Mortgage and Financial News From 2007-9-7 Page 14

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  • New Mortgage Foreclosures Hit Record In Q2 As Subprime ARM Problems Grow (Investor's Business Daily via Yahoo! News)

    New foreclosure filings hit another record in the second quarter as a rising number of Americans become unable pay their subprime adjustable-rate mortgages.
    2007-09-06 04:00:00

  • High-cost mortgages hit minorities hard, and lead to foreclosures (Philadelphia Daily News)

    CHICAGO - African-American and Hispanic borrowers were more likely to acquire high-cost mortgages than their white peers in 2006, according to a study released Wednesday by community activist group Acorn. And as their adjustable-rate mortgages reset to produce higher monthly payments, many of those homeowners risk losing their homes.
    2007-09-07 12:50:30

  • Distressed Bonds Increase Most Since 2003, Led by WCI (Update1)

    Bloomberg - Debt of Minneapolis-based mortgage lender Residential Capital LLC and WCI Communities Inc., the homebuilder whose biggest ... WCI's earnings before interest, taxes, depreciation and amortization can fall to as low as half its interest expense before ...
    2007-09-05 04:15:00

  • Subprime mortgage problems worsen (San Jose Mercury News)

    WASHINGTON - Homeowners, struggling to deal with sharp increases in their adjustable mortgage payments, got hit with a record number of foreclosure starts in the spring as the crisis in subprime lending intensified.
    2007-09-07 01:47:51

  • Home foreclosures won't peak for at least 6 months, economist says

    Detroit Free Press - HOMES FOR SALE • Search New Construction and Existing Homes across metro Detroit and Michigan. • Mortgage rates from lenders ... Home foreclosures won't peak for at least 6 months, economist says September 7, 2007 BY GRETA GUEST FREE PRESS BUSINESS ...
    2007-09-07 01:13:00

  • Market posts a modest rally as optimism grows over rates

    Baltimore Sun - Market posts a modest rally as optimism grows over rates From wire reports ... Late Wednesday, mortgage lender Countrywide Financial Corp. said it would cut another ... largest investment bank announced it is laying off 850 people from its home ...
    2007-09-07 12:16:00

  • Crist tips his hand

    St. Petersburg Times - Crist also wants the Legislature to put $50-million toward down-payment assistance and reduced mortgage interest rates for lower income, first-time home buyers. What's more, he wants lawmakers to give $25-million to local governments that assist low ...
    2007-09-07 01:06:00

  • Romney Plan Would Eliminate Some Taxes

    US News and World Report - With the mortgage industry facing serious troubles and borrowers finding it harder to get loans, more savings would help, he ... By contrast, Democratic candidate John Edwards has proposed raising capital gains rates on families making more than $250 ...
    2007-09-06 10:29:00

  • State sees more interest in mortgage program

    NWI.com - SPRINGFIELD | With home foreclosure rates across the country reaching all-time highs, more people are looking to government programs to get mortgages, state officials say. Many of the homeowners falling behind on their payments have seen their ...
    2007-09-06 11:26:00

  • Sweden's Riksbank Raises Key Rate to Quell Inflation (Update2)

    Bloomberg - ... percent for a second year, will withstand a surge in global corporate borrowing costs triggered by losses in the U.S. mortgage ... The decision comes a day after the European Central Bank left rates unchanged, shelving plans for an increase as the U.S ...
    2007-09-07 12:59:00

  • Illinois sees more interest in mortgage program (Journal Gazette & Times-Courier)

    SPRINGFIELD — With home foreclosure rates across the country reaching all-time highs, more people are looking to government programs to get mortgages, state officials say.
    2007-09-06 10:38:43

  • Foreclosure start rates hit a new high mark (The Fresno Bee)

    WASHINGTON -- Foreclosure start rates in 34 states declined during the second quarter of 2007, but the national average rose again to record levels because of problems in California, Arizona, Florida and Nevada, the Mortgage Bankers Association reported Thursday.
    2007-09-07 05:46:10

  • Home-equity loans dry up (The Shreveport Times)

    When James Chou's credit card debt began to spin out of control a few years ago, he turned to a home-equity loan to pay it off. It proved to be a wise choice. Interest rates on home-equity loans are generally lower than on credit cards. What's more, the interest is tax-deductible, unlike credit card interest. Today, many people don't have that option. With the turmoil in the mortgage market ...
    2007-09-07 12:07:00

  • U.K. Pound Erases Gains as Bank of England Keeps Rates on Hold

    Bloomberg - Pound Erases Gains as Bank of England Keeps Rates on Hold ... its index of sentiment fell to 94 in August, the lowest since April. European investment banks will take a ``material hit'' to earnings from the fallout of rising U.S. subprime-mortgage ...
    2007-09-06 04:09:00

  • Dollar at One-month low, Euro Up on ECB Inflation Focus

    CNBC - The dollar fell to a one-month low on Thursday as rising mortgage delinquencies and ... The euro got a boost after the European Central Bank left interest rates unchanged ... A separate report showing employment in the U.S. services sector hit its lowest ...
    2007-09-06 10:36:00

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