Wells Fargo reported $1.64 billion in profit for the three months ending Sept. 30, 25 percent less than it earned a year ago.
The bank took a hit from investments in failing financial institutions such as Fannie Mae, Freddie Mac and Lehman Brothers, but it managed to increase its capital reserves for potential loan losses as [...]
TALLAHASSEE, Fla. (AP) – Oct. 12, 2008 – Floridians can still get home loans despite the national credit crunch, banking officials assured Gov. Charlie Crist on Thursday.
After a meeting at the Governor’s Mansion, Crist encouraged people to see their banker whether they’re interested in buying a new home or having problems paying their mortgages.
“Go talk [...]
The US government would snap up 300 billion dollars of bad home loans, Republican John McCain vowed Tuesday unveiling a new plan to help struggling homeowners if he is elected president.
“People are no longer able to afford their mortgage payments,” said McCain as he laid out what he billed as an original proposal for addressing [...]
The nation’s two largest secondary mortgage corporations, Fannie Mae and Freddie Mac, say they’ll stop buying subprime mortgages in New York State. Banks lending in New York will have to change their mortgage origination systems to reflect Fannie Mae and Freddie Mac’s exit from subprime lending in the state. It is unclear yet how onerous [...]
As house prices continue dropping and transaction levels reach a new low, financial solutions company ThinkMoney.com welcomes the recent falls in fixed-rate mortgage rates.
Recently, falls in the cost of wholesale funding have allowed lenders such as HBOS, HSBC, RBS and Woolwich to reduce their mortgage rates, reports Times Online. These cuts may not be not [...]
Foreclosures in many military towns are increasing at rates drastically above the national average, according to RealtyTrac’s Q1 2008 U.S. Foreclosure Market Report. Military personnel may have been targeted by unscrupulous mortgages because of credit problems that can sometimes result from the frequent moves required of them. Although it is unknown how many of the [...]
U.S. Department of Housing and Urban Development Secretary Steve Preston announced that 300,000 families have refinanced their mortgages with HUD’s affordable mortgage insurance program. Since September 2007, FHASecure – the Federal Housing Administration (FHA) refinancing product – has provided struggling families with expanded access to safe and affordable mortgage financing. FHA is on pace to [...]
Gov. David A. Paterson yesterday signed legislation that requires lenders to give subprime loan borrowers a 90-day notice before starting foreclosure proceedings.
Subprime loan homeowners will now have time to meet with lenders and receive other information on dealing with their debt. Subprime loans are generally held by borrowers with shaky credit, and carry higher interest [...]
SYDNEYSIDERS are caught in a bind as rising interest rates push more people into mortgage stress at the same time as the rental squeeze makes it impossible for people in some suburbs to find rental accommodation. Young families are particularly exposed.
A million households, or 15 per cent of all home-loan borrowers, could be in mortgage [...]
Matching a statewide trend, more Santa Clara County homeowners fell behind on their mortgage payments in the second quarter of this year than during any quarter on record, a real estate information company reported today.
Mortgage lenders sent 3,751 “notices of default” to homeowners in the county in the April-to-June period, according to DataQuick Information Systems. [...]