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

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• Citigroup's Prince Steps Down, Rubin Named Chairman (Update3) (Bloomberg.com)

  Nov. 4 (Bloomberg) -- Citigroup Inc. said Chief Executive Officer Charles Prince is stepping down after the largest U.S. bank warned of as much as $11 billion of additional writedowns on subprime mortgages and related securities, on top of more than $6 billion of charges reported for the third quarter.
  2007-11-04 08:09:57

• Flood victims paying mortgages on damaged properties can't take advantage of church's generosity (New Hampshire Union Leader)

  A newly built, three-bedroom residence intended for a family left homeless by floods is on the market, but no victim of the deluge can be found to buy it. MANCHESTER - To her friends and relatives, Maryellen Toomey was a girl in need of a happy birthday. Staff at Homewood Suites near Manchester-Boston Regional Airport delivered.
  2007-11-04 09:10:37

• Citigroup CEO retires (Reuters via Yahoo! News)

  Citigroup Inc on Sunday said Chairman and Chief Executive Charles Prince has retired, and that it expects an additional $5 billion to $7 billion after-tax write-down related to subprime mortgages.
  2007-11-04 03:37:29

• (AFX UK Focus) 2007-11-05 04:37 GMT: China's BoCom Beijing branch clarifies definition of 'second mortgage' - Xinhua (Interactive Investor)

  BEIJING (XFN-ASIA) - Beijing's branch of the Bank of Communications (BoCom) has defined a second mortgage as one based on the house property of the applicant rather than the applicant's family, the official Xinhua news agency reported, citing a bank official.
  2007-11-04 09:08:29

• China's BoCom Beijing branch clarifies definition of 'second mortgage' - Xinhua (FinanzNachrichten)

  BEIJING (XFN-ASIA) - Beijing's branch of the Bank of Communications ( Nachrichten ) (BoCom) has defined a second mortgage as one based on the house property of the applicant rather than the applicant's family, the official Xinhua news agency reported, citing a bank official.
  2007-11-04 08:47:02

• Australian Stocks Fall, Led by Commonwealth Bank; Santos Gains (Bloomberg.com)

  Nov. 5 (Bloomberg) -- Australian stocks fell for a second day, on concern losses related to U.S. subprime mortgages will curb profits.
  2007-11-04 06:00:09

• Gen Y locked out of housing market

  Big Pond News - ... Truckie's group calls for more disability... PM arrogant on interest rates: Rudd ... people that are actually saying, 'Do I need to own my own home, have a mortgage ... But the other piece of the puzzle is not only this later thing but it's about ...
  2007-11-04 06:53:00

• China's BoCom Beijing branch clarifies definition of 'second mortgage ...

  Forbes - ... those who have paid up their mortgages to enjoy the original low down payment and interest rate when applying for new house loans. The higher mortgage down ... by AFX News and its third party content providers for your personal information only, and ...
  2007-11-03 05:59:00

• PetroChina expected to surpass Exxon Mobil as most valuable company

  International Herald Tribune - ... bubble has so far been unaffected by issues that have shaken other markets, like mortgage ... After decades where low-interest-rate-bearing accounts in state-owned banks were virtually the only outlet for savings, the soaring stock market has become ...
  2007-11-04 04:58:00

• Ben Bernanke must step over media tripwires

  Times Online - Yet because of the specific sector problems that are largely confined to housebuilding and mortgage banking, financial ... In the weeks ahead the Fed will have to take an interest not only in the state of the US economy but also in the campaign by ...
  2007-11-04 03:54:00

• Citigroup CEO Resigns; Former Treasury Chief Named Chairman

  Washington Post - In a phone interview Sunday night, Rubin reiterated his lack of interest in taking the job himself. He ... It is my judgment that given the size of the recent losses in our mortgage-backed securities business, the only honorable course for me to take ...
  2007-11-04 08:26:00

• Aust PM switches pitch on interest rates

  Straits Times - ... under his government, he now says that in a climate where higher rates are possible, only his ... leader Kevin Rudd on voting day, campaigned strongly during the last election to the mortgage-belt by saying he would manage the economy so that interest ...
  2007-11-04 07:07:00

• Bankers? Lesson From Mortgage Mess: Sell, Don?t Hold (New York Times)

  Top executives at two of the world?s largest banks have come under scrutiny for ignoring one of the fundamental principles of the banking business.
  2007-11-04 03:51:48

• Putting an End to Abusive Lending (New York Times)

  When members of the House Financial Services committee meet to put the finishing touches on a bill to curb abusive mortgage lending, they need focus only on how to make a good bill better.
  2007-11-04 08:52:18

• Australian PM switches pitch on interest rates (AFP via Yahoo! News)

  Embattled Australian Prime Minister John Howard has switched his pitch for re-election ahead of an expected interest rate hike, but said Monday he was still the best man to steer the nation's economy.
  2007-11-04 07:22:27

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