Mortgage and Financial News From 2007-10-16 Page 4

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  • NovaStar to sell servicing rights for $175 mln

    Reuters - As we continue to endure a difficult period for the mortgage industry and the secondary market for mortgage loans, our focus is on managing our portfolio of mortgage securities, along with brokering loans," NovaStar President Lance Anderson said ...
    2007-10-16 02:03:00

  • Wells Fargo takes heavy hit for bad home loans

    Times Online - Four mortgage banks in the United States revealed the impact of mounting losses from the American credit crisis and housing recession yesterday, as Wells Fargo admitted to a $490 million (£241 million) charge to cover bad home loans. Wells Fargo is ...
    2007-10-16 02:24:00

  • 2008 mortgage originations to hit 8-year low: MBA

    Boston Globe - Total mortgage originations will likely decline 18 percent to $1.89 trillion, the lowest volume of purchase and refinance loans since $1.14 trillion in 2000, according to the forecast. Loan volume will slide another 6 percent in 2009, it said. ...
    2007-10-16 09:41:00

  • Japan Stocks Fall on Mounting Subprime Concern; Banks Lead Drop

    Bloomberg - Oct. 17 (Bloomberg) -- Japanese stocks slipped after Wells Fargo & Co. said it lost almost $900 million on home equity and consumer loans, renewing concern the U.S. subprime mortgage crisis will reduce earnings at financial companies. Mitsubishi UFJ ...
    2007-10-16 09:12:00

  • Transparency Is Key To Super SIV

    Washington Post - The problem this was meant to solve is that the "independent" SIVs set up by the banks to buy asset-based securities -- IOUs backed by mortgage loans, car loans, credit card loans and the like -- can't renew, or roll over, the short-term loans they ...
    2007-10-16 08:44:00

  • Thornburg Mortgage Slides To Loss In Q3; Board Not To Declare Dividend ...

    RTT News - In addition, the company recorded a loss on its forward commitments to fund mortgage loans during the quarter, net of its hedges on those commitments of $11.5 million. The company incurred a tax provision of $12.0 million related to a deferred tax ...
    2007-10-16 09:34:00

  • UPDATE 1-Fulton Financial Q3 hurt by mortgage-related charge

    Reuters - The company, which operates 11 community banks and offers residential mortgage loans through Fulton Mortgage Co or Resource Mortgage, reported third-quarter net income of $33.6 million, or 19 cents a share, compared with $48.3 million, or 28 ...
    2007-10-16 03:58:00

  • Northern Rock Says Looser BOE Loans May Have Prevented Run (Bloomberg.com)

    Oct. 16 (Bloomberg) -- Northern Rock Plc Chief Executive Adam Applegarth said he might have been able to prevent the first U.K. bank run in a century if the Bank of England or other institutions extended loans against more securities.
    2007-10-16 10:01:47

  • Loans called risk to economy (The Palm Beach Post)

    After months of downplaying the nation's mortgage mess, Treasury Secretary Henry Paulson conceded Tuesday it represents "the most significant current risk to our economy" and urged lenders to help homeowners avoid foreclosures.
    2007-10-16 09:13:16

  • NovaStar Financial, Inc. Agrees to Sell Mortgage Servicing Rights in a Move to Reduce Debt (PR Newswire via Yahoo! Finance)

    NovaStar Financial, Inc. , a residential mortgage portfolio manager, today announced it has entered into a definitive agreement to sell all of its mortgage servicing rights and servicing advances relating to its securitizations to Saxon Mortgage Services, Inc., a Fort Worth, Texas, based servicer of mortgage loans, for approximately $175 million in cash subject to certain adjustments at closing.
    2007-10-16 01:47:00

  • Thornburg Mortgage posts Q3 loss, suspends dividend (Reuters via Yahoo! News)

    Thornburg Mortgage Inc posted a large loss and suspended its common stock dividend on Tuesday after the lender said it lost about $1.1 billion in the third quarter from the sale of jumbo mortgages.
    2007-10-16 08:21:17

  • 2008 mortgage originations to hit 8-year low: MBA (Reuters via Yahoo! News)

    Mortgage originations will fall next year to the lowest levels since 2000, forcing job losses for at least 30,000 more home finance professionals, according to a forecast released on Wednesday by the Mortgage Bankers Association.
    2007-10-16 09:30:49

  • Libs big poll swing on economy, IR

    News.com.au - Yesterday, the Prime Minister campaigned on the Coalition's tax package, unveiled on Monday, and on economic management. ... Rudd warns on 'five interest rate rises' While saying Labor would delay its tax policy release, Mr Rudd warned voters about Mr ...
    2007-10-16 07:11:00

  • Dollar Little Changed Against Yen, Euro Before Housing Report

    Bloomberg - Japan's 0.5 percent benchmark interest rate, the lowest among major economies, compares with the Federal Reserve's 4.75 percent ... Crude oil was near a record after Turkish Prime Minister Recep Tayyip Erdogan yesterday said his parliament may today ...
    2007-10-16 05:31:00

  • MetroCorp Announces Receipt of Non-Compliance Letter From NASDAQ

    MSN MoneyCentral - HOUSTON, Oct. 16, 2007 (PRIME NEWSWIRE) -- MetroCorp Bancshares, Inc. (the "Company") (Nasdaq:MCBI) announced today that ... for loan, deposit and other financial services and increase loan delinquencies and defaults; (2) changes in the interest rate ...
    2007-10-16 12:16:00

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