Mortgage and Financial News From 2007-10-19 Page 3

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  • Subprime Flu Dents Wachovia Net

    Wall Street Journal - Despite efforts to insulate itself from shaky subprime mortgages, Wachovia Corp. suffered a 10% third-quarter profit decline ... Nonperforming assets, including loans that aren't being repaid on a timely basis, also increased from this year's second ...
    2007-10-19 06:46:00

  • Fitch Takes Various Rating Actions on 2 ACE Sec. Corp. Series

    Forbes - The mortgage pool consists of conventional, first and second lien, adjustable- and fixed-rate residential mortgages. All of the loans are master serviced by Wells Fargo Bank, N.A., which is currently rated 'RMS1' by Fitch. Fitch will closely monitor ...
    2007-10-19 10:18:00

  • Gold Rises to 27-Year High on Dollar Outlook; Silver Also Gains

    Bloomberg - ... its benchmark lending rate half a point to 4.75 percent on Sept. 18 to protect the U.S. from sinking into a recession sparked by losses in securities tied to subprime mortgages. Gold will average ``just over $700 an ounce'' in the second ...
    2007-10-19 06:07:00

  • Profits fall at Carolina First owner

    Asheville Citizen-Times - Cooper said in June that developers in the 1,200-acre development had misappropriated funds and used inflated appraisals and phony second mortgages to entice investors. The South Financial Group said third-quarter earnings were $25.8 million, or 35 ...
    2007-10-19 10:03:00

  • Washington Mutual's Profit Falls on Bad Mortgages (Update2)

    Bloomberg - Late payments on U.S. subprime mortgages surged to a five-year high in the second quarter, according to the Mortgage Bankers Association. That brought markets for securities backed by the loans to a standstill in the third quarter, forcing Washington ...
    2007-10-17 02:30:00

  • Video: As Subprime Mortgage Troubles Grow, National Taxpayer Group Warns Government Bailouts Won't Help - Instead, ... (PR Newswire via Yahoo! News)

    In recent months, barely a day has passed without news or commentary on the growing number of delinquencies and foreclosures in the market for subprime mortgages -- that is, higher-interest loans to lower-income borrowers. With stories of homeowners facing the loss of their homes, some policymakers are pressing for government intervention in the market. Is federal assistance required or will it ...
    2007-10-19 03:57:00

  • Make builders, lenders fix the housing mess (MSN Money Canada)

    The U.S. housing industry showed incredible creativity when it came to qualifying people for mortgages they couldn't afford. Let's make its leaders put their thinking caps on again and fix the problem.
    2007-10-19 09:26:53

  • U.K. Stocks Decline, Paced by HSBC; WPP Group, AstraZeneca Slip (Bloomberg.com)

    Oct. 19 (Bloomberg) -- U.K. stocks retreated for a second day. HSBC Holdings Plc paced declines as UBS AG advised clients to reduce their holdings in Europe's biggest bank.
    2007-10-19 09:46:42

  • National Bank May Lose Clients, Take Writedown (Update3) (Bloomberg.com)

    Oct. 19 (Bloomberg) -- National Bank of Canada may lose banking customers including Jean Coutu Group Inc., the country's second-biggest pharmacy chain, after advising them to buy commercial paper before the market collapsed in August.
    2007-10-19 01:45:47

  • Stockbrokers' tips

    Daily Telegraph - ... resulted in sales growth of more than 10pc and with group finances strong (interest ... While management highlighted rising costs such as mortgage payments for consumers ... to the temp recruitment market and a coming change of top management can only ...
    2007-10-19 02:07:00

  • Blunt warning to dodgy lenders

    Australian Broadcasting Corp. - ... to take it over we would be saying to them, "Well take over the content that the states have already put together." PETER RYAN: With mortgage stress now a national issue, calls for better consumer protection will only get louder with official interest ...
    2007-10-19 03:11:00

  • Fed's Poole cut only if confident won't rue move

    Straits Times - Louis President William Poole said on Friday that interest rates are about right and ... Problems in the subprime US mortgage market sparked a global credit crunch in August ... If you are going to favour a cut, you are going to say, not only do I think a ...
    2007-10-19 07:14:00

  • Banks May Pony Up $60 Billion for SIVs

    Wall Street Journal - Banks and other financial firms have expressed interest in putting up more than $60 billion toward a super-size investment fund to prop up parts of the ailing mortgage-securities ... THE FULL WSJ.com ARTICLE IS ONLY AVAILABLE TO SUBSCRIBERS. • ...
    2007-10-19 07:29:00

  • Video: As Subprime Mortgage Troubles Grow, National Taxpayer Group ...

    Forbes - ... and foreclosures in the market for subprime mortgages -- that is, higher-interest ... Current subprime mortgage lending woes, combined with lower home prices in many ... price cannot deduct the difference as a capital loss (a deduction is only ...
    2007-10-19 04:01:00

  • G7 MEETING Paulson says strong dollar in US interest UPDATE

    Forbes - ... G7 finance ministers today that a strong dollar is still in the US economic interest ... or how other G7 ministers raised the issue of the declining dollar, he said only ... how to learn from the mistakes that caused problems in the subprime mortgage market ...
    2007-10-19 05:41:00

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