Mortgage and Financial News From 2007-11-4 Page 11

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  • Citigroup Doesn't Deny Prince Exit as Shares Drop 31% (Update5)

    Bloomberg - ... that Chief Executive Officer Charles O. ``Chuck'' Prince III will resign, undermined by widening losses from bad mortgage ... The best way for the company to return value to shareholders is to break into three separate companies, a consumer bank, an ...
    2007-11-04 10:10:00

  • Figures dispel fears of finance company 'run on the bank'

    New Zealand Herald - Goldman Sachs JBWere's Shamubeel Eaqub said about 40 per cent of new lending to property development came from finance companies. "While funding will still be available for development projects, stricter lending criteria, prevailing high mortgage ...
    2007-11-04 10:03:00

  • Victims of scam face losing homes

    Asbury Park Press - No mortgage companies were named in the IRS search warrant. In many instances, the loans were resold among mortgage companies and investment banks in the subprime, or high-interest rate, markets. Kevin J. Carlin, a Hamilton lawyer representing three ...
    2007-11-04 06:50:00

  • What's the damage? Why banks are only starting to uncover their subprime losses (FT.com via Yahoo! News)

    When Merrill Lynch, the US bank, announced 10 days ago that it was taking $8bn-worth of losses on mortgage-related securities, bankers and regulators around the world reeled in shock. For the writedown was twice the size of the losses that Merrill had forecast just a two and a half weeks earlier - a "staggering" multi-billion dollar gap, as Standard and Poor's, the US credit rating agency, ...
    2007-11-04 10:15:21

  • Rachel Beck: Corporate auditors take a stance on valuation of risky mortgage debt (The Journal News)

    Corporate auditing firms are showing signs that they learned their lesson from the bad old days of Enron and WorldCom. And if they are holding companies' feet to the flames on questionable accounting moves, that's nothing but good news for investors.
    2007-11-04 12:43:51

  • 17 N.J. residents bamboozled in mortgage scam (Daily Record)

    A national mortgage scam has ensnared hundreds of victims in 27 states, including at least 17 homeowners in New Jersey, Gannett New Jersey newspapers has learned.
    2007-11-04 11:50:32

  • Just across the border, a big price break

    NorthJersey.com - Mike Carew, a mortgage broker, grew up in Glen Rock, but moved to Airmont in Rockland County when he got married. "There's a law, when you marry an Italian, you have to live 1.2 miles from your mother-in-law," Carew said. "My wife grew up in Rockland ...
    2007-11-04 05:02:00

  • Real estate market and appraisal ethics show a slump

    Herald Tribune - The appraisers I talk to today are afraid to appraise anything," said Marta Grande, a Sarasota mortgage broker with Commonwealth Mortgage. "They're turning out appraisals that are really ridiculously low," and many banks are just as cautious, she said
    2007-11-04 07:54:00

  • RAMS warning as borrowers battle to refinance

    Age - A Five Dock mortgage broker, Yordan Kirov, estimated that 15-20 per cent of RAMS customers were refinancing. And he said more would also like to refinance but were prevented from doing so because their property values had fallen. Many non-bank lenders ...
    2007-11-04 10:39:00

  • Seattle to Vietnam: Traveling with a purpose

    Seattle Times - A mortgage broker donated 200 pens. Diana Holmlund found the Beanie Babies on eBay. In Hanoi, the group visited the Thanh Xuan Peace Village, a school and medical center set up to care for children with mental or physical defects attributed to dioxin ...
    2007-11-04 09:56:00

  • Whose side is loan broker on? (Los Angeles Times)

    A form disclosing first loyalties in a lending transaction is being devised by a national mortgage group. WASHINGTON -- A new disclosure form is in the works that could go a long way toward letting borrowers know exactly where their mortgage originator's allegiance truly lies.
    2007-11-04 12:16:10

  • Counseling for those facing foreclosure

    Seattle Post Intelligencer - ... around the country provide free counseling and education to individuals who are having trouble making their mortgage payments ... Better advice for consumers is to know what you can afford and how different mortgages work before taking on responsibility ...
    2007-11-01 05:55:00

  • Market continues to sleep

    Herald Tribune - The bill now moves to the Senate for consideration, where a mortgage cancellation relief bill sponsored by Sen. Debbie ... Dear Abby of Real Estate.” But I thought Abigail van Buren should have been known as the “Bob Bruss of Personal Advice ...
    2007-11-04 10:10:00

  • Amid the chaff of bad advice, a timely kernel

    Raleigh News & Observer - ... Manhattan's Lower East Side when she came across a woman sitting by the sidewalk, holding a hand-lettered sign, "Free Advice ... do without and are new to the concept that they may have to, is greatly responsible for the present epidemic of home mortgage ...
    2007-11-04 01:09:00

  • Economic Forecasters See Light Ahead

    Signal - Once Schniepp proclaimed his economic predictions, he offered advice to the investors, lenders and real estate agents. "If you are a seller, fix up your home, if you can, and focus on paying down the mortgage," he said. "For a buyer, be patient, but ...
    2007-11-04 08:37:00

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