Mortgage and Financial News From 2007-9-29 Page 7
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Credit rating agencies grilled
Seattle Times - Several members of the Senate Banking Committee questioned rating-agency executives about whether they provided advice to investment banks that issue complex mortgage securities tied to subprime home loans. "It seems to me that credit-rating agencies ...
2007-09-26 05:54:00 -
Adjustable mortgage reset expected to push more toward foreclosure
WKYC - She has advice for others shopping for a mortgage. "Know the lender you're dealing with, and don't ever take an adjustable rate mortgage. It can take your house from you." Financial experts like Kevin Myeroff recommend homeowners seek out help ...
2007-09-28 03:36:00 -
Countrywide CEO sold big as stock dropped (Los Angeles Times)
Quick changes in Mozilo's trading plan raise red flags, experts say. The mortgage firm says the sales were in line with company policy. As the mortgage industry swooned in late 2006 and 2007, Countrywide Financial Corp. Chief Executive Angelo Mozilo cashed in stock options valued at $138 million -- vastly expanding his wealth even as his shareholders watched their stock shrink in value.
2007-09-28 08:24:59 -
Jury convicts Collier woman of mortgage fraud (Naples Daily News)
A jury deliberated about three hours Friday before convicting a 56-year-old North Naples woman of soliciting $279,500 from investors and spending $206,000 on personal items that included jewelry, a tummy tuck and near daily visits to the hair salon.
2007-09-28 06:58:42 -
Parents share room cleaning success stories
Hampton Roads Daily Press - I agree, as long as the child is willing to shoulder "his" room's share of the mortgage, insurance, and utilities. A child is not a boarder; he is a member of a family, and that membership carries with it certain obligations. It is irrelevant, by the ...
2007-09-29 01:30:00 -
Bad tech day ends TSX winning streak
Ottawa Citizen - The Mortgage Insurance Companies of America said defaults on privately insured home loans climbed 30 per cent last month from year-earlier levels, adding to evidence that home foreclosures may continue to rise. Insured borrowers more than 60 days ...
2007-09-29 05:19:00 -
PMI hires chief economist
MSN MoneyCentral - ... Mae (NYSE: FNM). He also worked at Wharton Econometric Forecasting Associates and taught at the University of Michigan and Claremont McKenna College. Walnut Creek-based PMI (NYSE: PMI), led by Chairman and CEO Steve Smith, sells mortgage insurance.
2007-09-28 03:14:00 -
Boy to give radio address
Baltimore Sun - Having priced private insurance that would cost more than their mortgage - about $1,200 a month - they continue to rely on the government program. In Maryland, families that earn less than 300 percent of the federal poverty level - about $60,000 for ...
2007-09-29 04:29:00 -
U.S. shuts down NetBank over mortgage defaults (Courier-Post)
NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.
2007-09-29 12:11:08 -
Mortgage defaults up 30 percent (The Salt Lake Tribune)
More American homeowners are missing mortgage payments, pushing defaults on privately insured home loans up 30 percent last month from year-earlier levels, according to a trade group.
2007-09-28 11:04:38 -
Single women should consider long-term care insurance as part of retirement plan (Boston Globe)
Q. I am 60. My financial adviser is strongly urging me to buy long-term care insurance.
2007-09-29 02:28:07 -
Bruss: It's possible to improve credit score
Nashville Tennessean - Today's mortgage lenders look primarily at your FICO score, rather than your credit reports. FICO scores are based on (1) the length of your credit history (the longer the better so don't close out your oldest credit cards); (2) the percentage of ...
2007-09-29 06:02:00 -
The outlook for mortgages
Financial Times - Are mortgage lenders to blame for the whole subprime credit squeeze? And should lending restrictions on Freddie Mac and Fannie Mae be lifted? Ray Boulger, vice-chairman of the UK’s Association of Mortgage Intermediaries, and Harry Dinham, immediate ...
2007-09-28 02:31:00 -
Countrywide Bank attracts deposits of $50 mln/day
Reuters - In recent months, Countrywide and other mortgage lenders suffered severe liquidity shortages resulting from falling investor demand for their loans and debt. Countrywide recently said its August mortgage lending volume slid 17 percent to $34 ...
2007-09-28 02:31:00 -
Getting Ready for the Roof to Fall
Barron's Online - The Chief Investment Officer of Santa Monica, Calif.-based TCW Group has been sounding warnings for more than a year that mortgage lenders had taken leave of their senses by spooning out mortgages without owner-equity cushions and with little or no ...
2007-09-29 06:02:00