Mortgage and Financial News From 2007-11-4
Previous Day: 2007-11-03
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Prince has been chucked off the dance floor
Daily Telegraph - A profit warning and $6.5bn in bad debt write-offs later, Prince is finally ... Prince will be the highest profile casualty yet of the credit crisis and will ... Citigroup's sprawling size, the bank has been hit hard by the sub-prime mortgage ...
2007-11-03 04:41:00 -
Mortgage counselors face heavy workloads
San Gabriel Valley Tribune - ... help when she temporarily lost her job and couldn't get relief from her mortgage ... There's the bad days where you've had five people come into your office that ... and problems with subprime mortgages, which are made to homeowners with weak credit ...
2007-11-03 07:18:00 -
Economic View: A downturn is inevitable. Next year would be tough, but ...
The Independent - They are bad news for business in Europe, America and Japan. The second cause for ... upsetting for business, which over the summer months suddenly found that credit had ... because they were backed by houses which could always be sold to pay off the mortgage ...
2007-11-03 04:05:00 -
Citigroup's Prince will quit
Daily Telegraph - Charles "Chuck" Prince, the chief executive of Citigroup, is poised to resign later today, as the world's biggest bank prepares to unveil billions of dollars in additional losses from bad mortgage debts. Credit crunch crisis in full in our special ...
2007-11-03 04:55:00 -
Ex-Treasury Chief to Fill In at Citigroup
New York Times - The company has suffered major losses as a result of its large exposure to bad loans and mortgage-related securities. A group of core ... Since a sharp downturn in the housing and credit markets began in August, the stock has dropped nearly 20 percent. ...
2007-11-03 10:38:00 -
For our sakes, let's hope Gordon Brown's right
Daily Telegraph - ... firesale of said bank, when this is dwarfed by an even bigger story of bad debts ... Brown is passionate about the lessons of this credit crunch: no single body, in ... But all of us with a mortgage, a house, investments or any kind of stake in the ...
2007-11-04 12:40:00 -
Job issues put couple on edge
Chicago Tribune - Now the Orlando couple has $16,791 in credit card debt and combined car payments that nearly equal their $800 mortgage bill each month. ... Because of the layoffs and some bad choices, we have huge debt," Terri, 45, wrote in a ...
2007-11-03 11:50:00 -
Slump takes less toll on Toll
Chicago Tribune - A The nation's largest builder of luxury homes has the best position in a very bad industry situation. It is less affected by the subprime mortgage crisis ... Affluent buyers often have more attractive credit profiles, so the economy and interest rates ...
2007-11-03 11:50:00 -
Mortgage counselors face skyrocketing workloads amid credit crisis (Savannah Morning News)
DENVER - It was one of Zach Urban's most trying days as a housing counselor: A woman arrived on his doorstep so distraught over the thought of losing her townhome he feared she might harm herself.
2007-11-03 09:56:47 -
Mortgage counselors face skyrocketing workloads amid credit crisis (The Times of Northwest Indiana)
It was one of Zach Urban's most trying days as a housing counselor: A woman arrived on his doorstep so distraught over the thought of losing her town home he feared she might harm herself.
2007-11-03 10:21:05 -
Lenders Still Being Fooled By Piggyback Credit Schemes (Hartford Courant)
So-called "piggyback" credit-score inflation schemes for mortgage applicants haven't been reined in, despite industry pledges to do so at the end of summer. As a result, lenders continue to be misled into treating loan applicants with poor credit as prime-credit candidates worsening already critical fraud and delinquency problems in the mortgage market.
2007-11-04 12:29:04 -
'Piggyback' credit histories continue to mislead lenders (Los Angeles Times)
WASHINGTON -- So-called piggyback credit-score inflation schemes for mortgage applicants haven't been reined in, despite industry pledges to do so. As a result, lenders continue to be misled into treating loan applicants with poor credit as prime-credit candidates -- worsening already critical fraud and delinquency problems in the mortgage market.
2007-11-04 12:15:40 -
Reverse Mortgages, OK for Some But Not All
PRWeb - With costs rising, children of the elderly want to help their parents remain at home. Expert says look carefully before making this lifetime decision. San Rafael, CA ( PRWEB ) August 3, 2006 -- Your folks’ home needs repair, health care costs are ...
2007-10-31 05:56:00 -
The Home Front
San Antonio Express News - on reverse mortgages Seniors, watch out for those pesky reverse mortgage offers. The Texas attorney general is warning those 62 and older to carefully consider before taking a reverse mortgage, which is a special loan for seniors ...
2007-11-01 05:55:00 -
Debt weighs down ORU
Tulsa World - operate within available resources and must identify initiatives to reverse this trend. . . . It appears the university ... Most of the university's liabilities in 2006 came in the form of $53 million in mortgages and other notes payable, records ...
2007-11-03 11:43:00