Mortgage and Financial News From 2008-4-29 Page 2
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Countrywide's loss hints at wider problem of flawed mortgages - Los Angeles Times
As foreclosures surge, lenders might be forced to acknowledge that far more of the mortgages they sold to investors were never written properly in the first place. That's one analyst's conclusion from the latest earnings disaster at Countrywide ...
2008-04-29 08:33:00 -
History Hints a Recession Would Hit City Hard - New York Times
Federal officials may still be debating whether the American economy will fall into a full-blown recession this year. But economists in New York City are pondering another question: If there is a national recession, how deep will it get here? If the ...
2008-04-27 05:58:00 -
Treasurys rise after decline in home prices, consumer moods - FXStreet.com
NEW YORK (AP) - Treasury prices rose Tuesday as investors sought safety following a report of a sharp drop in home prices and a further slide in consumer confidence. The declines in home prices and consumer confidence stirred fears that the economy ...
2008-04-29 08:59:00 -
Rate Cut Would `Do More Damage Than Good,' Gross Says (Update3) - Bloomberg
April 29 (Bloomberg) -- The U.S. economy won't benefit from additional interest rate cuts by the Federal Reserve and would be better served by a law to stem foreclosures, said Bill Gross , co- chief investment officer at Pacific Investment Management ...
2008-04-29 05:06:00 -
Slovak central bank keeps main interest rate at 4.25 pct, as expected ... - FXStreet.com
PRAGUE (Thomson Financial) - The Slovak central bank (NBS) today kept its main interest rate unchanged at 4.25 pct for a twelfth consecutive month, sticking with a cautious approach to price pressures as it prepares to adopt the euro in 2009. The ...
2008-04-29 05:17:00 -
Defaults Rising Rapidly For 'Pick-a-Pay' Option Mortgages - Wall Street Journal
As the growth in subprime mortgage delinquencies appears to be slowing, lenders are seeing a rapid rise in defaults on a type of mortgage that gives consumers with good credit several different monthly-payment options. These mortgages, which are ...
2008-04-29 07:50:00 -
Bank earnings undermine euro - Financial Times
The euro fell to four-week lows against the dollar and the pound on Tuesday as weak European banking results and deteriorating economic sentiment weighed on the single currency. Deutsche Bank, Germany’s largest bank, reported it first quarterly ...
2008-04-29 02:18:00 -
RBI raises CRR to 8.25 pc, other rates steady - Hindustan Times
Fighting inflation, the Reserve Bank on Tuesday sought to suck out over Rs 9,000 crore from the banking system by increasing statutory deposits that banks need to keep with it, a move that could put upward pressure on interest rates. The RBI raised ...
2008-04-28 06:11:00 -
U.S. consumer confidence slips as home prices drop - International Herald Tribune
Americans' confidence in the economy continued to plunge this month as their homes lost value at the fastest rate in two decades, according to reports released on Tuesday. The data suggested that the housing slump was far from a recovery and the job ...
2008-04-29 07:50:00 -
CD Investors Start to See Higher Rates - Wall Street Journal
The tide may be turning for savers as long-languishing CD rates start ticking up. Since the Federal Reserve started cutting its short-term interest-rate target last fall, yields across certificates of deposit, savings accounts and money-market ...
2008-04-29 05:41:00 -
KB Home co-founder says home prices could fall 20% more - BusinessWeek
Eli Broad, the co-founder of KB Home, told Bloomberg TV yesterday that home prices could fall another 20%. Here’s a link to the story . That is an absolutely enormous amount when you consider that prices have already fallen a bunch. Today the ...
2008-04-29 08:33:00 -
ResCap sends GMAC into red ink - Minneapolis Star Tribune
GMAC's first-quarter losses illustrate how tightly the company is being choked by its Bloomington-based mortgage lending unit, Residential Capital. That the broader economy is faltering adds to its woes. ResCap reported net losses of $859 million ...
2008-04-29 05:34:00 -
US home prices post record drop (AAP via Yahoo!Xtra News)
US consumer confidence fell to a five-year low this month as Americans confronted the grimmest jobs outlook since late 2004.
2008-04-29 05:44:31 -
Police: Biz Partner Paid To Kill San Ramon Man (CBS 5 Bay Area)
Police said Tuesday they arrested the business partner of Kashmir Billon, a San Ramon father of three who was found shot to death outside his bullet-ridden, smoldering BMW late Sunday night.
2008-04-29 05:58:13 -
Beware of the super villains (Moneymanager)
Late last year the NSW Supreme Court ordered that a family home be returned to its 92-year-old owner. The frail elderly man's nephew and sole beneficiary had transferred the title of the property to his own name without his uncle's knowledge or permission.
2008-04-29 06:57:35