Mortgage and Financial News From 2007-10-7 Page 19
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Errors and slowdowns at mortgage servicers can leave home owners in a lurch (The Journal News)
But as the housing slowdown ravages the mortgage sector, millions of servicing contracts are changing hands as parent companies go bankrupt or pare back their lending activities. Amid the turmoil, even homeowners who pay their mortgages on time face the real possibility of falling behind on insurance or property tax payments because of clerical errors at the servicer.
2007-10-06 11:46:15 -
Mortgage servicers fraught with errors (The Myrtle Beach Sun News)
A cancer diagnosis forced Lindsey Jennings to give up his government job. With less income, Jennings feared he might lose the home he and his wife, Pearl, built near Atlanta nearly 20 years ago. So he asked for help. But Jennings, who needed to lower his monthly mortgage payment, was rejected for a loan modification. The snub didn't come from the mortgage lender, but from a less likely source - ...
2007-10-06 11:32:55 -
California mortgage lender accused of unfair practices (KSBY San Luis Obispo)
Associated Press - October 6, 2007 7:14 PM ET BOSTON (AP) - The state of Massachusetts is suing a California subprime mortgage lender, accusing it of unfair practices that contributed to the...
2007-10-06 04:17:04 -
Jobless rate at 33-year low
Calgary Herald - The unexpected strength in the labour market has dimmed expectations that Canadians may see lower interest rates in the near-term, even as the higher loonie has a anti-inflationary effect by making imports cheaper. The Bank of Canada's next rate ...
2007-10-06 11:16:00 -
Sensex likely to face consolidation
Gulf News - Chid-ambaram last week warned retail investors not to be carried away by the rippling stocks rally, and later asked top bankers to try and lower their interest rates to ensure economic growth remained strong. After the sharp run of gains the market ...
2007-10-06 09:31:00 -
Don't be out talked by your loan officer
Miami Herald - Mortgage interest rates have been declining and loan availability is improving,'' said National Association of Realtors President ... Let's say for instance your loan is based on a six-month CD at 4 percent and the margin is 2 percent. You may have been ...
2007-10-06 11:55:00 -
Master chronicler of a flawed genius
Observer - Though Sewell emphasises the vital role played by Cooper, he rates the Picasso biography as 'a very great work', which ... But he admits an interest in the work of Damien Hirst. A contributor to the New York Review of Books and Vanity Fair ...
2007-10-06 06:33:00 -
As national housing market tumbles, how will Austin fare? (Austin American-Statesman)
A look at what factors may spell trouble in the months ahead. Richard and Andrea Flinchbaugh are building a bigger home in Round Rock and are trying to sell their home in the Forest Creek subdivision.
2007-10-06 08:34:29 -
Don't be out talked by your loan officer (Miami Herald)
T here is good news amid the housing sales slump. ''Mortgage interest rates have been declining and loan availability is improving,'' said National Association of Realtors President Pat V. Combs. ``The abundant choice of homes is permitting buyers to better negotiate price and terms.''
2007-10-07 12:08:38 -
Memphis leads U.S. in violent crime
Memphis Commercial Appeal - ... to consider what other factors set the area apart from places with lower rates of ... what your political affiliation or race, one has to finally admit that our current ... substantial raise to a City Worker who conveniently was able to obtain a mortgage to ...
2007-10-05 07:14:00 -
Swiss bank UBS admits underestimating US subprime crisis
New Straits Times - The problems started with the last change in interest rates and were compounded by DRCM," UBS's Dillon Read Capital ... up 380 million Swiss francs (230 million euros, 325 million dollars) in losses in the US high-risk, or subprime, mortgage ...
2007-10-06 10:33:00 -
Rescuing the Rock
Times Online - ... castigated for their roles in the Northern Rock debacle, by keeping it trading in its current ... There is a danger that Northern Rock’s mortgage book is unprofitable if it has to fund at today’s rates,” said Alex Potter, analyst at Collins ...
2007-10-06 09:31:00 -
Co-ops helping mobile home owners stay put
St. Petersburg Times - The lenders look at this as a very good mortgage for them. There's never been a co ... are very active in this kind of banking ... there are very competitive rates out ... And the current financial climate has little effect on these deals, she said ...
2007-10-06 09:24:00 -
Forget Easy Money. Try Saving a Few Bucks.
Washington Post - Countrywide Financial, the nation's largest mortgage lender, has a curious new idea ... Historically, thrift didn't carry its current association of being cheap or stingy ... of a 401(k) retirement plan, as opposed to having to opt in, savings rates ...
2007-10-06 08:34:00