Mortgage and Financial News From 2007-9-16 Page 9
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One who had it all faces jail on federal rap
Palm Beach Interactive - They had taken out second mortgages. Danks acted as president, managing the money. Wilson, the vice president, oversaw product development and manufacturing. Together they worked to develop and patent a unique type of trocar, a tool surgeons insert ...
2007-09-15 09:28:00 -
Northern Rock Remains `Solvent,' U.K. Chancellor Says (Update2)
Bloomberg - The Bank of England hasn't had to bankroll a U.K. lender since the 1973 collapse of Cedar Holdings, a pioneer of second mortgages, triggered a crisis of confidence that threatened to unravel the banking system. That rescue cost about 3 billion pounds ...
2007-09-16 08:55:00 -
Delphi seeks to pay $37.6 million in bonuses to top execs (Fort Wayne Journal Gazette)
Auto-parts supplier Delphi Corp. is seeking approval from the bankruptcy court to pay up to $37.6 million in bonuses to more than 400 executives for the second half of 2007.
2007-09-16 03:07:20 -
Subprime lending misjudgment (The Wichita Eagle)
Former Federal Reserve Chairman Alan Greenspan acknowledges he failed to see early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy. Greenspan said he was aware of "subprime" lending practices where homebuyers got very low initial rates only to see them later jacked up, causing severe payment shock. But he said he didn't ...
2007-09-15 11:14:53 -
Adding to mortgage debt often bad advice (The Columbus Dispatch)
Homeowners often are the target of financial pitchmen trying to convince them they should never pay off their mortgages. Instead, the line goes, people should dig deeper into mortgage debt to purchase cars, to fund their chosen lifestyles or to invest.
2007-09-16 03:44:08 -
ESTATE PLANNING: Not sure about value ofreverse mortgages (The Times of Northwest Indiana)
Q: What is your take on reverse mortgages? From what I have read, I don't have much faith in the promotion.
2007-09-16 01:12:13 -
Credit crunch takes bite out of market for second mortgages (Sun-Sentinel)
Think it's tough to find a loan for a new house? Try getting a second mortgage on the house you already own.
2007-09-16 12:19:52 -
Greenspan alert on US house prices
MSN MoneyCentral - But Mr Greenspan said that his successors at the Fed – who meet on Tuesday to set interest ... said this demand induced the big increase in the origination of subprime mortgages by mortgage brokers. The rise in defaults on subprime mortgages was only ...
2007-09-16 01:41:00 -
Northern Rock crashes as customers queue England streets
News.com.au - BRITISH mortgage lender Northern Rock has become England's biggest casualty in the ... time it has acted as lender of last resort since becoming independent on interest ... hands-off response to market turmoil, said Northern Rock was solvent and only in ...
2007-09-16 08:05:00 -
Market confident, but structural problems remain
Hindustan Times - ... global factors (like the collapse of a UK mortgage ... week would see the announcement of the next interest rate cut by the US Federal Reserve, expected by markets to be 25 basis points.
2007-09-16 10:49:00 -
Ten ways to get back into the black
Times Online - Even offset mortgages, where your savings are used to reduce your mortgage, may cost more than you think because there ... Alliance & Leicester's Premier or Premier Plus have 12 months interest-free overdraft and then charge interest at only 6.9 per ...
2007-09-16 10:28:00 -
Analysis: A global outlook
Financial Times - ... still chairman of the Federal Reserve, the US central bank would have cut interest ... have failed as miserably in trying to get the long-term rate up or the mortgage rate ... is a criminal offence,” he says – raising his voice for the first and only ...
2007-09-16 12:23:00 -
AP Business NewsBrief at 2:23 p.m. EDT
CNBC - ... AP) _ Hundreds of customers lined up to withdraw their savings from a British mortgage bank ... NEW YORK (AP) _ Wall Street players aren't the only ones with a lot riding on whether the Federal Reserve cuts interest rates on Tuesday _ Main Street could ...
2007-09-16 11:18:00 -
Fed fights two-pronged battle with rate policy
MSNBC - When the Federal Reserve’s interest rate-setting committee meets Tuesday, it is ... affecting the target (federal) funds rate,” he said. “There is only one ... global credit markets remain skittish following the implosion of subprime mortgage ...
2007-09-16 01:34:00 -
Prepaying mortgage a good move -- for some (The Morning Call)
Much attention is being paid to homeowners who can't afford their mortgage payment. But what if your bill is manageable? Or your loan's interest rate hasn't moved upward just yet?
2007-09-16 03:24:51