Mortgage and Financial News From 2007-11-22 Page 18

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• GMAC considers sale of mortgage operations

  Detroit News - The automaker owns 49 percent of the company after selling it to private investors a year ago. Once a bastion of profit for GM, GMAC has been thrown into red ink this year as legions of high-risk borrowers default on mortgage loans, a trend that's ...
  2007-11-21 03:34:00

• Legislature passes foreclosure-aid bill

  Boston Globe - The licensing money will finance counseling for first-time home buyers planning to take out the riskiest kinds of mortgage loans. It also creates a system for evaluating lenders. Companies would be publicly graded on the number and types of loans they ...
  2007-11-21 10:57:00

• Primary Residential Mortgage opens Georgia branch

  Banking Business Review - Primary Residential Mortgage, an independent originator of residential mortgage loans, has opened a new branch in Fayetteville ... Primary Residential Mortgage (PRMI) operates branches in 37 states, and the Fayetteville addition means that PRMI now ...
  2007-11-22 02:18:00

• OECD Says U.S. Subprime Losses May Reach $300 Billion (Update3)

  Bloomberg - Securitization of mortgage loans has helped to spread the risks among a wider variety of investors, albeit at a cost of greater opacity as to where the risks lie in the system,'' the OECD said. ``The crisis is likely to be drawn-out and bumpy ...
  2007-11-22 04:12:00

• Mortgage seekers are the Main Street collateral damage of credit ...

  Globe and Mail - Whether the banks are selling guaranteed investment certificates or pooling their mortgage loans and selling pieces to institutional investors, they have to offer higher rates today than they did before the implosion of the U.S. subprime mortgage ...
  2007-11-22 03:37:00

• Primary Residential Mortgage opens Georgia branch (Insurance Business Review)

  Primary Residential Mortgage, an independent originator of residential mortgage loans, has opened a new branch in Fayetteville, Georgia.
  2007-11-22 02:59:05

• EU to tighten rules on mortgage lending (Reuters.co.uk)

  BRUSSELS (Reuters) - Mortgage companies in the European Union will be obliged to offer loans responsibly under binding rules on lending which drew industry accusations of a kneejerk reaction to the U.S. subprime crisis.
  2007-11-22 12:39:45

• Mortgage lender pressed to ease terms (San Jose Mercury News)

  LOS ANGELES - Consumer advocates, minority groups and homeowners, some chanting "Save our homes, fix our loans," staged a demonstration outside Countrywide Financial offices Wednesday, part of a campaign to press the nation's largest mortgage lender to do more to help borrowers in danger of
  2007-11-22 02:15:45

• Asian markets mixed as investors seek bargains after selloff - UPDATE

  CNN Money - Also, the Reuters/University of Michigan consumer sentiment survey showed its lowest reading in two years -- an ... The yield, used in setting corporate and mortgage borrowing rates, closed at 4.01 pct. Deutsche Bank (NYSE:DB) said Asian markets are ...
  2007-11-22 03:01:00

• Yen Falls as European Stocks Advance, Boosting Risk Appetite

  Bloomberg - ... has climbed 14 percent since reaching 124.13 per dollar on June 22, the lowest in 4 ... raising speculation the central bank may need to resume raising interest rates ... Losses from U.S. subprime-mortgage foreclosures, coupled with slowing economic growth ...
  2007-11-22 03:44:00

• Thankless day: Dow dives more than 210

  MSNBC - NEW YORK - Wall Street resumed its slide Wednesday as unease about the wilting mortgage market and the broader economy ... Also, the Reuters/University of Michigan consumer sentiment survey showed its lowest reading in two years — an unwelcome ...
  2007-11-20 03:56:00

• BOJ's Nakamura Sees Increasing Risks for U.S. Economy (Update4)

  Bloomberg - ... mortgage problem,'' Nakamura, 65, said today at a business meeting in Hiroshima, western Japan. A slowdown in the U.S., Japan's biggest export market, will make it more difficult for the Bank of Japan to raise interest rates, the lowest ...
  2007-11-21 11:33:00

• Bank of Japan's Nakamura warns of rising risk for US economy

  Forbes - ... Bank of Japan's policy board warned Thursday that a slumping housing market and the deepening subprime mortgage ... At 0.5 percent, interest rates in Japan are the lowest among developed countries. (1 US dollar = 108.68 yen) yasuhiko.seki@thomson.com
  2007-11-22 12:30:00

• Jitters send stocks reeling

  Chicago Tribune - ... YORK—Wall Street resumed its slide Wednesday, as unease about the wilting mortgage ... industrial average fell 211.10 points, or 1.6 percent, to 12,799.04, its lowest ... bank's economic forecast seemed to imply it is willing to keep lowering rates. Wall ...
  2007-11-21 11:47:00

• Federated Investors bails out ailing fund

  International Herald Tribune - ... money-market accounts in the United States, has bailed out its Enhanced Reserve cash fund as declines in mortgage ... Enhanced cash funds gained in popularity in 2003 when interest rates plummeted to their lowest level in almost five decades and the ...
  2007-11-22 12:38:00

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