Mortgage and Financial News From 2007-12-19 Page 11

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  • Banks in talks about bailout of bond insurer ACA-NYT

    Reuters - ACA has has guaranteed $26 billion in mortgage securities, and its problems may attract further scrutiny to other bond insurers exposed to subprime mortgage loans, the Times said. ACA executives said in a conference call last month that losses on ...
    2007-12-19 10:35:00

  • S&P cuts Alt-A RMBS after insurer rating actions

    Reuters - NEW YORK, Dec 19 (Reuters) - Standard & Poor's on Wednesday slashed various classes of residential mortgage-backed securities supported by "Alt-A" loans, affected by its earlier negative rating actions to bond insurers. Issuers of Alt-A RMBS ...
    2007-12-19 12:44:00

  • CIBC May Take $2 Billion Writedown on ACA Downgrade (Update2)

    Bloomberg - Canadian Imperial has reported more writedowns than any Canadian bank this year after it invested in securities backed by U.S. mortgage loans. The Toronto-based lender has taken pretax writedowns of C$753 million ($750 million) in the past two ...
    2007-12-19 10:57:00

  • Credit One Financial Solutions Launches Marble Arch Home Loans ...

    Forbes - Jointly owned by Credit One and GB Mortgage, Marble Arch Home Loans (www.marblearchhomeloans.com) will offer consumers looking to consolidate their debt a range of competitive home loan products. Home equity loans and lines of credit typically offer ...
    2007-12-19 10:14:00

  • S&P takes rating actions on Alt-A RMBS

    Reuters - NEW YORK, Dec 19 (Reuters) - Standard & Poor's said on Wednesday it took various ratings actions on residential mortgage-backed securities supported by Alt-A loans that are tied to bond insurers ratings. S&P cut its ratings on ACA Financial Guaranty ...
    2007-12-19 03:08:00

  • Citigroup Fires CDO Bankers After Mortgage Losses (Update2)

    Bloomberg - Investors have scaled back purchases of CDOs after subprime mortgage defaults in the U.S. led to rating downgrades for bonds linked to home loans. Third-quarter sales of CDOs dropped 55 percent to $63 billion from a year earlier, according to data ...
    2007-12-19 02:53:00

  • NovaStar Financial Announces Management Changes

    Forbes - ... materially from those anticipated include: our ability to manage our business during this difficult period for the subprime industry; our ability to continue as a going concern; decreases in cash flows from our mortgage securities and mortgage loans ...
    2007-12-19 12:59:00

  • Fed to lend $20 billion to banks

    CNN Money - Many large banks in the United States and Europe have been forced to write down billions in assets because of bad bets on mortgage loans. And the concern is that without access to more capital, banks may tighten lending standards. In turn, this could ...
    2007-12-19 09:45:00

  • Impac Mortgage Holdings, Inc. Announces Upcoming Release of Third

    MSN MoneyCentral - Impac Mortgage Holdings, Inc. is a mortgage REIT, which through its Long Term Investment Operations is primarily invested in non-conforming Alt A mortgage loans (Alt-A) and to a lesser extent small balance commercial and multi-family loans. The ...
    2007-12-19 06:18:00

  • Gradient Called It Early & Right on Mortgage Crisis

    Forbes - December 5, 2003, D Grade -- "Our most significant concern regarding quality of earnings at CFC is the use of gain on sale accounting for securitized mortgage loans. ... While gain on sale is not highly unusual in the mortgage industry, the ...
    2007-12-19 07:51:00

  • CalHFA opens $5 million more to Habitat for Humanity funding

    MSN MoneyCentral - This is the third round of Habitat for Humanity purchase program financing; the first two resulted in CalHFA purchasing more than $5.7 million in mortgage loans from nine Habitat for Humanity affiliates. The deadline to apply for the additional ...
    2007-12-19 03:15:00

  • Triad Guaranty Applauds Passage of an Extended Mortgage Insurance Tax ...

    Forbes - This allows buyers to achieve homeownership sooner, facilitates the sale of mortgage loans in the secondary market and protects lenders from credit default-related expenses. For more information, please visit the company's web site at www ...
    2007-12-19 12:51:00

  • S&P Cuts Alt-A Mortgage Bonds; Analysts Warn on Prime (Update3)

    Bloomberg - Dec. 19 (Bloomberg) -- Standard & Poor's reduced its ratings on about $7 billion of Alt-A mortgage securities, citing a sustained surge in delinquencies during the past five months on loans considered a step above subprime. The lowered bonds ...
    2007-12-19 12:23:00

  • R-G Crown acquisition adds to bad loans at Fifth Third

    MSN MoneyCentral - Fifth Third Bancorp joined the line of banks warning Wall Street about the damage the mortgage crisis will wreak on their bottom line. The bank stated in a Tuesday filing with the Securities and Exchange Commission that it would take a $275 million ...
    2007-12-19 11:11:00

  • Fed Loans Banks $20 Billion

    Forbes - Financial companies have taken multibillion-dollar hits because of bad mortgage loans. Home foreclosures have hit record highs. Wall Street has been badly shaken. The Bush Administration and the Democrat-controlled Congress have been scrambling to ...
    2007-12-19 03:08:00

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