Mortgage and Financial News From 2007-12-19 Page 8

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  • US stocks reverse course on renewed credit market concerns

    CNBC - US stocks reverse course on renewed credit market concerns ... Because of its losing bets on mortgages, the investment bank was forced to take a fourth-quarter writedown of $9.4 billion. The ...
    2007-12-19 09:45:00

  • Former American Home Mortgage workers struggle to find work

    Newsday - Within six weeks, she had landed a position in regulatory compliance at Vertical Lend, a Melville-based company specializing in reverse mortgages. But Domotor said that after 24 years in the mortgage industry, including three major downturns, she ...
    2007-12-18 03:59:00

  • Mitchell Schnurman: Thinking ahead on reverse mortgages

    Fort Worth Star-Telegram - So long subprime, no-doc and ninja loans -- short for no income, no job, no assets. Hello, reverse mortgages? Most people wouldn't connect these financial instruments. The first group includes anything-goes loans that fueled the housing bust and ...
    2007-12-19 05:35:00

  • Be wary of reverse mortgages, report warns

    Stuff - Elderly people and their families should be very cautious about taking out reverse mortgages on their homes, an Auckland District Law Society paper warns. The society's public issues committee has published a study of the mortgages, where people ...
    2007-12-19 12:44:00

  • State, lenders take aim at homeowners facing foreclosure (BizJournals)

    After meeting with representatives from J.P. Morgan Chase, GMAC, Wells Fargo, Washington Mutual, Countrywide and the Arizona Bankers Association, Gov. Janet Napolitano has constructed a plan to help Arizona homeowners facing rate changes on their subprime mortgages.
    2007-12-19 02:31:09

  • Be wary of reverse mortgages, report warns (Stuff)

    Elderly people and their families should be very cautious about taking out reverse mortgages on their homes, an Auckland District Law Society paper warns.
    2007-12-19 12:55:19

  • Morgan Stanley sells stake to China fund

    Reuters - The second-largest U.S. investment bank posted a net loss from continuing operations of $3.59 billion, or $3.61 a share, in ... Last month Morgan warned that it would write down its exposure to U.S. subprime mortgages and related securities by $3.7 ...
    2007-12-19 02:10:00

  • French Economy to Slow as Firms Trim Investments, Exports Cool

    Bloomberg - ... and 0.7 percent in the first and second quarters respectively, after expanding 1.2 percent in October-December. Borrowing costs have surged as banks hoarded cash following disclosures of write offs linked to U.S. subprime mortgages, which ...
    2007-12-19 03:43:00

  • Bass Shorted `God I Hope You're Wrong' Wall Street (Update2)

    Bloomberg - The new subprime derivatives amplified the risks of the underlying mortgages, and now investors are reaping the consequences. An index designed to be a proxy for the lowest investment-grade subprime mortgage bonds sold in the second half of 2005, the ...
    2007-12-19 03:08:00

  • Morgan Stanley sells stake to China amid losses

    Reuters - ... bank reported a stunning fourth-quarter loss fueled by a bigger-than-expected $9.4 billion of write-downs in mortgages and ... With the write-downs knocking down earnings by $5.80 a share, the second-largest investment bank posted a net loss from ...
    2007-12-19 02:53:00

  • ANALYSIS-Wall Street retreats after black box blow up

    Forbes - ... Co Inc and Morgan Stanley (nyse: MS - news - people ) reel from massive losses on mortgages. Morgan Stanley ... taking in fixed-income trades as among the key drivers for a 55 percent growth in revenue in that segment during the second ...
    2007-12-19 02:25:00

  • Canada Pension Bought C$6 Billion in Commercial Paper (Update1)

    Bloomberg - Dec. 19 (Bloomberg) -- Canada Pension Plan Investment Board, the country's second-biggest pension-plan manager, bought ... Inc. and other trusts failed to renew maturing debt because investors were concerned about ties to U.S. subprime mortgages ...
    2007-12-19 01:13:00

  • Bear Stearns Sued by Barclays Unit Over Fund Collapse (Update3)

    Bloomberg - ... Bear Stearns Cos. over losses caused by the implosion earlier this year of a hedge fund that invested in subprime mortgages ... In March, the British bank made a second investment in the fund. Barclay's spokesman Peter Truell declined to comment ...
    2007-12-19 03:29:00

  • Foreclosures fall second time in 3 months: report

    Reuters - Foreclosures fall second time in 3 months: report ... will hold will come at the beginning of next year" when a seasonal increase tends to occur and rates on more mortgages are ...
    2007-12-19 08:34:00

  • Morgan Stanley to Sell Stake to China Amid Loss

    New York Times - ... its first quarterly loss ever on Wednesday after taking an additional $5.7 billion write-down related to subprime mortgages ... With the second write-down, Morgan Stanley has now lowered the value of its subprime holdings by $9.4 billion, one of the ...
    2007-12-19 02:03:00

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