Mortgage and Financial News From 2007-10-17 Page 9

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• UPDATE 1-Lehman cuts Countrywide Financial price target

  Reuters - Last week, Countrywide said it had funded 44 percent fewer mortgage loans in September as it tightened lending standards, while delinquencies increased and foreclosures more than doubled. The significant month-over-month increase in servicing ...
  2007-10-17 10:34:00

• E-Trade Posts 3Q Loss on Mortgage Crisis

  Forbes - E-Trade, one of the nation's largest online brokerages, had expected it would sell the riskiest portions of its mortgage-related portfolio in two stages. However, like others squeezed as people defaulted on home loans at a skyrocketing rate, E-Trade ...
  2007-10-17 01:12:00

• Dimon's Banking Magic

  Forbes - It also had to mark down $339 million in the value of its holdings in collateralized debt obligations, a type of derivative backed by mortgage loans and other credits. JPMorgan estimates that 4% of its assets will be classified "level 3," meaning ...
  2007-10-17 12:50:00

• S&P downgrades 1,713 classes of mortgage-backed securities issued in ...

  CNBC - The downgraded securities represent more than 6 percent of the $371.9 billion of subprime, alt-A and home equity mortgage-backed securities S&P rated during the first half of 2007. The mass review of loans was prompted by similarities between the 2007 ...
  2007-10-17 01:05:00

• Mark Winter Promoted to Stewart Executive Vice President of Public ...

  MSN MoneyCentral - In 1995-96, Winter served on the advisory board of World Mae, a corporation organized to facilitate the development of a secondary market for home-mortgage loans originated in countries throughout the world. He is a charter member of the ...
  2007-10-17 12:36:00

• Cole Companies Continues Robust Acquisition Pace in September, Capping ...

  Forbes - In addition, the Company acquired a portfolio of mortgage loans secured by 23 individual Cracker Barrel restaurants, valued at approximately $48.3 million. In the third quarter, Cole acquired $477 million in assets, totaling over 3.3 million in square ...
  2007-10-17 11:31:00

• Commercial Real Estate Loans Tighten Up

  Forbes - The higher equity requirements also come as developers face dwindling opportunities to raise funds from the commercial mortgage-backed securities market. The tighter standards mark a departure from the loans that were offered from mid-2006 to mid-2007 ...
  2007-10-17 02:23:00

• Alabama National BanCorporation Announces Quarterly Dividend

  Forbes - Commercial mortgage services, including the origination of permanent commercial real estate mortgage loans for various lenders, are provided by Byars and Company, a division of First American Bank. Brokerage services are provided to customers through ...
  2007-10-17 02:52:00

• MGIC Investment Swings to 3Q Loss

  CNN Money - C-BASS was essentially rendered worthless amid rising delinquencies and defaults on subprime mortgage _ loans given to customers with poor credit history. MGIC also took an $11.3 million pretax charge in the quarter tied to its terminated merger ...
  2007-10-17 10:06:00

• Mortgage meltdown leads E-Trade to $58 million loss

  Marketwatch - SAN FRANCISCO (MarketWatch) -- Despite record trading activity and asset growth, write-offs of mortgage loans and related home equity loans led E-Trade Financial Corp. to report Wednesday a third quarter loss of $58 million. The loss, which was ...
  2007-10-17 01:47:00

• ResCap Cuts Workers as U.S. Mortgage Demand Slumps (Update3)

  Bloomberg - Oct. 17 (Bloomberg) -- GMAC Financial Services will cut 25 percent of the staff at its Residential Capital LLC unit, known as ResCap, adding to a record number of mortgage industry firings as demand for home loans declines. ResCap, based in ...
  2007-10-17 12:57:00

• S&P cuts $23.35 bln subprime RMBS, affirms $245.1 bln

  Reuters - The RMBS downgrades included 1,713 classes of first-lien subprime mortgage loans, Alternative-A and closed-end second-lien mortgages, S&P said. The rating agency also affirmed the ratings on $245.1 billion of subprime RMBS from the 2007 first half ...
  2007-10-17 01:12:00

• Fitch Takes Various Actions on 2 Banc of America Alternative Loan ...

  Forbes - The underlying collateral in these transactions consists of fixed-rate, conventional, fully amortizing mortgage loans secured by first liens on one- to four-family residential properties. Bank of America, N.A., which is rated 'RPS1' by Fitch for ...
  2007-10-17 01:05:00

• UPDATE 1-S&P cuts $23.5 bln subprime RMBS from H1 2007

  Reuters - NEW YORK, Oct 17 - Standard & Poor's slashed the credit ratings on $23.35 billion of subprime U.S. residential mortgage-backed securities on Wednesday as loans made to risky borrowers during this year's first half deteriorated. The ratings downgrades ...
  2007-10-17 01:47:00

• Sector Snap: Mortgage Insurance

  CNBC - NEW YORK - Shares of mortgage insurers plummeted Wednesday after MGIC Investment Corp. reported hundreds of millions of dollars in losses because of unpaid home loans. The Milwaukee-based home loan insurer said Wednesday it lost $372.5 million in the ...
  2007-10-17 10:13:00

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