Mortgage Industry News for May 15, 2008
State lawmakers grapple with foreclosure bills: One-year moratorium? Sixty-day notice for borrowers? Assembly, Senate consider optionsMay 13--ALBANY -- A move to stop home foreclosures for one year now heads to the state Senate, which also is considering separate foreclosure legislation proposed by Gov. David Paterson. With the number of foreclosures rising statewide, the Assembly, controlled by Democrats, last week passed legislation that would impose the foreclosure moratorium. The Senate's Republican majority seems unlikely ...
McClatchy Tribune Business News - May 13, 2008Dodd Speaks In Hartford On Foreclosure LegislationMay 13--Sen. Christopher J. Dodd told a Hartford business audience Monday that federal intervention is needed to stem the daily flood of 7,000 home foreclosure filings, a drag on the economy and a contributor to flagging consumer confidence. "It is the contagion effect of all this that is spreading beyond housing," Dodd told the MetroHartford Alliance. "This issue is now affecting municipal ...
McClatchy Tribune Business News - May 13, 2008Experts urge talks with banks to prevent foreclosureMay 13--People worried about falling behind on mortgage payments should swallow their pride and talk to their banker before it's too late, experts advised at a foreclosure prevention forum in Novato. "Forget about embarrassment or being scared," said Realtor Peter Richmond. "It's your house. Put (embarrassment) away and go looking for help. Pick up the phone and call the bank right away." ...
McClatchy Tribune Business News - May 13, 2008EDITORIAL: If housing bill makes it out door, veto it: Government meddling in mortgage mess would encourage more follyMay 13--President Bush has threatened to veto a mortgage crisis "relief" bill that the House passed Thursday, 266-155, in the face of that threat. If the Senate doesn't change the bill substantially -- and perhaps even if it does -- he should carry through on the threat. Presidents in the last year of a second term typically have little influence, and this president is less popular than most ...
McClatchy Tribune Business News - May 13, 2008A Higher Law for Lending: Business is up at Islamic finance firms, which don't charge interest and weren't part of the mortgage debacle.The mortgage industry may be in meltdown, but at least one class of lender appears to be flourishing: Islamic finance companies that offer Muslim home buyers alternative arrangements such as lease-to-own deals so they can avoid making the sort of interest payments that many believe their religion forbids. Officials at Guidance Residential, a Reston company that has financed more than 5,000 home ...
Washington Post - May 13, 2008Mortgage lenders, insurers have billions in 1Q lossesNEW YORK Broad damage in the mortgage industry was in full view Monday as a number of companies posted dismal first-quarter earnings, but there was also some hope that the worst of the housing crisis is over. Investors bid up shares of mortgage lenders and insurers despite billions in losses from a sustained housing downturn in the U.S. Shares of bond insurer MBIA Inc., and mortgage ...
New Haven Register - May 13, 2008Mortgage cos. reveal damage from housing crisisNEW YORK --Broad damage in the mortgage industry was in full view Monday as a number of companies posted dismal first-quarter earnings, but there were also some hope that the worst of the housing crisis is over. Investors bid up shares of mortgage lenders and insurers despite billions in losses from a sustained housing downturn in the U.S. Shares of bond insurer MBIA Inc., and mortgage insurers ...
The Sun News - May 13, 2008The number of customers struggling to repay their home loans has soared by two thirds since the start of the year.Northern Rock Northern Rock has seen a sharp spike in mortgage arrears as the credit crunch tightens its grip. And the newly nationalised bank, which is axing 2,000 staff, is bracing itself for worse. Despite being bailed out by taxpayers, the Rock refuses to disclose how many homes it has repossessed this year. But it admits the proportion of borrowers more than three months in arrears has ...
Mirror - May 13, 2008Study: Mortgage crisis to slow district's growthState College Area School District over the next several decades, but the effect on enrollment in the district won't be as significant as some might expect, a demographic study has found. "Perhaps to your surprise, ironically, in terms of direct impacts, it's not nearly as massive as it would appear," said Shelby Stewman, professor of demography and sociology at Carnegie Mellon University.
Centre Daily Times - May 13, 2008Foreclosure Prevention Efforts Aren't Keeping Up With TrendsFRANKFORT, Ky. The Kentucky Environmental and Public Protection Cabinet issued the following news release: Industry measures to keep homeowners out of foreclosure are barely keeping pace with the rising rate of homeowners in trouble, according to the latest statistics collected by a group of state officials working to prevent home foreclosures. The State Foreclosure Prevention Working Group, a ...
Knowledge Plex - May 13, 2008Kentucky's foreclosure rate lowState rate one-fourth national average Gleaner staff 831-8343 cstinnett@thegleaner.com Home foreclosures and the subprime mortgage meltdown dominate the national news, but the foreclosure rate in Kentucky is among the lowest in the country, local banker Scott Davis said here Tuesday. Locally, it s not quite the issue (as) in some high-profile parts of the country, ...
Evansville Courier - May 13, 2008Mortgage Meltdown: Extreme Home SellingThe Queen City is bucking national trends as the mortgage meltdown continues. New data shows median home prices fell in 100 of 149 metropolitan areas in the first three months of the year. However, in Charlotte, median home prices rose 4% to $192,000. Despite that some sellers are jumping through hoops to make their properties stand out. WBTV's Kristen Miranda takes us into the world of extreme ...
WBTV News - May 13, 2008