Nov - 1st
Oil keeps rising. It is now at 96 dollars a barrel
Posted at 10:32 am | Filed Under Uncategorized
Thank you very much Federal Reserve. A new day and a new old time high for oil.
This is how the Media is covering the story.
USA Today says
Oil rises to record above $96 a barrel
LONDON (AP) — The price of oil rose to another record above $96 a barrel Thursday after the surprise drop in […]
Oct - 22nd
Mortgage mess - Angelo Mozilo from Countrywide should resign
Posted at 1:04 pm | Filed Under Uncategorized
Angelo Mozilo from Countrywide should resign. That is certain groups want.
According to Reuters
NEW YORK, Oct 22 (Reuters) - Countrywide Financial Corp (CFC.N: Quote, Profile, Research) Chief Executive Angelo Mozilo should give up his role as chairman, and the largest U.S. mortgage lender should overhaul its practices for granting stock options, a union-affiliated pension plan urged […]
Oct - 17th
More layoffs in the mortgage industry
Posted at 10:19 am | Filed Under Uncategorized
Morgan Stanley just announced that they are laying off 300 employees due to the troubles with the housing slowdown. These are good paying jobs that are being eliminated and more importantly, consumer who will not have money to buy houses.
Sep - 8th
Countrywide might lay off up to 12,000
Posted at 9:38 am | Filed Under Uncategorized
More layoffs in the mortgage industry. Countrywide, the largest mortgage lender in the country, announced that it would cut as many as 12,000 jobs, or nearly 20% of its workforce, saying the downturn in the housing market and the credit crunch related to sub-prime loans have created the worst conditions ever seen by the modern […]
Sep - 6th
Countrywide fires 900 more workers
Posted at 10:48 am | Filed Under Uncategorized
Mortgage companies keep laying off more employees and this is starting to impact the overall economy.
AP is reporting that Countrywide (the largest mortgage company in the country) is cutting 900 more jobs in addition to the 500 jobs they eliminated last month.
As always, it is important to remember that these people loosing their jobs are […]
Aug - 29th
Mortgage applications in the U.S. declined to a four-week low - One-year adjustable loan rates jumped
Posted at 11:01 am | Filed Under Uncategorized
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 24, 2007.
Aug - 20th
Countrywide lays off employees in its Alt-A department
Posted at 10:21 am | Filed Under Uncategorized
The Wall Street Journal reports:
Countrywide Financial Corp., reducing costs as part of its effort to weather a credit crunch, has begun laying off employees involved in originating loans, according to an internal email.
The layoffs occurred in the company’s Full Spectrum Lending unit, which handles many home mortgages in a category known as Alt-A, or mortgages […]
Aug - 17th
Begging the Fed to bail out your rich friends
Posted at 12:19 am | Filed Under Uncategorized
Aug - 16th
Another mortgage lender going out of business: First Magnus Financial
Posted at 2:46 pm | Filed Under Uncategorized
CNBC reports:
First Magnus Financial, a Tucson-based national mortgage lender, is stopping new lending activity effective Thursday and shutting down operations.
An internal e-mail sent to branch managers of Great Southwest Mortgage, the retail arm of First Magnus, said the parent company was no longer funding loans. The e-mail was obtained by the Arizona Daily Star newspaper.
“You […]
Aug - 16th
Countrywide Financial might go under, analyst says
Posted at 11:47 am | Filed Under Uncategorized
More bad news for the mortgage industry. All the speculation over the boom years is finally coming to an end. Countrywide Financial, the largest mortgage company in the US said that it is drawing down an entire $11.5 billion credit line as a global credit shortage limits its access to short-term cash.
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