Mortgage and Financial News From 2008-1-11 Page 73

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• Mo. bill takes aim at subprime mortgage lenders

  St. Louis Post-Dispatch - Nationally, about 1.8 million subprime loans — loans generally made to people with shaky credit — will reset to sharply higher rates during the next two years. "This subprime mortgage crisis is turning the American dream of owning your own home ...
  2008-01-11 01:19:00

• UPDATE 2-Banesto 2007 net profit up 26 pct, calm on future

  Reuters - Banesto said mortgage signings had fallen about 20 percent since the summer, while default rates on home loans had risen to 0.5 percent of the total, up from 0.29 percent a year earlier. Overall defaults rose to 0.47 percent from 0.42 percent. ...
  2008-01-11 03:06:00

• Northern Rock raises £2.25bn from mortgage sale

  Financial Times - ... Rock expects to raise £2.25bn through the sale of its portfolio of lifetime home ... to be seen as an encouraging sign that buyers are beginning to emerge for mortgage ... Comments from the bank on Friday also indicate how penal interest rates charged by ...
  2008-01-11 01:33:00

• Gold Reaches Record, Silver at 27-Year High on Declining Dollar

  Bloomberg - Bernanke suggested policy makers will have to cut interest rates to counter risks to the economy. $900 Gold ... The market for collateralized debt obligations, loans packaged into new securities, dried up after surging subprime mortgage ...
  2008-01-10 09:08:00

• Australia's St George raises variable mortgage rate due to higher ...

  Forbes - SYDNEY (Thomson Financial) - Australia's fifth-largest lender St George Bank said Friday it will increase all variable home loan interest rates by 20 basis points to absorb higher wholesale funding costs caused by the US subprime lending crisis. St ...
  2008-01-10 09:44:00

• European Stock Futures Are Little Changed; BP, Total May Gain

  Bloomberg - Bernanke signaled he may cut interest rates further and investors speculated Countrywide Financial Corp. will be bought. Asian stocks fell today on concern mortgage-related losses may widen. ``Europe is looking to open flat after Asian ...
  2008-01-10 11:38:00

• European Stocks Decline; L'Oreal, Unilever Drop on Downgrades

  Bloomberg - ... Ltd. in London. ``This is something that can only be resolved through assertive and decisive cuts in interest rates ... Asian stocks fell today on concern mortgage-related losses may widen. ``Sentiment is very nervous at the moment ...
  2008-01-11 01:19:00

• Bernanke Signals Deeper Rate Cuts, Emphasizes Growth (Update1)

  Bloomberg - Delinquency rates on subprime mortgages climbed to 16.3 percent in the third quarter, the highest in at least a decade. ``The demand for housing seems to have weakened further, in part reflecting ongoing problems in mortgage markets ...
  2008-01-11 02:44:00

• Banesto sees bad debt continuing to deteriorate in 2008, but 'not ...

  Forbes - MADRID (Thomson Financial) - Banco Espanol de Credito SA sees bad debt continuing to deteriorate in 2008 due to defaults on home mortgage payments amid higher interest rates, but 'not excessively,' chairwoman Ana Patricia Botin said. Speaking during ...
  2008-01-11 03:27:00

• Paragon slumps 50% after announcing rights issue - MarketWatch

  Paragon slumps 50% after announcing rights issueMarketWatch - 2 hours agoBy Simon Kennedy, MarketWatch LONDON (MarketWatch) -- Shares in specialist UK mortgage lender Paragon Group tumbled more than 50% Friday after the company ...
  2008-01-11 01:21:07

• Peso, ringgit up even as risk appetite ebbs - Inquirer.net

  Peso, ringgit up even as risk appetite ebbsInquirer.net, Philippines - 2 hours agoA New York Times report that Merrill Lynch was expected to suffer $15 billion in losses from mortgage investments gone wrong added to the dollar's woes and ...
  2008-01-11 01:24:06

• No need to read the tea leaves - TheNewsTribune.com (subscription)

  No need to read the tea leavesTheNewsTribune.com (subscription), WA - 2 hours agoBernanke pledged to slash rates as needed to prevent housing and credit problems from plunging the country into a recession. The Fed chief made clear that ...
  2008-01-11 01:24:22

• Borrowers Urged To BubbleWrap Finances From Hard Knocks In 2008 - Introducer Today

  Borrowers Urged To BubbleWrap Finances From Hard Knocks In 2008Introducer Today, UK - 1 hour ago“If you haven’t got a plan for how to keep up mortgage, personal loan or credit card repayments if you lose your income you could find yourself in real ...
  2008-01-11 01:53:02

• UK Industrial Production Unexpectedly Falls In November - RTT News

  UK Industrial Production Unexpectedly Falls In NovemberRTT News, NY - 1 hour agoThe Australian Mortgage and Finance Association said Tuesday, that nearly one-third of people in the home loan market would choose a fixed rate, ...
  2008-01-11 02:06:32

• Half of foreclosures involved older loans - Louisville Courier-Journal

  Half of foreclosures involved older loansLouisville Courier-Journal, KY - 1 hour agoThe coalition's report recommends such emergency loans as one tool to curb the city's foreclosure rate. Others include more scrutiny of home appraisals, ...
  2008-01-11 02:47:17

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