Mortgage and Financial News From 2007-8-21 Page 2

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• Country's largest mortgage lender lays off 500

  Chicago Tribune - Countrywide Financial Corp., the nation's largest mortgage lender, said Monday it has eliminated about 500 jobs as it tries to ride out problems from a credit crunch that has rocked the home loan industry. The company said the cuts came in the ...
  2007-08-21 12:37:00

• Fed cut: Easier on home borrowers too

  CNN Money - Home buyers and sellers may have reason to cheer as well. The discount rate is the ... loans. Lowering interest rates encourages banks to lend more money to mortgage ... The practical impact is that you're telling everyone that the lender of last ...
  2007-08-21 09:48:00

• Reassurance from Senate commitee lifts Wall St

  Financial Times - Another mortgage lender grabbing traders’ attention was Accredited Home Lenders . The subprime lender said on Tuesday an unnamed investor had agreed to buy $1bn of loans with the option for Accredited to buy back the loans before mid-November. The ...
  2007-08-21 05:02:00

• First Magnus Files for Bankruptcy

  Forbes - ... based national mortgage lender ... originated home loans and then sold bundled loans into the secondary loan market, stopped taking mortgage loan applications and fired 99 percent of its 6,000 employees on Thursday. Company officials said the lender was ...
  2007-08-21 09:26:00

• Wilbur Ross plans push into subprime

  Financial Times - Mr Ross, who built an estimated $1bn fortune by betting on struggling industries such as steel and coal, said a recent $50m loan to American Home Mortgage, a lender that is under bankruptcy protection, was only the beginning of his investments in the ...
  2007-08-21 08:51:00

• Credit Crisis Tests British Stiff Upper Lip

  Forbes - Home Business Tech Markets Entrepreneurs Leadership Personal Finance ForbesLife Lists Opinions Video Blogs E-mail Newsletters People ... Mortgage lender Northern Rock, the fifth-largest in Britain, admitted on Tuesday that it had invested a total of £275 million ...
  2007-08-21 09:41:00

• American Home Faces Lender Demands

  Forbes - American Home Mortgage Holdings Inc. has "started to get bombarded" with demands from its lenders that it hand over home loans it's servicing, an attorney for the company said Monday. The clamor from lenders is complicating American Home's attempt to ...
  2007-08-20 08:52:00

• Commercial Paper Still in Question

  Forbes - Several companies - KKR Financial Holding LLC, hedge fund Sentinel Management Group Inc., Toronto investment bank Coventree Inc. and U.S. home lender Thornburg Mortgage Inc. - suggested last week, before the Federal Reserve cut its discount rate cut ...
  2007-08-21 09:34:00

• Bankrupt Mortgage Companies Shouldn't Affect Borrowers

  WKRN - Scott Ractcliffe, President Elect of the Tennessee Mortgage Association, said if the lender of your home loan goes out of business, keep calm and keep paying. He said, “You definitely want to make you keep making your payments to whoever you get ...
  2007-08-21 09:19:00

• GreenPoint Mortgage closing doors

  Santa Rosa Press Democrat - North Bay home lender GreenPoint Mortgage is closing, a move that will eliminate 600 jobs in Sonoma and Marin counties as it becomes the region's largest victim of the mortgage meltdown. The Novato-based lender's parent company, Capital One Financial ...
  2007-08-21 07:39:00

• Sector Snap: Mortgage Lenders

  Boston Globe - Another piece of news that may have moved mortgage stocks was Accredited Home Lenders Holding Co.'s deal to transfer $1 billion in mortgage loans to an unnamed investor. The complex deal essential shields the San Diego-based lender's portfolio from ...
  2007-08-21 07:10:00

• UPDATE 1-Accredited Home selling $1 bln mortgage loans

  Reuters - More Company News... NEW YORK, Aug 21 (Reuters) - Struggling subprime mortgage lender Accredited Home Lenders Holding Co (LEND.O: Quote , Profile , Research ) on Tuesday said it agreed to sell $1 billion of home loans to an unnamed investor, a move ...
  2007-08-21 07:39:00

• UPDATE 1-Mortgage lender First Magnus files Chapter 11

  Reuters - NEW YORK, Aug 21 (Reuters) - First Magnus Financial Corp, one of the largest independent U.S. mortgage lenders, filed for Chapter 11 bankruptcy protection on Tuesday, the latest home loan provider to collapse as the housing market slumps and credit ...
  2007-08-21 08:58:00

• Biggest mortgage lender cuts jobs (Bradenton Herald)

  The nation's largest mortgage lender may be headed down an all-too-familiar path.
  2007-08-21 07:13:55

• Biggest mortgage lender seeks to calm bank customers (Houston Chronicle)

  Countrywide Financial Corp., the nation's largest mortgage lender, sought to reassure customers Monday that the problems dogging its mortgage operations were not affecting its banking unit.
  2007-08-21 05:49:32

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