Mortgage and Financial News From 2007-11-15 Page 4

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• Subprime's paper trail proves to be an obstacle

  Reuters - NEW YORK (Reuters) - As banks work to clean up some of the subprime mortgage mess, they are finding new obstacles in unraveling the massive paper trail used to pool individual loans into mortgage-backed securities. A U.S. federal judge in Ohio threw ...
  2007-11-15 03:48:00

• Tubbs Jones Releases Statement in Support of Mortgage Reform, Anti ...

  Forbes - Third, the legislation attaches limited liability to secondary market securitizers who package and sell interest in home mortgage loans outside of these standards. Additionally, the bill expands and enhances consumer protections for "high-cost loans ...
  2007-11-15 02:58:00

• House Passes Bill Curbing Mortgage Brokers

  Wall Street Journal - Mark Zandi, chief economist of Moody's Economy.com, West Chester, Pa., expects defaults on about three million mortgage loans this year and next. He expects about two million of those defaults to force the homeowners from their homes. Rep. Frank's ...
  2007-11-15 06:32:00

• Kaine to Set Up Task Force on Foreclosure Crisis

  Washington Post - RICHMOND, Nov. 15 -- Gov. Timothy M. Kaine said Thursday that he is forming a task force to fight an unprecedented number of home foreclosures brought on by a boom of risky mortgage loans in Virginia . Kaine (D) made his announcement on the same day ...
  2007-11-15 08:41:00

• How they voted: Mortgage lender bill (Battle Creek Enquirer)

  How Michigan voted in the 291-127 roll call Thursday by which the House passed a bill that would make mortgage lenders responsible for discovering whether borrowers can repay and fine them for steering people toward risky subprime loans.
  2007-11-15 05:45:13

• House passes bill tough on subprime mortgage lenders (The Nashua Telegraph)

  WASHINGTON -- With home foreclosures skyrocketing, the House on Thursday voted to crack down on mortgage lenders by forcing them to get licenses, making them responsible for discovering whether borrowers can really repay and fining them for steering people toward risky subprime loans. ... - By JESSE J. HOLLAND The Associated Press
  2007-11-15 09:16:26

• How they voted: Mortgage lender bill (AP via Yahoo! News)

  The 291-127 roll call Thursday by which the House passed a bill that would make mortgage lenders responsible for discovering whether borrowers can repay and fine them for steering people toward risky subprime loans.
  2007-11-15 04:13:00

• House Votes to Rein in Certain Mortgage Lending Practices (New York Times)

  The House voted to crack down on mortgage lenders by enacting federal licensing and to fine them for steering people to subprime loans when other options are available.
  2007-11-15 08:26:29

• BOJ Held Rate at 0.5% on Market Concern, Minutes Show (Update2)

  Bloomberg - Nov. 16 (Bloomberg) -- The Bank of Japan refrained from raising interest rates in ... Fallout from the U.S. subprime-mortgage collapse has wiped $1.8 trillion from world ... month, Fukui has said Japan's key rate needs to rise from 0.5 percent, the lowest ...
  2007-11-14 03:56:00

• Stocks Slip in Volatile Trading

  CNBC - I see people spending less as these mortgage problems continue to proliferate." In ... hoping to gain clues as to whether the Federal Reserve would lower interest rates ... Treasuries surged higher, pushing yields to their lowest in more than two years, as ...
  2007-11-15 11:23:00

• Bear Stearns Credit Rating Cut by S&P on Writedowns (Update4)

  Bloomberg - Bear Stearns, the second-biggest underwriter of mortgage bonds in the U.S., rose ... DBRS said in a statement. ``Equities, energy trading and interest rates, foreign ... came from non-U.S. markets in the first nine months of this year, the lowest ratio ...
  2007-11-15 01:25:00

• U.S. Treasuries Gain as Falling Stocks Stoke Aversion to Risk

  Bloomberg - ... S. two-year Treasury notes gained, pushing yields to near the lowest in 2 1/2 years ... 3 billion pounds ($2.7 billion) on securities tied to the U.S. subprime- mortgage ... in October, reducing the chances the Federal Reserve will cut interest rates next ...
  2007-11-15 04:35:00

• Chimera Investment Raises $500 Million in Initial Stock Sale

  Bloomberg - ... issued by the federal government, mortgage-backed securities issued privately, collateralized debt obligations, and other securities. Prime loans, made to borrowers with the best credit histories, typically have the lowest interest rates ...
  2007-11-14 03:56:00

• Yen Heads for Second Weekly Gain on Stock Losses, Credit Risks

  Bloomberg - Wells Fargo, based in San Francisco, is the second- largest U.S. mortgage lender. The U.S ... are used by investors to finance investments in markets with higher returns because interest rates in those countries are among the lowest in ...
  2007-11-15 03:19:00

• Australian, N.Z. Dollars Head for Weekly Decline as Stocks Fall

  Bloomberg - ... about $2.7 billion of credit-related securities tied to the U.S. subprime-mortgage ... money is borrowed in places such as Japan, where the benchmark rate is the lowest ... currency's fluctuations can erase profits earned on the gap between the two rates ...
  2007-11-15 03:19:00

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