Mortgage and Financial News From 2007-12-28 Page 3

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  • Fitch Downgrades $974M in Mortgage Bonds

    Forbes - Fitch Ratings cut its rating on $973.9 million in bonds backed by mortgage debt because the agency assumes more people will fail to repay their home loans. Fitch downgraded bonds sold by WMC Mortgage Corp. and NC Capital Corp. These bonds derive ...
    2007-12-28 01:31:00

  • Webster Financial to end brokered loans

    Boston Globe - WATERBURY, Conn.— Webster Financial Corp. plans to stop issuing mortgage loans through brokers or other intermediaries, focusing instead on lending directly, the bank said Friday. Webster unveiled a plan to reorganize and streamline its mortgage ...
    2007-12-28 02:43:00

  • Reverse mortgage warning (Newstalk ZB via Yahoo!Xtra News)

    Elderly people are being warned to think twice before signing up for a reverse mortgage.
    2007-12-28 08:25:27

  • M& I Bank takes write down on bad mortgage loans (BusinessNorth)

    Wisconsin’s largest bank, Marshall & Ilsley Corp., better known as M & I, expects to write off $195 million in bad debt in its fourth quarter, compared to only $15 million last year, largely resulting from the downturn in the housing and real estate market.
    2007-12-28 01:37:21

  • Webster Closing Wholesale Mortgage Operations (Hartford Courant)

    Webster Bank said Friday it will close its wholesale mortgage operations, a unit that led it to increase by fivefold the amount of money it set aside for bad loans during the summer.
    2007-12-28 06:44:17

  • Fitch Downgrades $974M in Mortgage Bonds (AP via Yahoo! Finance)

    Fitch Ratings cut its rating on $973.9 million in bonds backed by mortgage debt because the agency assumes more people will fail to repay their home loans.
    2007-12-28 01:33:59

  • Webster Financial to End Brokered Loans (AP via Yahoo! Finance)

    Webster Financial Corp. plans to stop issuing mortgage loans through brokers or other intermediaries, focusing instead on lending directly, the bank said Friday.
    2007-12-28 01:57:10

  • US November new home sales plunge 9 pct to 12-year low UPDATE

    Forbes - ... Sales of new homes in the US fell dramatically in November as the lack of mortgage ... were down 9 pct to a seasonally-adjusted annual rate of 647,000 units, the lowest ... new homes market observes a decline in the median price of homes and falling rates ...
    2007-12-28 08:30:00

  • U.S. Economy: New-Home Sales Tumble to 12-Year Low (Update2)

    Bloomberg - Last month's sales were weaker than the lowest forecast in a Bloomberg News survey ... rally and traders added to bets that the Federal Reserve will cut interest rates ... drop this year, according to a Dec. 13 forecast from Fannie Mae, the largest mortgage ...
    2007-12-28 01:31:00

  • 30-year mortgages rates climb

    Miami Herald - Just three weeks ago, 30-year rates had dipped below 6 percent, edging down to 5.96 percent, the lowest level in more than two years. Rates ... The mortgage rates do not include add-on fees known as points. Thirty-year, 15-year and five-year mortgages ...
    2007-12-27 11:52:00

  • Stocks Flatten After Weak Home Sales

    WTOP Radio - NEW YORK (AP) - Stocks erased an early rally Friday after the government reported sales of new homes fell in November to their lowest level in more than 12 years. The Commerce Department report that new-home sales fell by 9 percent from October to a ...
    2007-12-28 07:04:00

  • House price fall worst for seven years

    Daily Telegraph - The survey will place more pressure on the Bank of England to cut interest rates in ... And research published last week by Halifax, the UK's largest mortgage lender, showed that the number of first-time buyers had fallen to its lowest level since 1980.
    2007-12-28 07:43:00

  • ECB ‘won’t hesitate to act on’ interest rates to check inflation

    Gulf Times - FRANKFURT: The European Central Bank will not hesitate to raise rates to fend off a ... up to the challenge of keeping markets functioning in the wake of the US mortgage ... It was the lowest allocation at an ECB main funding operation in six years but ...
    2007-12-28 03:11:00

  • US stocks close flat

    News.com.au - ... Friday as weak new home sales data reinforced concerns that the housing and mortgage ... to $18.74 on the NYE, after dropping during the session to $18.43, its lowest level ... the richest Australian 2. RAMS gets a $3.5bn loan lifeline 3. Low-doc loan rates to ...
    2007-12-28 01:17:00

  • House market is steady in popular areas as prices fall around them

    Times Online - ... the housing market were further underlined yesterday as data from a leading mortgage ... This time around lower interest rates are more likely to stabilise market activity ... lender Halifax revealed that the number of first-time buyers was at its lowest ...
    2007-12-28 07:29:00

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