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Stories 41 - 60 of 71

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  • November 2007

    • Subprime Nightmare to Get Worse

      newser  |  Wall Street Journal  |  Nov 24, 07 2:28 PM CST

      Subprime Nightmare to Get Worse

      The subprime mortgage crisis is only just beginning, new data suggests. Hundreds of billions of dollars in subprime adjustable-rate mortgages are due to reset to higher rates in the year ahead, reports the Wall Street Journal . Analysts say this means the steep rise in defaults and foreclosures this year may be just the crest of a wave.  More »

      Tags

      US economy  • subprime mortgages  • foreclosure  • mortgage  • homeowners  • housing industry

    • Dow Dips Below 13K

      newser  |  Wall Street Journal  |  Nov 12, 07 3:38 PM CST

      Dow Dips Below 13K

      The Dow closed below 13,000 today after seesawing on bad news from the financial sector and falling oil prices. The Dow finished at 12,987.55, down 55.19, after E*Trade said further mortgage-related write-downs might come—and its shares dropped 56%. The Nasdaq slid 43.81 to close at 2,584.13, and the S&P 500 dropped 14.52 to 1,439.18. More »

      Tags

      S&P 500  • Nasdaq  • Dow Jones  • Citigroup  • mortgage  • JPMorgan Chase  • Bank of America  • OPEC  • E Trade  • Blackstone

    • Gen Xers Aren't Saving for Retirement

      newser  |  MSNBC  |  Nov 10, 07 7:42 AM CST

      Gen Xers Aren't Saving for Retirement

      Aging Gen Xers are too saddled with costs and debt to save for retirement, MSNBC reports. In fact, 62% of Gen Xers—those born roughly from 1965 to 1980—said they still live paycheck to paycheck, according to a Charles Schwab survey. And they’re headed for trouble: The fund that helps back Social Security will likely be drained by 2040, when many Gen Xers retire.  More »

      Tags

      education  • mortgage  • retirement  • Social Security  • debt  • Generation X  • savings

    • Mortgage Rates Drop to 5-Month Low

      newser  |  Associated Press  |  Nov 9, 07 2:16 AM CST

      Mortgage Rates Drop to 5-Month Low

      Rates for 30-year fixed mortgages have slipped for the third week in a row. The dip to 6.24% is the lowest level since May. Mortgage rates have been falling across the board over the last week, which analysts attribute to the slackening economy. The drop follows the Fed's cut in interest rates last week—the second one in six weeks. More »

      Tags

      subprime mortgages  • Federal Reserve  • mortgage  • interest rate  • mortgage rates

  • October 2007

    • Fed Slashes Key Interest Rate Another Quarter-Point

      newser  |  Wall Street Journal  |  Oct 31, 07 1:42 PM CDT

      Fed Slashes Key Interest Rate Another Quarter-Point

      The Federal Reserve cut its key lending rate today by 25 basis points, to 4.5%. The expected reduction is the second of the federal funds rate in two months. The board asserted, however, that growth and inflation risks are now “roughly balanced,” a signal that further cuts shouldn’t be taken for granted. The discount rate was also cut by a quarter-point, to 5%. More »

      Tags

      Ben Bernanke  • inflation  • mortgage  • interest rate  • interest rate cut  • Fed

    • McCanns Used Maddie Fund to Help Pay Their Mortgage

      newser  |  Guardian (UK)  |  Oct 30, 07 9:53 PM CDT

      McCanns Used Maddie Fund to Help Pay Their Mortgage

      Madeleine McCann's parents used money from a fund set up to help find the missing girl to pay the mortgage, the Guardian Unlimited reports. The couple made two payments with money from the £1m fund, a family spokesman said. Both parents have been on unpaid leave since Maddie disappeared nearly six months ago, though husband Gerry is due to return to work this week as a consultant cardiologist. More »

      Tags

      mortgage  • Madeleine McCann  • Gerry McCann  • Madeleine

    • Bankruptcies Jump as Owners Fight to Save Homes

      newser  |  Wall Street Journal  |  Oct 23, 07 4:50 AM CDT

      Bankruptcies Jump as Owners Fight to Save Homes

      Bankruptcies jumped 23% last month over the same time last year as debtors caught up in the sagging US housing market struggled to save their homes, reports the Wall Street Journal . Homeowners are now increasingly turning to Chapter 13 as an option—which can stave off foreclosure for three to five years as debtors work out their finances. Of last year's filings, about 40% were Chapter 13, compared with 30% in 2005. More »

      Tags

      foreclosure  • mortgage  • bankruptcy  • Chapter 13

    • Housing Ills Ripple Across Pond

      newser  |  Wall Street Journal  |  Oct 22, 07 2:00 PM CDT

      Housing Ills Ripple Across Pond

      The American housing crisis is echoing in Europe, where home prices are dropping after a decade of rapid growth. The damage is limited, however, by intercontinental differences. High interest rates and shaken confidence are catching up to prices in France, Ireland, and particularly Spain, where new home construction had spurred major growth but permits are now plummeting, the Journal reports. More »

      Tags

      France  • Germany  • housing crisis  • Europe  • mortgage  • Spain  • Ireland  • home equity loans

