Mortgage and Financial News From 2007-10-2 Page 21
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Westpac RAMS home split-up deal
The Australian - ... for its consumer banking network into a $140 million deal to buy the RAMS brand and its distribution business of 92 home ... Westpac has also agreed to act as a $1.5 billion cornerstone investor in RAMS' continuing efforts to refinance its $6.2 billion ...
2007-10-02 07:32:00 -
Westpac picks up RAMS network
Sydney Morning Herald - It also faces the need to refinance another $4 billion provided by home loan "warehouses", which expire by June next year. "The issue of how they fund it hasn't really changed," the Deutsche Bank analyst Ross Brown said yesterday. "The commercial ...
2007-10-02 08:36:00 -
Home appraisers pushed to inflate values
San Jose Mercury News - Pushed to exaggerate home values during Silicon Valley's real estate run-up, appraisers say agents and homeowners are now pressuring them to prop up those values as prices decline. People "are trying to refinance to get their butts out of trouble ...
2007-10-02 07:32:00 -
Home appraisers pushed to inflate values (San Jose Mercury News)
Pushed to exaggerate home values during Silicon Valley's real estate run-up, appraisers say agents and homeowners are now pressuring them to prop up those values as prices decline.
2007-10-02 01:59:07 -
Westpac buys Australian mortgage lender's operations (International Herald Tribune)
Westpac Banking will buy the brand and distribution business of Rams Home Loans Group, snapping up assets of the lender which struggled to refinance its debt after the U.S. subprime mortgage crisis.
2007-10-02 05:19:28 -
RAMS Home Loans Group Announces Restructure of Business (RHG.AX, 00765393, 20071002) (Aspect Huntley via Yahoo!7 Finance)
RAMS Home Loans Group announced a restructuring of its business with the sale of its brand name and its distribution business to Westpac Banking Corporation for $140m. In addition, Westpac will provide up to $2bn of financing to fund new business and to refinance a proportion of RAMS' outstanding US XCP (extendible commercial paper) program. The sale of the brand and distribution business is ...
2007-10-01 03:29:00 -
UBS pays the price
The Independent - In a classic warts-and-all exercise, UBS's new chief executive, Marcel Rohner, got the bad ... third quarter as it declared $3.3bn of expected losses in its investment bank from the credit crunch. Citigroup was also hit by sub-prime mortgage ...
2007-10-02 01:26:00 -
Westpac acquires Rams business
Financial Times - ... bad bank model to restructure Rams Home Loans , one of the country’s biggest casualties of the global credit crunch. Westpac Banking Corp , Australia’s fourth largest bank, is to buy the brand and branch network – in short, future mortgage ... bad bank” – credit ...
2007-10-02 01:34:00 -
Dow sets record high to start 4th quarter
Boston Globe - We got very optimistic when the market sold off in panic mode, we thought it wasn't as bad as a lot of people ... percentage point, to 4.75 percent, to spur economic activity and limit the damage of a tightening of credit linked to subprime mortgage woes
2007-10-02 02:24:00 -
BSkyB May Have to Sell ITV Stake, U.K. Regulator Says (Update5)
Bloomberg - ... put the broadcaster back in play, potential buyers may be hindered by the lack of available credit. In August, the pace of mergers and acquisitions fell to the slowest in two years. The value of deals dropped after bad loans held in subprime mortgage ...
2007-10-02 05:23:00 -
Take the initiative
Daily Herald - With the growing number of credit and mortgage situations, it's unfair to blame the industry. The responsibility does fall back on each individual. There is no reason to go into bad financial debt to either make a family member happy or to compete ...
2007-10-02 07:46:00 -
Banks boost FTSE in global rally
Reuters UK - ... share index was up 0.4 percent at mid-session on Tuesday as credit fears eased ... Troubled mortgage lender Northern Rock (NRK.L: Quote , Profile , Research ), which in ... Nobody can actually quantify the level of bad debts," Menashy said of the recent ...
2007-10-02 04:40:00 -
The Weekly Telegraph letters
Daily Telegraph - I felt bad about doing so, for contributing in my small way to making a bad ... that has promoted low interest rates, inflationary house prices and easy credit ... home, a modest three-bedroom house, we applied to our building society for a mortgage
2007-10-02 07:10:00 -
Japanese Stocks Gain as U.S. Credit Concerns Abate; Banks Rise
Bloomberg - Third-quarter profit dropped 60 percent because of $5.9 billion of credit and trading losses on loans and mortgage-backed securities, Citigroup said ... investors are still skeptical about bank stocks, they will start getting comfortable once all the bad ...
2007-10-02 12:01:00 -
European Bonds Fall; Stock Gains Damp Demand for Safest Assets
Bloomberg - ... Bloomberg) -- European government bonds fell as speculation the turmoil in credit ... investment banks are revealing potential losses on their books, and that's bad ... speculation banks have absorbed the biggest losses linked to U.S. subprime mortgage ...
2007-10-02 07:53:00