Aug - 10th
The Federal Reserve comes to the rescue
Posted at 1:06 pm | Filed Under Uncategorized
The Federal Reserve is trying to calm the panic and is providing liquidity into the market. In it’s statement, the Fed said:
Release Date: August 10, 2007
For immediate release
The Federal Reserve is providing liquidity to facilitate the orderly functioning of financial markets.
The Federal Reserve will provide reserves as necessary through open market operations to promote trading […]
Aug - 10th
Mortgage lenders feel the pain
Posted at 12:16 pm | Filed Under Uncategorized
CNBC reports:
Shares of two of the largest U.S. providers of home loans fell sharply Friday after they disclosed that difficult mortgage market conditions are likely to hurt their operations in the near term.
Separately, the fallout from the U.S. subprime crisis claimed another victim as mortgage lender HomeBanc filed for Chapter 11 bankruptcy protection.
Aug - 5th
More bad news for the mortgage market
Posted at 10:27 am | Filed Under Uncategorized
Paul Muolo is the executive editor and associate publisher of National Mortgage News and he had these comments in his column.
I’ll put it bluntly: if you operate a non-depository mortgage firm (lender or servicer) and don’t have a deep-pocketed parent or hedge fund as a sugar daddy you’re likely to be out of business by year-end, […]
Aug - 4th
Title insurer First American Corp. reports a second-quarter loss of $66 million
Posted at 10:24 am | Filed Under Uncategorized
The bad news in the housing market are not limited to Realtors, contruction, builders, and mortgage companies. Title insurers are also feeling the pain.
The Orange County Register reports:
A slowing housing market, a spike in loan defaults and mortgage fraud pushed Santa Ana-based title insurer First American Corp. into a second-quarter loss of $66 million, the […]
Aug - 3rd
American Home Mortgage Investment will close today
Posted at 12:44 pm | Filed Under Uncategorized
Reuters reports:
In some respects it was a normal summer Friday in this Long Island hamlet roughly 50 miles east of Wall Street. The weather was hot, a bit steamy. The weekend approached, and employees of American Home Mortgage Investment Corp. (AHM.N: Quote, Profile, Research) awaited their paychecks.
Aug - 1st
Two mortgage related hedge funds file for bankruptcy
Posted at 11:05 am | Filed Under Uncategorized
AP reports that
Two Bear Stearns Cos. hedge funds heavily exposed to the flagging mortgage industry filed for bankruptcy protection late Tuesday, two weeks after the company told investors one was essentially worthless and the other had lost more than 90 percent of its value.
The Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd. and the […]
