Mortgage and Financial News From 2007-10-2 Page 27
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WAMU ON LOANS SNAFU
New York Post - October 2, 2007 -- Washington Mutual, the largest U.S. savings and loan, is requiring that mortgage brokers show they disclosed lending terms to borrowers as a record number of Americans face losing their homes to foreclosure. Brokers who do business ...
2007-10-02 12:22:00 -
Citigroup, UBS feel the sub-prime sting
Newsday - The sub-prime mortgage fiasco and the resulting jolt to credit markets reverberated around the world again Monday as giant Swiss bank UBS and New York's Citigroup Inc. said they would take billions of dollars in charges related to bad loans to high ...
2007-10-02 03:00:00 -
Cleaners Suspected in ID Theft Case
The Ledger - Manatee County sheriff's detectives say the identity thieves submitted credit card applications fraudulently on the Internet using the family's name, and are now also trying to get mortgage loans. "With a Social Security number, you can get anything ...
2007-10-02 02:52:00 -
Greenspan Defends Subprime
Forbes - Former Federal Reserve chairman Alan Greenspan defended the U.S. subprime mortgage market, arguing the repackaging and sale to investors of risky home loans - not the loans themselves - was to blame for the current global credit crisis. Greenspan ...
2007-10-02 04:40:00 -
Australia's Westpac to buy Rams business (FT.com via Yahoo! News)
Rams Home Loans, the Sydney-based mortgage lender badly hit by the US subprime crisis, on Tuesday effectively gave up on its efforts to get back on track, agreeing to sell the best parts of its business to Westpac (NYSE:WBK).
2007-10-02 12:40:17 -
Australian Central Bank to Buy Low-Doc Loans, Boost Bond Market (Bloomberg.com)
Oct. 2 (Bloomberg) -- Australia's central bank will buy debt backed by so-called low-documentation home loans to support the nation's market for asset-backed bonds, roiled by losses related to U.S. subprime loans.
2007-10-02 03:04:13 -
Westpac throws Australia`s RAMS home loans a life line (Antara News)
Troubled mortgage lender RAMS Home Loans Ltd (ASX:RHG) has been thrown a life line by Westpac Banking Corporation Ltd (ASX:WBC), which will buy a A$140 million (US$123.5 million) stake in the business and provide it with A$2 billion (US$1.76 billion) in funding.
2007-10-02 12:53:59 -
Malta's Bonello Says Euro Impact on Growth `Remains to Be Seen'
Bloomberg - ... exports from the 13-nation euro region more expensive in the U.S. and prompting European leaders including Italian Prime ... Federal Reserve lowered its benchmark interest rate by 50 basis points to 4.75 percent on Sept. 18, the first cut in four years ...
2007-10-02 03:35:00 -
Australian dollar races to US90c
News.com.au - Australia has the 18th highest short-term interest rate among the major economies. Mr James said the Aussie will continue to rise ... this year as there still is inflationary pressure but we are still yet to see the full effects of August (sub-prime ...
2007-10-01 10:28:00 -
Australian Central Bank to Buy Low-Doc Loans, Boost Bond Market
Bloomberg - The bank said Sept. 6 it would buy only prime, or full-documentation loans. ``The number of residential ... The Reserve Bank will probably keep its benchmark interest rate unchanged at an 11-year high 6.5 percent as it waits to see if ...
2007-10-02 02:45:00 -
Emerging Market Stocks Rise for Fifth Day, Led by Bank Stocks
Bloomberg - Federal Reserve lowered its main interest rate on Sept. 18 to prevent a recession in the world's biggest economy. ... Putin said he will lead the pro-Kremlin party in the parliamentary elections and may become the country's next prime ...
2007-10-02 02:52:00 -
UK plc makes record profits
Guardian Unlimited - Although official interest rates have probably peaked, the previous rate rises are yet to have their full effect on demand," said Mr Bootle. ... would also be hit as he anticipates a more severe slowdown in the US economy due to the sub-prime ...
2007-10-02 03:14:00 -
US rate cut & India's policy dilemma
Economic Times - Going by this argument more interest rate cuts seem imminent. This will obviously cause additional surge of liquidity in ... The chairman of the Prime Minister's Economic Advisory Council, Dr Rangarajan had said roughly a net forex inflow of up ...
2007-10-02 01:12:00 -
Forex - Dollar gains vs euro after policymakers voice concern over ...
Forbes - European Central Bank President Jean-Claude Trichet and Luxembourg Prime Minister Jean-Claude Juncker both expressed some ... If the September payroll report showed that jobless claims are improving, then 'that could change the whole interest rate picture ...
2007-10-02 12:44:00 -
Euro Falls as ECB's Trichet, EU Leaders Voice Currency Concern
Bloomberg - ECB President Jean-Claude Trichet joined Luxembourg Prime Minister Jean-Claude Juncker and European Union Monetary ... The benchmark interest rate in Australia is 6.50 percent, 8.25 percent in New Zealand and 4 percent in the euro region. Japan's ...
2007-10-02 02:31:00