Countrywide to renegotiate thousands of loans (AFP via Yahoo! News)

  US mortgage giant Countrywide Financial said Tuesday it was offering new terms to help stave off foreclosure for tens of thousands of customers, with loans totalling around 16 billion dollars.
  2007-10-23 08:22:03

• Mortgage proposal gets chilly response (Dayton Daily News)

  — Gov. Ted Strickland got a polite, but chilly response Monday to his request that subprime lenders voluntarily enter into compacts with the state to keep more Ohioans from becoming part of the continuing mortgage foreclosure crisis.
  2007-10-22 10:50:06

• House bill sets standards for mortgage lenders (Pioneer Press)

  A leading House Democrat took on the banking industry Monday with a bill to restrict lending practices partly blamed for the nationwide surge in mortgage defaults and foreclosures. The legislation introduced by Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, aims to prod states into enacting stronger mortgage regulations and sets up federal-level regulations if ...
  2007-10-22 10:24:35

• MORTGAGE BILL PROPOSED (New York Post)

  House Financial Services Committee Chairman Barney Frank said he'll seek new federal standards for mortgage lenders and to make companies that bundle loans and sell them as securities accountable. Frank (D-Mass.) unveiled legislation that would...
  2007-10-23 12:25:30

• Japan Stocks Rise, Led by Banks, as U.S. Mortgage Concerns Ease (Bloomberg.com)

  Oct. 23 (Bloomberg) -- Japanese stocks advanced, led by lenders, after China's Citic Securities Co. agreed to buy a stake in Bear Stearns Cos., shoring up confidence in financial institutions hurt by the U.S. mortgage crisis.
  2007-10-23 12:36:11

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