Mortgage and Financial News From 2008-7-8 Page 01
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Deadline looms for lenders Mortgage brokers must pass test - Evansville Courier-Press
INDIANAPOLIS — More than two-thirds of Indiana's mortgage broker companies could lose their licenses for not complying with a 2007 state law intended to clean up the industry in the wake of the subprime lending and home foreclosure crisis. The 2007 ...
2008-07-07 09:56:00 -
The new laws - Reading Eagle
•Require anyone selling mortgages to pass a state background check and be licensed. Previously, mortgage companies, rather than individuals, had to be licensed. •Forbid mortgage companies from imposing prepayment penalties on mortgages up to $217 ...
2008-07-08 09:26:00 -
Exam rule perils mortgage brokers - Fort Wayne Journal Gazette
INDIANAPOLIS – More than 630 mortgage broker companies could be out of business starting Aug. 6 because of a failure to pass a competency exam, Secretary of State Todd Rokita announced Monday. But he also stressed that he is giving them a final ...
2008-07-08 02:50:00 -
Vitter and Landrieu try to roll back mortgage fees - New Orleans Times-Picayune
Prompted by the intense lobby effort of a local mortgage broker, Louisiana's two senators have authored legislation that could force Fannie Mae and Freddie Mac to suspend a new set of fees that could stall the housing market by making it more ...
2008-07-08 04:11:00 -
In Exeter, Rendell signs mortgage-reform laws - Reading Eagle
Gov. Ed Rendell showed up in the Exeter Community Library on Tuesday to sign into law five mortgage-reform bills that took three years for the Legislature to pass. Although most of the bills were spurred by the subprime mortgage crisis, some gained ...
2008-07-08 09:19:00 -
Foreclosure: What Can I Do to Prevent It? - Transworld News
Many homeowners found themselves losing their homes because of rising interest rates on adjustable mortgage rates. Losing your home to foreclosure is devastating but it is not always necessary to allow your home to fall into a foreclosure situation ...
2008-07-08 05:30:00 -
Gloom smothers housing market - News.com.au
JUST 52,006 people took out a new mortgage in May, the lowest number since October 2004, as 12-year high interest rates smothered the desire for home ownership. Australian Bureau of Statistics data released today showed growth in owner-occupied ...
2008-07-08 06:20:00 -
Economics figures grim for housing, consumer sentiment - News.com.au
HOME loans have slumped to the lowest level for four years as the consumer mood dropped to its worst rate since 1992. ONLY 52,006 people took out a new mortgage in May, the lowest number since October 2004, as high interest rates smothered the desire ...
2008-07-08 08:08:00 -
Paulson: Despite efforts, many in foreclosure are beyond help - Boston Globe
WASHINGTON - Faced with record-high foreclosure rates, the Bush administration has been scrambling to keep people from losing their homes, but many are beyond help, Treasury Secretary Henry Paulson said yesterday. Lax lending standards that ...
2008-07-08 09:05:00 -
Business Bookshelf And Then the Roof Fell In - Wall Street Journal
Some finger former Federal Reserve Chairman Alan Greenspan, for cutting interest rates too low and believing that mortgage bankers could be trusted to make sensible loans. Others blame Angelo Mozilo, the recently retired CEO of Countrywide Financial ...
2008-07-08 07:53:00 -
IndyMac Blames Senator's Comments for Withdrawals (Update3) - Bloomberg
July 8 (Bloomberg) -- IndyMac Bancorp Inc. , the U.S. mortgage company that stopped most of its lending as losses mounted and capital deteriorated, blamed Senator Charles Schumer for ``elevated levels of deposit withdrawals.'' Schumer's comments last ...
2008-07-08 01:55:00 -
Paulson Praises Fannie, Freddie for Raising Capital (Update1) - Bloomberg
July 8 (Bloomberg) -- Treasury Secretary Henry Paulson said Fannie Mae and Freddie Mac's efforts to raise capital will let them inject more funds into mortgage markets and alleviate the housing crisis. ``I am pleased that this spring'' both firms ...
2008-07-08 02:53:00 -
2008 legislative session concludes with 5 vetoes, 17 signatures from ... - Arizona Daily Star
PHOENIX — Gov. Janet Napolitano put a formal end to the 2008 legislative session on Monday, vetoing five more bills and bringing her total this year to 32. Napolitano used her veto stamp to kill: ● New restrictions on the ability of communities ...
2008-07-08 06:10:00 -
Fannie and Freddie: Let’s Call the Whole Thing Off - Seekingalpha.com
Fannie ( FNM ) and Freddie ( FRE ) are levered more than 50 to 1 (considering their assets on their book, and about 200 to 1 considering also their off balance sheet guarantees). These are levels that would make a Peloton or Bear Stearns portfolio ...
2008-07-08 03:47:00 -
Don’t let financial aid cloud the big picture - Daily Territorial
Q: I have a $125,000, 30-year mortgage with a fixed rate of 6.125 percent. My son will start college in 2013. I wish to have my mortgage paid off by the time I retire in 2019. I also have a home equity line of credit of $22,000, which I hope to pay ...
2008-07-08 09:30:00