Mortgage and Financial News From 2008-7-10 Page 5

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  • Hedge Fund Manager Describes Rock Bottom (NYTimes.com via Yahoo! Finance)

    John Devaney, who made and then lost a fortune trading mortgage investments, has finally called it quits. He shut his hedge fund, and told his investors that all their money was gone too.
    2008-07-10 07:37:25

  • In Erratic Session, Giant Chemical Deal Lifts Shares (NYTimes.com via Yahoo! Finance)

    Wall Street stumbled but ended with a respectable gain on Thursday after a multibillion-dollar deal in the chemicals sector helped offset concerns about the financial sector and energy costs.
    2008-07-10 07:37:26

  • MGIC shares plunge 22% (Milwaukee Journal Sentinel)

    Shares of MGIC Investment Corp. plunged 22% Thursday after Moody’s Investors Service cut the firm’s credit rating because of rising mortgage defaults.
    2008-07-10 07:57:24

  • National Australia May Buy ABN Australia, N.Z. Units (Correct) (Bloomberg.com)

    (Corrects RBS transactions rankings from third paragraph.) July 11 (Bloomberg) -- National Australia Bank Ltd. , the country's biggest by assets, is in talks to buy ABN Amro Holding NV's investment banking businesses in Australia and New Zealand from Royal Bank of Scotland Group Plc .
    2008-07-10 08:06:37

  • U.S. considers takeover of two mortgage giants (International Herald Tribune)

    Under the plan, shares of Fannie Mae and Freddie Mac would be worth little or nothing, and any losses on mortgages they own or guarantee would be paid by taxpayers.
    2008-07-10 08:18:19

  • US housing market crisis fuels fears for Fannie Mae and Freddie Mac - Daily Telegraph

    Concerns over the future of America's two federal mortgage lenders heightened after it emerged the US government has held behind-the-scenes talks over what to do should they collapse. The Bush administration is understood to have stepped up ...
    2008-07-10 04:09:00

  • House building crisis: Q&A - Daily Telegraph

    As the house building industry claims it is suffering from its worst period since the Second World War, Harry Wallop explains what's at stake and how it go so bad. A. Work has almost completely dried up. House builders, fearful that they will not be ...
    2008-07-10 05:21:00

  • HUD boss: Let's keep families in homes - Detroit Free Press

    Steve Preston took on his role as the new U.S. Secretary of Housing and Urban Development at arguably the most challenging time for the U.S. housing industry in decades. Foreclosures are rampant across the country and are particularly bad in Michigan ...
    2008-07-10 04:52:00

  • Lenders ease £400m funding terms for Barratt Developments - Times Online

    Barratt Developments has ruled out any immediate need for a rights issue after pulling off a deal to extend its lending facilities. Shares in Britain's second-biggest housebuilder climbed 24 per cent on news that it had pushed back repayments of a ...
    2008-07-10 02:43:00

  • Mortgage giants insist they're fine - USA Today

    Beset by widespread speculation about their losses, mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) defended their solvency Thursday. Freddie shares plunged 22%, and Fannie fell 13.8%, in part because former St. Louis Federal Reserve Bank ...
    2008-07-10 05:35:00

  • House OKs mortgage rescue - Baltimore Sun

    WASHINGTON - The House passed yesterday the most sweeping government plan yet to shore up the troubled housing market and help people struggling to pay their mortgages, adopting legislation that would underwrite $300 billion in new loans and keep an ...
    2008-07-10 05:56:00

  • Mortgage rates edge higher - CNN Money

    NEW YORK (CNNMoney.com) -- Rates on 30-year fixed mortgages edged higher during the week ended Thursday, despite a recent dip in home sales for May. Government-backed mortgage lender Freddie Mac ( FRE , Fortune 500 ) said that 30-year fixed-rate ...
    2008-07-10 10:33:00

  • Brehm in Riverside (San Diego Daily Transcript via Yahoo! News)

    Brehm Communities is offering deals on the final homes in its StoneView neighborhood in Lake Hills Reserve, including as low as 3 percent down FHA financing for qualified buyers.
    2008-07-10 06:18:10

  • CBA lifts interest rates (The Age)

    Third bank in a week raises home loan rates amid higher funding costs.
    2008-07-10 06:33:09

  • UK house prices fall, homebuilders feel the pain (Gulf Times)

    LONDON: British house prices are sinking and housebuilders are first in the firing line for a property market downturn that is threatening to plunge the whole economy into recession.
    2008-07-10 06:35:18

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