Mortgage and Financial News From 2008-2-29
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Another lender votes with its money
Boston Globe - In the debate about the future of Massachusetts housing prices, I'm inclined to pay particular attention to the opinions of those with the most money at stake. Wells Fargo & Co., one of the nation's largest lenders, quietly sent mortgage brokers this ...
2008-02-29 09:39:00 -
Mixed Messages
Forbes - Nor would the president have Paulson shoring up an alliance of mortgage lenders to develop a plan to stem the tide of foreclosures. The Fed is currently focused on stoking economic growth, but Bernanke may be betting that the current commodities boom ...
2008-02-29 08:06:00 -
S&P May Cut $12.9 Billion of Alt-A Mortgage Bonds (Update1)
Bloomberg - ... prime and subprime, slumped 10 percent to 15 percent this month amid speculation that Zurich-based UBS AG was trying to sell a block of the debt, Thornburg Mortgage Inc., the Santa Fe, New Mexico-based lender, said yesterday. Lenders made ...
2008-02-29 09:53:00 -
Home lenders undergoing consolidation
East Bay Business Times - Richard Fahey of Stonecastle Land & Home Financial and Scott Simonich with BWC Mortgage Services. Calif. mortgage banker opens Latham office; shifts strategy from wholesale to retail sales [Albany] Lenders reduce prices, offer major incentives to ...
2008-02-29 08:56:00 -
Mortgage misery as hundreds lose homes
This Is Bolton - Statistics from the Department for Constitutional Affairs reveal that mortgage lenders obtained court orders against 199 people during the last quarter of 2007, taking the annual total to 711.
2008-02-29 05:57:00 -
Munis Have Worst Month Since '03 on Auction-Rate Woes (Update1)
Bloomberg - ... bonds fell 4.17 percent through yesterday, including reinvested interest, based on Merrill Lynch & Co. data. That's the most since July 2003, when they tumbled 4.59 percent. Florida had to pay 5.35 percent yesterday to sell 30-year fixed-rate general ...
2008-02-29 03:27:00 -
How low will interest rates go?
Marketwatch - In the previous downturns, the Fed funds rate fell to 3% in 1991 and 1% was the low point after the 2001 recession. The Fed has received a lot of criticism for such low interest rates, with critics charging they helped spark some of the careless ...
2008-02-29 06:25:00 -
FOREX-Dollar remains near record lows
Forbes - NEW YORK (Reuters) - The dollar hovered near record lows Wednesday as unexpectedly weak data showed orders for long lasting U.S.-made goods fell the most in five months, cementing expectations for further U.S. interest rate cuts. The dollar slid to ...
2008-02-27 06:28:00 -
House sales, goods orders feed recession fear
Reuters - Federal Reserve Chairman Ben Bernanke's twice-yearly testimony before Congress, bolstered expectations of more interest rate cuts when the central bank's policy-setting committee meets next month.
2008-02-27 09:34:00 -
Dollar falls to another record low vs. euro
CNN Money - The euro topped $1.50 for the first time since its 1999 introduction early Wednesday, then surged above $1.51 after markets took comments from Bernanke as a sign that yet more U.S. rate cuts are on the way. Lower interest rates can jump-start a nation ...
2008-02-29 03:27:00 -
Subprime woes affect toll agency
Inside Bay Area - The downgrade from AA, its best rating, to Speculative Grade triggered interest rate increases from near 3 percent to about 6 percent, Rentschler said.
2008-02-29 07:30:00 -
German Inflation Stays Above ECB Limit for 12th Month (Update3)
Bloomberg - The ECB's 21 rate-setters are next scheduled to decide on interest rates on March 6 in Frankfurt. The statistics office recalculated past inflation data as it changed the base year, when the price index measures 100 points, to 2005 from ...
2008-02-29 07:59:00 -
House prices fall again in February
Reuters UK - The Bank of England has cut interest rate twice in the past three months and investors expect further cuts over the course of the year. (Reporting by Christina Fincher;
2008-02-29 03:27:00 -
Esterline Technologies 1Q profit surges
MSN MoneyCentral - The quarter's results included $6.9 million in tax benefits and a $1.9 million gain related to the end of an interest rate swap. Prior-year results included a $2.1 million tax benefit.
2008-02-29 07:30:00 -
UPDATE 6-Gold powers to record high on dollar, eyes $1,000/oz
Reuters - The dollar lingered near record lows against a basket of major currencies, pressured by concerns about the U.S. economy and expectations of further aggressive interest rate cuts.
2008-02-29 08:20:00