Mortgage and Financial News From 2008-6-6 Page 3
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Monoline downgrades no surprise to banks - Guardian Unlimited
NEW YORK, June 6 (Reuters) - The exotic and lucrative business of structured finance is over. This was made clear on Thursday when Wall Street shrugged off Standard & Poor's downgrade of two key patrons of the structured finance business, the bond ...
2008-06-06 03:23:00 -
An Ugly Day for Stocks - BusinessWeek
Major U.S. stock indexes each tumbled nearly 3% Friday as a surge in crude oil prices to fresh record highs and a weaker-than-expected May U.S. jobs report heightened investors' worries about inflation and the economy. Bonds, which plunged Thursday ...
2008-06-06 05:54:00 -
Lenders slash prices on foreclosed houses as numbers surge - Newsday
Lenders stung by the housing bust are slashing prices dramatically to rid themselves of an unprecedented number of foreclosed properties, sparking bidding wars in some places that harken back to the market's go-go years and may signal the bottom is ...
2008-06-06 03:09:00 -
Citi gets initial bids for Primerica unit-sources - Guardian Unlimited
NEW YORK, June 6 (Reuters) - Citigroup Inc has received the first round of bids for Primerica Financial Services, its insurance and mutual fund sales unit, drawing interest from several life insurance and private equity companies, people familiar ...
2008-06-06 03:23:00 -
How the housing slump can affect reverse mortgages - Los Angeles Times
Dear Liz: What does the housing slump mean for all of those seniors who took out reverse mortgages? And what does it mean for their heirs? My mother is 78 and fortunately has not had to go down that path (yet). But many of her friends have. I just ...
2008-06-06 06:29:00 -
FHA loans resurface in Silicon Valley (San Jose Mercury News)
Thanks to this spring's economic stimulus legislation, a nearly extinct form of mortgage is reappearing in the Silicon Valley housing market: the FHA loan.
2008-06-06 06:38:28 -
Delta's credit union growth takes off (Atlanta Journal-Constitution)
While Delta Air Lines was having its ups and downs, so was a big credit union that catered to its employees. But these days, Delta Community Credit Union — the largest of about 170 such institutions in Georgia — has been flying high by looking outside Delta, building branches and adding customers across much of metro Atlanta. And it's not alone. Like Delta Community, several large credit unions ...
2008-06-06 07:21:52 -
Saturday (Malaysian National News Agency (BERNAMA))
TOKYO, June 7 (Bernama) -- Japanese banks posted a total of 2.44 trillion yen (RM1=32.21 yen) in loss on investments in securitized products at the end of March due to the global financial turmoil stemming from U.S. subprime mortgage problems, which has increasingly damaged their investment portfolios, the government said Friday.
2008-06-06 07:33:31 -
Shalov Stone Bonner & Rocco LLP Files Securities Fraud Class Action Against Franklin Bank Corp. (Marketwire via Yahoo! Finance)
The law firm of Shalov Stone Bonner & Rocco LLP has filed a securities fraud class action on behalf of all investors who purchased or otherwise acquired the common or preferred stock of Franklin Bank Corp., between October 29, 2007, and May 1, 2008, inclusive. The lawsuit is pending in the United States District Court for the Southern District of Texas and names as defendants Franklin and the ...
2008-06-06 07:40:00 -
Stocks Stage Late Rally - nbc4.com
Finally, the stock market managed to arrest its downward slide on Wednesday. Major stock indexes managed to recoup earlier losses and hold onto a rally, as financials, airlines and other stocks rebounded from oversold conditions. The late break to ...
2008-06-06 11:27:00 -
Street Capital Financial Corporation launches mortgages in ... - CNW Group
Street Capital understands the art of the possible TORONTO, June 6 /CNW/ - Street Capital Financial Corporation, a Canadian-owned and operated mortgage lender, has officially commenced lending in Newfoundland, P.E.I, New Brunswick and Manitoba, as ...
2008-06-06 10:51:00 -
Arm yourself with info before mortgage rate resets - Los Angeles Times
WASHINGTON -- Borrowers who opted for an adjustable-rate mortgage, or ARM, in return for a lower starting rate often fear that when the mortgage resets, they'll either have to refinance -- possibly at a higher rate -- or face a big kick in their ...
2008-06-06 03:59:00 -
Oil, CPI could spell rough ride for stocks - Saskatoon Star Phoenix
NEW YORK (Reuters) - Wall Street could be in for a rocky ride next week as investors lick their wounds from Friday's triple threat -- oil's jump to a record above $139 a barrel, a troubling unemployment report and the stock market's 3 percent drop ...
2008-06-06 05:11:00 -
Central bankers meet to give fresh impetus on Gulf monetary union - Gulf Times
DUBAI: Gulf Arab central bankers meet on Monday for the second time in less than three months to pick up the pace of monetary union as they resist pressure to drop their dollar pegs amid soaring inflation. The six-member Gulf Co-operation Council ...
2008-06-06 03:38:00 -
Abbey increases mortgage rates and Egg quits mortgage business - Times Online
Abbey, Britain’s third-largest lender, increased its mortgage rates last night as Citigroup, the world’s biggest bank, stopped offering home loans to British borrowers. As the credit crunch continued to bring misery to homeowners across the ...
2008-06-06 01:57:00