Mortgage and Financial News From 2007-11-22 Page 15

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• Troubled GMAC may sell off parts (Detroit News)

  Once a bastion of profit for GM, GMAC has been thrown into red ink this year as legions of high-risk borrowers default on mortgages, a trend that's shaking the lending industry.
  2007-11-21 10:22:51

• ASIC warns on reverse mortgages risks (AAP via Yahoo!7 News)

  An investigation by Australian Securities and Investment Commission has found home-owners taking out "reverse mortgages" knew little about the product.
  2007-11-20 11:54:11

• Tougher regulation urged on reverse mortgages (ABC via Yahoo!7 Finance)

  Australia's corporate regulator has raised more concerns about reverse mortgages, despite industry efforts to raise lending standards.
  2007-11-21 01:40:00

• Wall St bonuses to separate haves and have-lots

  Washington Post - The largest investment bank alone may pay out $22 billion in bonuses, roughly half the total pool. A meltdown in securities backed by subprime mortgages has roiled debt and stock markets in the year's second half, and brought raging M&A activity to a ...
  2007-11-21 01:10:00

• Griffin offers variety of options through Countrywide Home Loans

  Fallbrook Bonsal Village News - Countrywide offers purchases, refinances, second mortgages, reverse mortgages, construction loans, lot loans and commercial loans. Griffin also specializes in creative ways to finance buyers with challenges, such as less than perfect credit. “I ...
  2007-11-21 02:15:00

• 'Crunch' Time For the GOP

  Washington Post - Second, some of the securities into which the mortgages were packaged were so complex that the people selling and buying them didn't understand, with hindsight anyway, what they were doing. As a result, it's hard to determine the securities' value. ...
  2007-11-20 03:56:00

• Japan banks' subprime exposure $11 bln: FSA

  Reuters - Although Japanese lenders have fewer investments in securities related to risky U.S. mortgages than overseas rivals, they have ... MUFG posted a 49 percent drop in first-half profit on subprime woes, while second-ranked Mizuho Financial Group Inc (8411.T ...
  2007-11-22 04:19:00

• Down Your Turkey, Hit The Mall?

  CBS News - For the second year in a row, CompUSA Inc. and BJ's Wholesale Club Inc. are opening their doors on Thanksgiving. The ... With America's armies of turkey-fed shoppers feeling squeezed by weak credit, higher mortgages and gas prices, the big-name ...
  2007-11-22 02:32:00

• UK's Nationwide profits up 29 pct, savings jump

  Guardian Unlimited - LONDON, Nov 22 (Reuters) - Nationwide, Britain's largest building society and second biggest-mortgage lender, said it ... Nationwide, which has 13 million members and provides 1 in 10 UK mortgages after its takeover of Portman, said its prime net ...
  2007-11-22 12:59:00

• Savers pour millions into 'safe haven' Nationwide

  Times Online - The UK's second biggest savings provider and mortgage lender today reported an exceptional performance in the retail ... to self-employed and unusual borrowers represents around 4 per cent of the society's total loan book and buy-to-let mortgages ...
  2007-11-22 04:55:00

• Freddie Mac losses $2 billion on bad mortgages

  Chicago Tribune - WASHINGTON - Freddie Mac set aside $1.2 billion in the third quarter to account for bad home loans and the company posted a $2 billion loss Tuesday amid a worsening mortgage crisis. Losses for the nation's second largest guarantor of home mortgages ...
  2007-11-20 05:05:00

• U.K. Bonds Rise as Stock Losses Stoke Demand for Safest Assets

  Bloomberg - The advance pushed gilt yields to the lowest in 1 1/2 years as the benchmark FTSE 100 Index dropped for a second day on concern writedowns linked to U.S. subprime mortgages will spread. Shares in financial companies such as Royal Bank of Scotland ...
  2007-11-22 02:25:00

• (AFX UK Focus) 2007-11-22 10:11 GMT: Nationwide retail deposits surge as H1 profits climb 29 pct UPDATE (Interactive Investor)

  LONDON (Thomson Financial) - Customer-owned bank Nationwide, the UK's second-biggest mortgage lender, said a surge in savings deposits will help it remain well-funded despite the global credit crunch, as it unveiled a 29 pct rise in interim profit.
  2007-11-22 02:38:59

• Nationwide profits and savings jump (Christian Today)

  Nationwide the countrys largest building society and second biggestmortgage lender said it continued to fund its business through normal channels as it unveiled a 29 percent rise in halfyear profits on Thursday
  2007-11-22 05:53:48

• Brokers warn of tougher times ahead as lenders raise rates (Money Observer)

  A second round of belt-tightening by mortgage lenders could leave many borrowers facing a tough 2008, brokers warned yesterday.
  2007-11-22 01:19:17

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