  • September 2007
  • August 2007

    • Freddie Mac Posts 45% Net Drop

      newser  |  Wall Street Journal  |  Aug 30, 07 9:51 AM CDT

      Freddie Mac Posts 45% Net Drop

      Freddie Mac posted a 45% drop in net income for the second quarter, and said the outlook wasn't rosy for the third. The home-mortgage financier was hit with a $320 million loss on new mortgages. Freddie Mac doesn't buy subprimes directly, but is still affected by the general mortgage turmoil. More »

      Tags

      subprime mortgages  • mortgage  • finance  • Freddie Mac

    • US Median Home Price to Drop

      newser  |  New York Times  |  Aug 26, 07 3:08 PM CDT

      US Median Home Price to Drop

      The median cost of an American home, now $220,000, is expected to drop this year for the first time since tracking began in 1950, reports the New York Times. The decline will be modest—1 to 2%—but could last into 2008 and 2009, meaning that, adjusting for inflation, homes aren't likely to return to their 2007 value for more than a decade. More »

      Tags

      housing market  • mortgage  • real estate  • home prices  • homes  • home equity

    • Condo Crash Is Just Beginning

      newser  |  Wall Street Journal  |  Aug 25, 07 11:40 AM CDT

      Condo Crash Is Just Beginning

      Mortgage lenders are about to be hit with another wave of foreclosures and bankruptcies, the Journal reports, as the crisis kicks in in condo market. Because buildings take years to complete, even after buyers have signed contracts, the effect of declining property values and tight credit are slower to talk effect than in single-family homes.   More »

      Tags

      foreclosure  • mortgage  • real estate  • mortgage lender  • condominium

    • World Markets Climb After Countrywide Stock Sale

      newser  |  Bloomberg  |  Aug 23, 07 9:21 AM CDT

      World Markets Climb After Countrywide Stock Sale

      Markets climbed worldwide after Bank of America invested $2 billion in Countrywide, giving the mortgage lender a desperately needed injection of cash and proving some appetite is left as subprime mortgages continue to rot. Barclays in the U.K., Mitsubishi in Japan, and Countrywide itself in Europe all saw major gains. "It's a significant vote of confidence," says an Edinburgh trader. More »

      Tags

      mortgage  • Bank of America  • Asian markets  • Countrywide  • European markets  • futures market

    • Smaller Lenders Feel the Credit Squeeze

      newser  |  Wall Street Journal  |  Aug 15, 07 11:03 AM CDT

      Smaller Lenders Feel the Credit Squeeze

      As the subprime fallout continues and the credit squeeze tightens, thousands of smaller-scale mortgage banks find themselves in dire straits. The Wall Street Journal reports that small- and medium-sized lenders, even those with excellent credit quality, are suspending funding and laying off employees, which leaves giant corporations to grab more of the (shaky) market. More »

      Tags

      subprime mortgages  • mortgage  • Fannie Mae  • Freddie Mac  • bank  • loans  • liquidity  • mortgage lender  • credit  • Thornburg Mortgage

    • Biggest Buyers Hit Hard in Mortgage Fiasco

      newser  |  New York Times  |  Aug 12, 07 11:50 AM CDT

      Biggest Buyers Hit Hard in Mortgage Fiasco

      As the subprime mortgage mess spreads to homeowners beyond those with poor credit ratings, jumbo mortgages are under particular pressure, the New York Times reports. An investment banker recently purchasing a $1.5 million home saw the interest rate spike from 8% to 13% in just three days. The rate for these mortgages is now higher than the rate for conventional 30-year mortgage. More »

      Tags

      subprime mortgages  • mortgage  • Fannie Mae  • Freddie Mac  • home loans  • loans  • homeowners  • investment bankers

    • Countrywide Reeling From Mortgage Woes

      newser  |  Los Angeles Times  |  Aug 10, 07 5:42 AM CDT

      Countrywide Reeling From Mortgage Woes

      The nation's largest mortgage lender has warned that troubles in the subprime credit market have led to "unprecedented disruptions" that will hurt their bottom line. The Los Angeles Times reports that Countrywide is steeling its investors for bad news: in a suddenly illiquid market the already-troubled company has been forced to hold $1 billion more "non-prime" mortgages than intended. More »

      Tags

      subprime mortgages  • United States  • mortgage  • investors  • Countrywide  • market

    • Mortgage Crisis Hits Affluent Buyers, Too

      newser  |  Wall Street Journal  |  Aug 7, 07 5:48 AM CDT

      Mortgage Crisis Hits Affluent Buyers, Too

      Mortgage tremors have rippled so far across the home loan market that even buyers of high-priced homes with good credit records are now being squeezed, the Wall Street Journal reports. Rates have surged on loans above $417,000 for prime borrowers—to 7.34% for a 30-year fixed-rate mortgage, up from 6.5% in May. More »

      Tags

      subprime mortgages  • Bear Stearns  • mortgage  • hedge fund  • real estate  • Fannie Mae  • borrowers  • home loans  • loans  • houses

    • Builders' Loans Pushed Credit Meltdown

      newser  |  BusinessWeek  |  Aug 5, 07 7:24 AM CDT

      Builders' Loans Pushed Credit Meltdown

      In the ongoing post-mortem of the housing boom, BusinessWeek turns an acute eye on developers, especially big, publicly traded builders who jumped into the mortgage business to move people into their newly built houses faster. As demand for new homes began to fizzle, they kept sales brisk by offering adjustable-rate loans to more and more marginal borrowers. More »

      Tags

      subprime mortgages  • housing market  • Wall Street  • mortgage  • real estate  • homebuilders

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