For the second consecutive meeting, the Federal Reserve Open Market Committee dropped short term interest rates.
Countrywide Financial Corp, the largest mortgage
lender in the nation announced, before the stock marketed opened on
Friday, that it is posting a loss of 1.2 billion for the third quarter of
2007 because of millions it had to set aside in loan loss provisions,
write downs, and lowered loan values.
There were some pretty scary statistics swirling
around Capitol Hill on Thursday as the Joint Economic Committee (JEC)
released a report attaching dollar figures to the impact of the subprime
mortgage fallout.
Several weeks ago we wrote two-parts of a three-part series on
foreclosure fraud, i.e. scams perpetrated against
troubled homeowners ostensibly to help them save their house or at least
avoid legal action but are actually intended to strip off the home’s
equity or take legal title to the property.
A death watch was underway on Wall Street on Monday as investors and
financial analysts waited for what was rumored to be the imminent
resignation or firing of Stan O’Neal as CEO of
Merrill Lynch & Company.
As was widely expected on Monday, Merrill Lynch &
Company Tuesday morning announced the “immediate retirement” of
Stan O’Neal as the company’s Chief Executive Officer.
Consumers, at least those who live in large apartment
complexes, may be poised to win one for a change if an article
by Stephen Labaton published in The New York Times on Monday is
correct.
A popular theme in the responses we have received to our request for
feedback from the foreclosure front has been the
confusion, delays, and inflexibility on the part of
mortgage servicers in handling “short sales.”
The NAR report blamed the sales decline on temporary problems in the
mortgage market which disrupted sales and distorted prices on sales
closed during the month. Lawrence Yun, NAR’s senior economist, said the
numbers are understandable. “Mortgage problems
were…”
It was one of those weeks when one had to wonder if Freddie Mac and
the Mortgage Bankers Association were operating in the same universe. The
former presented results of its weekly survey indicating that
mortgage rates were dead in the water while the latter
reported substantial interest rate declines for all products.
There was the tiniest ray of sunshine in the September New Residential
Sales Report issued on Thursday by the U.S. Census Bureau and the U.S.
Department of Housing and Urban Development.
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Being able to comfortably retire is a concern that millions of baby boomers will have to face in the coming years. For those who didn’t properly prepare for retirement, there are options. If you are a homeowner, a reverse mortgage may be the best.
As was widely expected on Monday, Merrill Lynch &
Company Tuesday morning announced the “immediate retirement” of
Stan O’Neal as the company’s Chief Executive Officer.
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A death watch was underway on Wall Street on Monday as investors and
financial analysts waited for what was rumored to be the imminent
resignation or firing of Stan O’Neal as CEO of
Merrill Lynch & Company.
Several weeks ago we wrote two-parts of a three-part series on
foreclosure fraud, i.e. scams perpetrated against
troubled homeowners ostensibly to help them save their house or at least
avoid legal action but are actually intended to strip off the home’s
equity or take legal title to the property.