Mortgage and Financial News From 2007-9-15 Page 19
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China Needs More Rate Increases to Curb Inflation, Speculation
Bloomberg - Contagion from the highest delinquency rate on U.S. mortgages in five years has triggered a slump in demand for asset-backed ... China, the world's fourth-biggest economy, expanded 11.9 percent in the second quarter from a year earlier and is forecast ...
2007-09-14 11:23:00 -
EU finance chief eyes probe of rating agencies
CNN Money - McCreevy has already asked European market regulators to look at why ratings agencies did not flag up problems with subprime mortgages after ample evidence of mounting defaults from the second half of 2006. The Committee of European Securities ...
2007-09-14 08:43:00 -
Lessons of the subprime crisis
Boston Globe - Reasonable regulation of mortgages by the bank and credit union regulators allowed the market to function in an efficient and ... Beyond that, a second major aspect of the subprime crisis demands attention: the unanticipated impact it had on financial ...
2007-09-14 05:40:00 -
Rise in Housing Prices Far Outpaced Income
Washington Post - And booming home values have increased wealth for many families, allowing them to use the equity to take out second and third mortgages to finance home improvements, pay for college or buy automobiles and other amenities. Shawn Talbot and Gerry ...
2007-09-14 01:01:00 -
More mortgage rejections
Norman Transcript - The government report said more borrowers were using "piggyback mortgages" in 2006. Those are where a buyer was getting a second mortgage to help cover the down payment. Borrowers had the worst delinquency problems in the Midwest, the south Atlantic ...
2007-09-14 10:19:00 -
Northern Rock Gets Emergency Bank of England Funding (Update8)
Bloomberg - The Bank of England hasn't had to bankroll a U.K. lender since the 1973 collapse of Cedar Holdings, a pioneer of second mortgages, triggered a crisis of confidence that threatened to unravel the banking system. That rescue cost about 3 billion pounds ...
2007-09-14 09:33:00 -
Unattractive dilemma confronts ex-trailblazer
Financial Times - As existing customers paid off their mortgages, so the company would pay off its debts to the Bank in an orderly way. Second, it can try to find a buyer. Neither is an attractive way forward. Going into run-off would see the mighty Rock quietly wither ...
2007-09-14 08:53:00 -
Northern Rock Short-Sellers Benefit as Stock Plunges (Update1)
Bloomberg - The Bank of England hasn't had to bankroll a major U.K. lender since the 1973 collapse of Cedar Holdings, which pioneered second mortgages, triggered a crisis of confidence that threatened to unravel the banking system. ``Shorting the stock ...
2007-09-14 10:45:00 -
Captain's Blog, stardate: 9/14/07 (CNN Money)
MARKETS: So is a semblance of normalcy returning? Maybe. But really Market Shock 2007 will be with us for a while. Smoldering on. Worse in some businesses like credit derivatives, subprime mortgages. I forget who it was...maybe my former boss and wise man Norm Pearlstine (great to see you the other day Norm!)....who said this whole deal is going to be somewhat like the S&L crisis of the 1980s in ...
2007-09-14 03:25:12 -
Greenspan didn't initially grasp risks of subprime mortgages (Louisville Courier-Journal)
Even the maestro didn't see it coming. Former Federal Reserve Chairman Alan Greenspan acknowledges that he failed to recognize early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy.
2007-09-14 02:48:48 -
Greenspan acknowledges he didn't grasp risks of 'subprime' mortgages (The Journal News)
Former Federal Reserve Chairman Alan Greenspan acknowledges he failed to see early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy.
2007-09-14 11:31:58