Mortgage and Financial News From 2007-9-1

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  • Bush to Propose Subprime Mortgage Reforms

    FOX News - Now its mission is to foster home ownership by insuring mortgage loans, especially for poorer Americans who face difficulty meeting terms for conventional loans. The risk of a credit squeeze stemming from rising defaults on subprime mortgages has ...
    2007-08-31 12:39:00

  • Citigroup Buying Mortgage Unit From ACC

    CNBC - The acquisition of AMC Mortgage Services includes servicing rights for $45 billion worth of loans and is expected to close Sept. 1. Terms of the deal were not disclosed. ACC is also the parent company of subprime lender Ameriquest Mortgage. Citigroup ...
    2007-08-31 11:52:00

  • Ameriquest closes, Citigroup buys mortgage assets

    Reuters - Trouble in the subprime mortgage market has spread to other debt markets, including loans used to finance leveraged buyouts, creating big headaches for many commercial and investment banks. ACC "is preparing the orderly wind down of its retail ...
    2007-08-31 11:23:00

  • Experts predict Bush plan will have modest impact on mortgage market's ...

    International Herald Tribune - The new FHA Secure program would offer government-guaranteed loans to mortgage-holders in default because they could not afford to keep up payments after interest rates on their mortgages reset at much higher levels. FHA currently insures 3.7 million ...
    2007-08-31 11:59:00

  • UPDATE 1-US corporate bonds gain on Bush mortgage relief plan

    Reuters - NEW YORK, Aug 31 (Reuters) - U.S. corporate bonds strengthened on Friday ahead of President George W. Bush's statement later this morning that is expected to outline new initiatives to provide relief to consumers holding risky mortgage loans, traders ...
    2007-08-31 08:24:00

  • U.S. Stocks Rise on Bush Mortgage-Aid Plan; Countrywide Gains (Bloomberg.com)

    Aug. 31 (Bloomberg) -- U.S. stocks rallied on speculation the government will help people with delinquent mortgages keep their homes. Countrywide Financial Corp., the nation's largest mortgage lender, and Lehman Brothers Holdings Inc., the biggest underwriter of bonds backed by home loans, advanced.
    2007-08-31 01:59:47

  • Mexico's Bank Loans Rise 25.8% To MXN1.29 Trillion In July (Nasdaq)

    MEXICO CITY -(Dow Jones)- Mexican bank loans to the private sector grew 25.8% on the year in July, led by growth in mortgage, consumer and commercial lending, the Bank of Mexico said Friday.
    2007-08-31 11:01:32

  • MARK TRUMBULL: How homeowners can escape a mortgage mess (The Charlotte Observer)

    Stress in the nation's mortgage industry is putting a financial squeeze on home buyers and homeowners alike. Buyers are finding it harder to obtain home loans as lenders tighten their credit standards or even go out of business. Homeowners with adjustable-rate mortgages (ARMs) face a double-whammy. House prices are falling even as their monthly home payments adjust upward in a big way. So when ...
    2007-08-31 10:24:37

  • Mortgage Firm Sells $500 Million in Stock (New York Times)

    Thornburg said the sale would help the company resume making loans and buying mortgage-backed securities.
    2007-08-31 03:11:53

  • Citigroup in deal for subprime mortgage assets (Market Watch)

    SAN FRANCISCO (MarketWatch) -- Citigroup Inc. late Friday said it had acquired the wholesale mortgage origination and servicing assets of subprime-mortgage lender ACC Capital Holdings, including the servicing rights on $45 billion of home loans.
    2007-08-31 10:34:37

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