Mortgage and Financial News From 2007-8-21 Page 10

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  • Capital One to close mortgage unit, cut 1,900 jobs

    USA Today - The McLean, Va.-based company will close 31 GreenPoint locations in 19 states and "cease residential mortgage origination" effective immediately but said it will honor commitments to customers with locked rates who have loans already in the pipeline. ...
    2007-08-21 02:24:00

  • Credit crunch brings higher rates

    Channel 4 News - Mortgage hunters with poor credit records look set to feel the squeeze of higher interest rates as a result of the global credit crunch. article continues below... Would-be homeowners are being confronted with hikes equating to around £150 a month ...
    2007-08-21 10:14:00

  • Crude at Mortgage Rates

    Kommersant - In the environment of market fluctuations triggered by collapsed loans of subprime mortgage, oil futures could become one of the most stable financial instruments, forecasted the analysts of Lehman Brothers. The demand for oil hasn’t become weaker ...
    2007-08-21 11:39:00

  • Countrywide says it cut 500 mortgage jobs (Reuters via Yahoo! News)

    Countrywide Financial Corp , the largest U.S. mortgage lender, said it had eliminated about 500 jobs nationwide as it tries to cope with a credit shortfall stemming from the U.S. housing downturn.
    2007-08-21 11:07:27

  • Rates unlikely to rise: Kelly (Sydney Morning Herald)

    Westpac's new boss Gail Kelly says Australian mortgage customers can expect rates to hold firm.
    2007-08-21 12:29:19

  • (AFX UK Focus) 2007-08-21 12:26 GMT: INTERVIEW ZEW's Schroeder sees ECB not raising rates in Sept (Interactive Investor)

    FRANKFURT (Thomson Financial) - ZEW's Chief Economist Michael Schroeder said he expects the ECB would not increase interest rates in September but would only move them after it has a clearer picture on the fallout of the US subprime mortgage crisis in the financial markets.
    2007-08-21 12:07:41

  • 30-year rates edge up to 6.62% (The Record)

    WASHINGTON -- Rates on 30-year mortgages edged up slightly this week after falling for three straight weeks. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.62 percent.
    2007-08-21 12:35:04

  • Capital One to close mortgage unit, cut 1,900 jobs (USA Today)

    Capital One Financial Corp. said Monday it will cut 1,900 jobs and shutter its wholesale mortgage banking business, a move that comes as lenders continue to struggle in the nation's housing and mortgage markets.
    2007-08-21 02:51:03

  • Credit crunch brings higher rates (Channel 4)

    Mortgage hunters with poor credit records look set to feel the squeeze of higher interest rates as a result of the global credit crunch.
    2007-08-21 10:22:34

  • New Zealand Mortgage Rates Not Yet Adversely Affected By Sub-Prime Crisis, Analyst Tells Paper (Nasdaq)

    (RTTNews) - The sub-prime mortgage crisis gripping much of the world has yet to create a significant impact on mortgage rates in New Zealand, but analysts say it may bring negative effects in the future. This according to a report in the New Zealand Herald.
    2007-08-20 11:31:36

  • Shares U-turn as UK bank gets crisis loan

    This is Money - Shares lost earlier gains as banking stocks slammed into reverse. Other central banks, including the US Federal Reserve ... run out of credit by issuing a statement saying it only had limited exposure - about £275m - to US subprime mortgages and ...
    2007-08-21 03:07:00

  • Countrywide touts safety amid reports of layoffs

    Reuters - The unit offers mortgages to people with less than "prime" credit or who cannot fully document income or assets. About ... Any job cuts would reverse the trend of the first half of 2007, when Countrywide hired nearly 7,000 staff as smaller ...
    2007-08-21 02:03:00

  • Bank CEO warns of German crisis

    Marketwatch - ... companies called conduits that issued short-term paper and then reinvested the proceeds in higher-yield, longer-term debt -- such as the residential mortgage-backed securities that have declined in value as poorer Americans default on risky mortgages
    2007-08-21 03:14:00

  • Marsh: Crisis May Spark D&O Claims

    Forbes - Higher interest rates and falling property prices have contributed to rising delinquencies on subprime mortgages, which are ... has been largely stable, if there are a high number of costly claims under these insurance policies, this trend may reverse ...
    2007-08-21 02:46:00

  • Wall Street Pulls Back on Credit Worries

    Newsday - Speculation grew on Wall Street that troubled Countrywide Financial Corp. might be a takeover target due to losses linked to distressed subprime mortgages. And, investors expected more layoffs after Capital One Financial Corp. said it was shuttering ...
    2007-08-21 01:41:00

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