Mortgage and Financial News From 2008-1-11 Page 2

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  • Loan fraud leads to prison - Pioneer Press

    Loan fraud leads to prisonPioneer Press, MN - 1 hour agoLehn and Stewart were two of four defendants in the LHS Mortgage scheme that involved defrauding lenders by submitting bogus mortgage loan applications with ...
    2008-01-11 10:05:59

  • Fears About Economy Increase - Washington Post

    Fears About Economy IncreaseWashington Post, United States - 1 hour agoWobbling mortgage lenders are searching for bailouts, and banks relatively unscathed by deteriorating mortgage assets are cautiously looking for discounted ...
    2008-01-11 10:20:28

  • Lenders say Countrywide customers won't notice change - Houston Chronicle

    Lenders say Countrywide customers won't notice changeHouston Chronicle, United States - 1 hour agoCustomers likely won't see sweeping changes, said Keith Gumbinger, vice president of HSH Associates, a publisher of mortgage and consumer loan information. ...
    2008-01-11 10:43:37

  • New law gives homeowners 3 potential tax breaks - Seattle Post Intelligencer

    New law gives homeowners 3 potential tax breaksSeattle Post Intelligencer - 17 minutes agoThe second tax break concerns mortgage insurance, which is paid for by the borrower, but protects the lender if the borrower defaults. ...
    2008-01-11 11:32:00

  • Durbin seeks help in bankruptcy court for homeowners overwhelmed by mortgage (Herald & Review)

    SPRINGFIELD - U.S. Sen. Dick Durbin is promoting a plan to bail out some of the estimated 2.2 million Americans who may be on the verge of losing their homes to foreclosure.
    2008-01-11 10:45:56

  • Fiancee can't receive tax deduction (Akron Beacon Journal)

    Q: I purchased a townhome in January 2005 with a very low, interest-only loan, and have been paying approximately 20 percent extra toward the principal each month. My fiancee moved in about 15 months ago and has been paying $600 a month. The monthly interest-only payment is $1,600. Recently we decided to double the monthly payment in addition to paying an extra $10,000 toward the principle to ...
    2008-01-11 10:47:32

  • Trouble in 2008? Here are housing industry predictions (Tallahassee Democrat)

    2007 was a challenging year for the housing industry and consumers. I think this new year has the potential to be better because there are a variety of factors that point to an increased housing demand as well as legislative ideas being put forth to help those facing foreclosure or whose mortgage is about to reset.
    2008-01-11 11:04:25

  • Hearing today in mortgage fraud probe (The Union)

    Another hearing is scheduled today to determine who will oversee the loans for mortgage broker Thomas Hastert's company, Loan Sense, while the California attorney general and Nevada County district attorney continue to investigate the man for...
    2008-01-11 11:28:51

  • Cleveland sues banks over lending practices (Sioux City Journal)

    CLEVELAND (AP) -- The city of Cleveland, an epicenter of the nation's home foreclosure crisis, has sued 21 banks and claimed their subprime lending practices created a public nuisance that hurt property values and city tax collections.
    2008-01-11 11:36:14

  • Cleveland Sues 21 Lenders Over Subprime Mortgages (NYTimes.com via Yahoo! Finance)

    The city is suing 21 of the nation’s largest banks and financial institutions, accusing them of knowingly plunging it into a financial crisis.
    2008-01-11 11:40:58

  • Inquiry Focuses on Withholding of Data on Loans (NYTimes.com via Yahoo! Finance)

    New York State prosecutors are investigating whether Wall Street banks withheld information about the risks posed by investments linked to subprime mortgages.
    2008-01-11 11:41:01

  • Bank Of England Retains Key Interest Rate At 5.5%

    RTT News - 1/10/2008 7:07:16 AM The Bank of England maintained its key interest rate on Thursday, as it waits for last month's quarter-point cut to take effect. In line with expectations, the central bank left its official Bank Rate paid on commercial bank ...
    2008-01-10 12:54:00

  • Gold Futures Rise to Record $900.10 on Interest-Rate Outlook

    Bloomberg - Jan. 11 (Bloomberg) -- Gold futures rose to a record $900.10 an ounce on speculation the Federal Reserve will further cut U.S. interest rates, weakening the dollar and boosting the investment appeal of the precious metal. Silver also climbed ...
    2008-01-11 10:01:00

  • Inter-meeting US rate cut speculation grows-source

    Reuters - NEW YORK, Jan 11 (Reuters) - Expectations for a U.S. interest rate cut before the U.S. Federal Reserve meets at month-end rose on Friday after influential think tank Medley Global Advisors told clients they expected a cut could come as early as next ...
    2008-01-11 01:21:00

  • Gold hits $900 as economic worries escalate

    Daily Telegraph - ... precious metal. Flight to gold as investors lose faith in money A perfect storm for gold as mines left empty Contracts for February delivery of gold traded at a record $900.10 on the New York Mercantile Exchange as economists revised their interest rate ...
    2008-01-11 11:01:00

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