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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: home loans

home loans stories: 33 news summaries

21 - 33 of 33 Stories | << Prev 1 2

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Subprime Loans Went to Rich
as Well as Poor

High-rate mortgages accounted for 29% of all home loans last year 

Oct 11, 07 9:37 AM CDT
(Newser) - Crunching the numbers on 130 million home loans over the past decade, the Wall Street Journal finds that risky, high-interest loans were extended far beyond the low-income urban borrowers they are usually associated with. Last year, they accounted for 29% of all home loans, up from 16% in 2004. As... More »

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housing market • subprime mortgages • home loans • credit crisis • borrowers

Home Foreclosures Hit Record

August numbers double, with no end in sight

Sep 18, 07 12:14 PM CDT
(Newser) - Another 108,716 American homeowners received foreclosure notices in August, a record total more than double last year’s figure. And this is only the beginning, say analysts, who expect even more subprime borrowers to default over the next 2 years. That will further depress housing prices, which are expected... More »

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housing market • subprime mortgages • foreclosure • home loans • homeowners • borrowers • housing crisis

Demand for Mortgages Rises as Rates Fall

Interest charge lowest since May, with Fed likely to cut further

Sep 12, 07 11:23 AM CDT
(Newser) - Applications for home loans increased for the second week in a row as interest rates on both fixed and adjustable-rate mortgages fell, according to a survey by the Mortgage Banker's Association. Indices tracking applications for both purchases and refinancing showed a 5.5% increase over last week and a 12.... More »

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housing market • subprime mortgages • home loans • interest rate • subprime crisis

(Newser) - Troubled mortgage lender Countrywide announced today that it would cut up to 12,000 jobs–or some 20% of its total workforce–over the next three months. The Wall Street Journal reports that, as the subprime debacle rocks the housing market and the lending industry, Countrywide expects to issue 25%... More »

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layoffs • subprime mortgages • loans • home loans • Countrywide • subprime crisis

Foreclosure Rate Hits the Roof

Subprime mortgage crisis also sparks rise in US delinquencies

Sep 6, 07 6:23 PM CDT
(Newser) - The number of US home loans entering foreclosure reached an all-time high in the second quarter, a new survey shows, and delinquencies are up to more than 5% of all mortgages. Trouble with adjustable-rate mortgages—an outgrowth of the subprime crisis—is driving delinquencies, CNNMoney reports, with seven Midwest and... More »

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housing market • subprime mortgages • Michigan • foreclosure • Mortgage Bankers Association • home loans

Plastic May Pose Next Big Threat to Economy

Experts expect credit card trouble to track mortgage woes

Aug 26, 07 4:54 PM CDT
(Newser) - The subprime mortgage crisis may spark another financial disaster: bad credit card debt. When rates hit 50-year lows, many owners borrowed against their homes to pay off high-interest credit cards. Now, with rates increasing, many may not be able to pay down both their mortgages and their credit cards, the... More »

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subprime mortgages • money • loans • debt • finance • home loans • credit card • credit crisis

Monthly Foreclosures Climb Again

Figures jump 93% over 2006; 1 in every 693 households in default

Aug 22, 07 2:34 AM CDT
(Newser) - Foreclosure numbers were up big again in July, rising 9% from June’s figures and a whopping 93% from a year ago, an unwelcome sign for already reeling credit markets. Foreclosures rose in 43 states, but California, Florida, Michigan, Ohio and Georgia accounted for over half of the the activity,... More »

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housing market • subprime mortgages • foreclosure • debt • home loans • credit market • borrowers • mortgage defaults

Countrywide Cuts 500 Jobs

Fallout from subprime crisis continues

Aug 21, 07 10:54 AM CDT
(Newser) - The nation's top home lender is cutting 500 jobs in its subprime mortgage units in response to the high-risk-lending mess. Before the cuts announced yesterday, Countrywide was actively hiring workers who had been fired from other companies, the LA Times reports. Meanwhile, Capital One said it will close the unit... More »

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subprime mortgages • Greenpoint • home loans • Countrywide • Capital One • Washington Mutual

Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

Top US mortgage lender caught in the squeeze

Aug 16, 07 7:44 AM CDT
(Newser) - Loan giant Countrywide saw its shares plummet 13% yesterday after the company experienced trouble borrowing money in the market for short-term debt. A Merrill Lynch analyst downgraded the stock from "buy" to "sell," sparking talk of possible bankruptcy, reports the LA Times. Before today's open, the company... More »

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stock market • bankruptcy • subprime mortgages • Merrill Lynch • loans • US economy • home loans • credit market • Countrywide

Biggest Buyers Hit Hard in Mortgage Fiasco

‘Jumbo’ loans dry up
as subprime mess continues to spread

Aug 12, 07 11:50 AM CDT
(Newser) - 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... More »

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

Mortgage Crisis Hits Affluent Buyers, Too

Even borrowers with excellent credit
are now facing higher rates

Aug 7, 07 5:48 AM CDT
(Newser) - 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... More »

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

American Home Mortgage Closes Its Doors

ARM specialist's efforts can't hold off fallout from worsening crisis

Aug 3, 07 9:25 AM CDT
(Newser) - The battered mortgage-lending industry will suffer another blow today as American Home Mortgage shuts down, making it the latest company to go under as home loans go bad across the country. AHM's troubles were common knowledge, the Times reports, but the speed of its downfall was unexpected. “We have... More »

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housing market • subprime mortgages • mortgage • American Home Mortgage • home loans • borrowers

New Flood of Foreclosures Looms

Adjustable borrowers face up to 35% spikes in mortgage payments

Jul 10, 07 5:24 AM CDT
(Newser) - When adjustable-rate mortgages are increased this year, hundreds of thousands of subprime borrowers  could lose their homes, triggering a precipitous drop in the housing market, CNNMoney reports. The threat is the latest in the emerging subprime loan crisis. Heartland industrial areas, as well as once-hot markets in California, Nevada and... More »

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housing market • subprime mortgages • mortgage • loans • home loans • borrowers • housing crisis

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