Mortgage and Financial News From 2007-11-18 Page 12
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Mortgage fraud cases yield tough sentences (Houston Chronicle)
As the meltdown of the subprime mortgage market plays itself out in Houston, prosecutors are getting some stiff sentences fighting fraud that grew from weaknesses in the industry. At the Harris County District Attorney's Office, the consumer-fraud section has multiple cases, and the major-fraud section has about half its resources in mortgage fraud cases.
2007-11-17 10:39:33 -
Mortgage crisis: Pain or gain for credit cards? (The News Journal)
The avalanche that began months ago with struggling homeowners missing mortgage payments rumbled through Wall Street again last week, dragging prices down in a volatile three-week skid.
2007-11-18 12:59:21 -
John McCain's religious pander
Salon - ... or not they're going to be able to pay for their mortgage because -- even if they didn't have one of those subprime mortgages ... Let's take them, like Will does, in reverse order. Will's Reason No. 2 is the notion that Clinton is so polarizing that, if ...
2007-11-17 12:04:00 -
Reverse mortgages eventually become due (The Post-Standard)
Some time ago, a puzzled reader sent me an official-looking mailing she'd received, and recently the letter carrier brought me my very own copy. Pretty exciting.
2007-11-17 09:15:26 -
Reverse Mortgages Gain Popularity (The Tampa Tribune)
TAMPA - Suddenly, it seems that every charming, affable actor from the 1960s and '70s is pitching something called a reverse mortgage.
2007-11-17 03:45:11 -
After foreclosures, crime moves in
Boston Globe - As defaults surge on mortgages made to borrowers with spotty credit and adjustable-rate loans, more people are noticing that ... A typical home's value has dropped from about $570,000 to the low $400,000s. California ranks second in the nation with one ...
2007-11-18 12:49:00 -
Housing woes grip Hispanics
Courier-Post - Adjustable-rate mortgages to subprime borrowers accounted for about 44 percent of all new foreclosures in the second quarter of this year, according to the Mortgage Bankers Association. Many subprime borrowers also refinanced their homes to pay ...
2007-11-18 12:07:00 -
New polls show voters deserting Australian PM
Forbes - This view was backed by a second poll which found these voters were unhappy with rising interest rates, uncertainty over ... The poll, which surveyed 600 voters with mortgages in the most populous states of New South Wales and Victoria, gave Labor a ...
2007-11-18 01:11:00 -
The worst of times?
Providence Journal - During the second quarter of this year, 8 out of every 1,000 mortgages fell into foreclosure, according to the Mortgage Bankers Association. “We are seeing people who are renting in properties that are being foreclosed upon. When they rent it’s ...
2007-11-18 04:17:00 -
Northern Rock has to be nationalised
Observer - But the right deal for one of the rag- bag of private equity companies and opportunistic second-rank banks which have lined ... This secures a good price for the parts of Northern Rock that remain profitable while leaving the rest - the mortgages offered ...
2007-11-18 02:37:00 -
Review goals before you unload subprime debt
Seattle Times - But before investors hastily sell bond funds over fears that ruptures in subprime mortgages will wreck holdings, investors ... Berry contends investors would start to have seen second-quarter, third-quarter and year-to-date numbers fall off if there ...
2007-11-18 12:14:00 -
Peso weakens; rupiah declines (Gulf Times)
TOKYO: The Philippine peso fell to the lowest in more than a week after the central bank lowered borrowing costs for a second straight month, reducing the nation's interest-rate advantage over the Federal Reserve's rate.
2007-11-17 08:53:44 -
U.S. attitude toward debt has seen 'cultural change' (The Wichita Eagle)
At a time when subprime mortgages have triggered turmoil in the housing and credit markets, Robert Manning's presentation before a group of financial educators last month couldn't have been timed better. Manning, director of the Center for Consumer Financial Services at Rochester Institute of Technology and author of Credit Card Nation, chronicled how our attitude toward debt has evolved. ...
2007-11-17 11:06:13 -
Homeowners entangled in loan scheme (Newsday)
Along with a handful of associates, Wider bought and sold houses and issued mortgages for at least 30 properties, pushing the prices of some homes to as much as $300,000 above similar sales in the area, a Newsday investigation has found. Most of the time, the houses were sold twice on the same day.
2007-11-17 08:10:54 -
Age limits on reverse mortgages drop to 60 (Everett Herald)
Sixty-two, 61, 60. The age requirements for one reverse-mortgage product just got younger. Melville, N.Y.-based Lender Lead Solutions (www.lender leadsolutions.com, 888-775-3631) recently introduced Simple60, a new reverse-mortgage product available to homeowners aged 60 and older.
2007-11-18 12:14:55