mortgage brokers

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Under Pressure, Wells Fargo Cancels Vegas Junket

(Newser) - Wells Fargo, which received $25 billion in TARP funds, has canceled a swanky corporate retreat in Las Vegas after criticism began to mount, the AP reports. The bank had booked 12 nights at two pricey hotels to recognize top employees. Wells Fargo initially defended the retreat when news of it...

Obama Moves Quickly to Overhaul Finance Rules

Details of plan to emerge by April when prez heads to London summit

(Newser) - The Obama administration aims to quickly beef up regulation of the US financial system to stave off economic implosion, the New York Times reports. Plans include tightening rules on hedge funds, credit rating agencies, and mortgage firms, and keeping a closer watch on financial instruments at the center of the...

Freddie Mac Reports Record $2.45B Loss

Rising defaults break mark mortgage investor set ... last quarter

(Newser) - Freddie Mac, the nation’s second-largest mortgage finance company, lost $2.45 billion in 2007's fourth quarter, topping the record $2.02 billion it lost the previous quarter, Bloomberg reports. Freddie’s CEO predicted still-greater losses ahead as loan defaults take their toll, but said the company had raised enough...

Fed Cracks Down on Loose Lending
Fed Cracks Down on
Loose Lending
Dec 18, 2007 7:43 PM CST

Fed Cracks Down on Loose Lending

Unanimous vote marks historic shift toward regulation

(Newser) - Seeking to avoid another subprime meltown, the Federal Reserve cracked down on mortgage lending today by a unanimous 5-0 vote, the Wall Street Journal reports. If approved next year, the Fed proposals will require creditors to consider borrowers' financial and credit status, but will not prohibit prepayment penalties altogether, a...

Subprime Woes Afflict Good Credit Risks

Borrowers eligible for standard deals fell for risky loans

(Newser) - Borrowers with shady credit who never should have been allowed near a dotted line weren't the only ones swallowed by the subprime debacle—credit-worthy borrowers received 55% of all subprime loans in 2005, the apex of the subprime surge, reports the Wall Street Journal. Incentive-motivated mortgage brokers put many borrowers...

House Votes to Tighten Controls on Lenders

But Senate deadlock could keep bill tied up for months

(Newser) - The House has passed a bill intended to protect mortgage borrowers by imposing stricter regulations on lenders. But it's unlikely it will become law before the new year, given the Senate's problem passing a less controversial bill that also aims to mitigate the subprime lending crisis. The House measure bars...

Financial Woes Crucial Issue in '08 Election

AARP voters concerned about their wallets, new poll shows

(Newser) - A new poll of AARP members shows that financial security will be a big factor in how 90% will vote in early 2008 presidential primaries, the Politico reports. Though many of the 5,000 potential voters aren't familiar with candidates' positions on financial and health issues, one pollster says, more...

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