Mortgage and Financial News From 2008-5-7 Page 3
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Paying interest on reserves would give Fed more control, flexibility - Forbes
WASHINGTON (Thomson Financial) - The Federal Reserve, it is now widely believed, is about to ask Congress for the authority to begin paying banks interest on the reserves they're required to keep on deposit. 'Why would the Fed want to pay interest on ...
2008-05-07 02:55:00 -
Local Young Professionals Team Up With Fannie Mae for the National Day ... - Forbes
PHILADELPHIA, May 7 /PRNewswire-USNewswire/ -- Local young African-American professionals will lend their voices, time and resources to provide FREE financial education to teenagers as part of the Urban League Young Professionals of Philadelphia's ...
2008-05-07 12:39:00 -
CML media note in advance of tomorrow’s MPC decision on interest ... - Politics.co.uk
A notional quarter or half point cut, if implemented on mortgage rates, would affect various size mortgages based on a typical average variable rate in February 2008. But it should not be assumed that such a rate cut will automatically be forthcoming ...
2008-05-07 12:10:00 -
Will taxpayers be on the hook for subprime crisis? - Christian Science Monitor
With a nationwide housing crisis far from over, the risk of future mortgage losses is rapidly shifting from the private sector toward government – and potentially US taxpayers. This is occurring partly by choice, as policymakers try to stop a wave ...
2008-05-07 10:44:00 -
U.S. stocks fall after weak home sales data - International Herald Tribune
NEW YORK : U.S. stocks fell Wednesday for the second day this week as retreating metals prices and declining home sales overshadowed an unexpected acceleration in worker productivity. Fannie Mae and Freddie Mac, the two biggest mortgage-finance ...
2008-05-07 11:05:00 -
Home loans fuel raids on superannuation - News.com.au
HOMEOWNERS making a final desperate grab to save their homes from repossession are raiding their superannuation at an alarming rate, new figures show. More than $175 million was released from super funds last year to help homeowners pay their ...
2008-05-07 01:29:00 -
U.S. Stocks Decline on Concern SEC Plan Will Hurt Broker Profit - Bloomberg
May 7 (Bloomberg) -- U.S. stocks declined the most in a month, led by financial shares, on concern new disclosure requirements for investment banks will limit their profits. Merrill Lynch & Co. and Lehman Brothers Holdings Inc. sent brokerages and ...
2008-05-07 01:43:00 -
Paulson says credit crisis fading - CNN Money
WASHINGTON (AP) -- The worst of the credit crisis may have passed, Treasury Secretary Henry Paulson said Wednesday, while acknowledging that rising gas prices will blunt the effect of 130 million economic stimulus checks. He ruled out a second ...
2008-05-07 12:31:00 -
Home loan demand jumps as interest rates drop - Reuters
NEW YORK (Reuters) - Mortgage applications rose the first time in three weeks, fueled by a jump in demand for refinancing and home purchase loans as interest rates dropped, an industry group said on Wednesday. The Mortgage Bankers Association said ...
2008-05-07 07:38:00 -
U.S. mortgage bond prepayments decline in April - Reuters
NEW YORK, May 7 (Reuters) - Prepayments on U.S. mortgage-backed securities decreased in April from March levels as home loan refinancing activity dropped, according to figures from several Wall Street banks. The drop in refinancing largely offset ...
2008-05-07 11:41:00 -
Fannie Loses $2.2 Billion As Home Prices Fall - Washington Post
Fannie Mae , one of the main sources of mortgage funding and a barometer of the housing market, yesterday reported that home prices fell faster than it expected during the first quarter, contributing to a $2.2 billion loss for the company. The ...
2008-05-07 09:47:00 -
UBS to Sell Subprime Assets to Fund Run by BlackRock (Update1) - Bloomberg
May 6 (Bloomberg) -- UBS AG , the Swiss bank that has taken $38 billion of subprime mortgage-related writedowns, plans to sell $15 billion of assets to a fund managed by BlackRock Inc. The sale of subprime and so-called Alt-A home loans probably will ...
2008-05-06 08:15:00 -
N.Y. Assembly approves one-year delay in foreclosures - Star-Gazette
The state Assembly has passed legislation to impose a one-year delay on foreclosures after a homeowner defaults on mortgage payments. A similar bill to ease the subprime loan crisis in New York is pending in the Senate. The Senate Banks Committee ...
2008-05-07 10:44:00 -
UBS Banker Detained in Tax Inquiry (NYTimes.com via Yahoo! Finance)
A top-ranking UBS executive was briefly detained in the United States in connection with an investigation into the bank’s work with questionable tax transactions, the bank said.
2008-05-07 12:37:05 -
Fannie Mae predicts drop (Long Beach Press-Telegram)
The outlook for the housing market darkened further Tuesday as the nation's largest buyer of home mortgages said it racked up $2.2 billion in quarterly losses and forecast a steeper drop in home prices this year.
2008-05-07 12:43:55