Mortgage and Financial News From 2007-10-17 Page 01

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  • Money talk: Fixed-rate mortgages

    Daily Telegraph - As a general rule, if you choose a home loan with a fixed interest rate, the rate will be higher and more ... For example, a homeowner with a £100,000 interest-only mortgage paying their lender's typical standard variable rate (SVR) would have ...
    2007-10-17 08:57:00

  • SEC Reviews Countrywide CEO Stock Sales

    Wall Street Journal - ... is one of a dozen companies the SEC is investigating in connection with the fallout from rising defaults on some home ... Countrywide isn't the only mortgage lender under investigation. New Century Financial Corp., a mortgage lender that filed for ...
    2007-10-17 07:17:00

  • Countrywide Is to Cut 20% Of Work Force

    Wall Street Journal - The move Friday, on a day when investors were already nervous about jobs, was the latest step in a struggle by the largest U.S. home-mortgage lender in terms of loan volume to cope with rising defaults, falling house prices and the flight of ...
    2007-10-17 02:30:00

  • SEC Probe Stock Sales by Countrywide CEO

    Associated Press - WASHINGTON (AP) -- The man who nearly 40 years ago co-founded what is now the nation's largest mortgage lender is being scrutinized by federal securities regulators as they examine his sales of the struggling company's stock. The Securities and ...
    2007-10-17 10:09:00

  • Credit crunch hits mortgage options

    The Independent - The number of mortgage products available to British borrowers has fallen by 40 per ... lenders have tightened their criteria and withdrawn large numbers of riskier home ... have seen a decline, and borrowers are now less likely to find a sub-prime lender ...
    2007-10-17 07:45:00

  • Home lender to trim work force by 25 percent

    MSNBC - MINNEAPOLIS - GMAC Financial Services said on Wednesday it would cut about 3,000 jobs, or 25 percent of the work force at its Residential Capital LLC mortgage operation. It blamed the cuts on "sharp downturns in the U.S. residential real estate ...
    2007-10-17 10:27:00

  • AP Business NewsBrief at 1:35 a.m. EDT

    CNBC - OLYMPIA, Wash. (AP) _ Washington Mutual Inc.'s third-quarter profit shrank 72 percent as sagging home prices made it harder for borrowers to pay their bills and hurt the value of the bank's portfolio of mortgage loans. The third-biggest home lender ...
    2007-10-17 10:30:00

  • GMAC's ResCap mortgage unit to cut 3,000 jobs (Reuters via Yahoo! News)

    Residential Capital LLC, the mortgage unit of GMAC Financial Services, said on Wednesday it will eliminate 3,000 jobs, or 25 percent of its work force, to cope with the U.S. housing downturn.
    2007-10-17 12:33:51

  • GMAC's ResCap mortgage unit to cut 3,000 jobs (Pioneer Press)

    GMAC Financial Services is slashing another 3,000 jobs from its troubled Bloomington-based mortgage business as the lender battles the housing slump and a tightened mortgage-credit market.
    2007-10-17 10:09:29

  • Mortgage lender to cut staff 25% (CNN Money)

    Residential Capital LLC, the home lending arm of the former General Motors finance unit GMAC, announced it is cutting 3,000 jobs, or 25 percent of its already reduced staff, in the latest fallout from the meltdown in mortgage markets.
    2007-10-17 06:52:17

  • Housing-slump remarks sink stocks

    Seattle Times - He also said inflation remains in check — which could convince policymakers to cut interest rates for the second month in a row at their Oct. 30-31 meeting. But while core inflation — which excludes volatile food and energy prices — is mild, oil ...
    2007-10-15 05:53:00

  • Banks seek to buy time with rescue fund

    FXStreet.com - The result: higher interest rates and slower economic growth. The jury is out on whether M-LEC will be successful, especially over the long haul. Some economists argue it simply delays the inevitable, as banks will eventually have to mark down the ...
    2007-10-17 02:02:00

  • Fund managers fret about fundamentals

    Financial Times - Although the Federal Reserve’s rate cut has provided a catalyst for the current rally in equity markets, it has also prompted a rise in inflation expectations and adversely affected the outlook for long-term interest rates. A net 33 per cent of ...
    2007-10-17 02:27:00

  • K.T. Abdurabb, Arab News

    Arab News - Tomolso, general manager, Inter Emirates Properties said: “Ajman has now emerged as a property investment destination in the UAE offering lucrative returns. The heightened investor interest in Ajman properties has also led to rising rates which is ...
    2007-10-17 05:44:00

  • Iran: Putin seeks nuke 'time out'

    CNN - Khamenei said an "independent Iran" was in the interest of Russia , while a "powerful Russia" served the interests of Iran. ... 1 'Superbug' death rates soar 2 U.S. ship held in $500M booty row 3 Two killed in highway sandstorm 4 Jorja Fox leaving 'CSI' 5 ...
    2007-10-17 05:41:00

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