Mortgage and Financial News From 2008-2-9 Page 49

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• Home repossessions at 8year high (Christian Today)

  Home repossessions last year hit their highest level since 1999 and are likely to increase the Council of Mortgage Lenders said on Friday
  2008-02-09 01:01:12

• Investment board studies ways to manage local funds (Billings Gazette)

  HELENA - After local governments and schools made a $356 million "run on the bank" over 10 days last fall, a state board is seeking legislative authority to better manage these deposits and withdrawals in its Short Term Investment Pool. The state ...
  2008-02-09 01:03:31

• Buyers invoke escape clause in takeover bids (The Tennessean)

  Christopher Flowers, chairman of J.C. Flowers & Co., discovered a new way to escape a $25.3 billion takeover of student lender SLM Corp. Now he has a lot of company.
  2008-02-09 01:39:44

• G7 finance chiefs issue warning (News 24 South Africa)

  World finance ministers have warned that the global economy faces growing threats from a US housing slump, the credit crunch, and the volatile price of oil.
  2008-02-09 01:40:34

• Banks urged to reveal subprime losses (Perth Now)

  TOP world finance ministers urged banks to come clean on their subprime loan losses, warning that the global economy faced growing threats from a US housing slump and credit crunch.
  2008-02-09 01:53:00

• G7 leaders vow cooperation to stabilize finance system

  Boston Globe - ... days leading up to the meetings, acknowledging that they all had a vested interest ... that began last summer after a spike in defaults among U.S. subprime mortgage ... grave concern about the state of the U.S. housing market, which has not only ...
  2008-02-08 09:38:00

• Capstead Mortgage 4Q profit beats consensus estimate; shares rise

  Forbes - SAN FRANCISCO (Thomson Financial) - Shares of Capstead Mortgage rose Friday after the ... Interest income in the period climbed to $87.8 million from $70.3 million. Capstead's ... News and its third party content providers for your personal information only ...
  2008-02-08 09:28:00

• AP Poll: to Fix Economy, Get Out of Iraq

  Seattle Times - ... divide _ 65 percent of Democrats think it would help the economy a lot, but only ... Federal Reserve Chairman Ben Bernanke has gotten more forceful in cutting interest ... More than half _ 56 percent _ pointed the finger at mortgage lenders. Forty-four ...
  2008-02-09 01:06:00

• Mortgage lenders in hot seat

  Raleigh News & Observer - ... and the N.C. banking commissioner. The study lays the foreclosure blame on mortgage ... and catching up on their payments. * Adjustable-rate mortgages aren't the only ... months of a reset. This year, about 700,000 mortgages will reset to higher interest ...
  2008-02-08 11:33:00

• Rate cuts fail to dent cost of credit

  Financial Times - The Bank of England has cut interest rates by half a percentage point over the past ... Even before the Bank announced its latest move, the Council of Mortgage Lenders was ... But these typically account for only 15 to 20 per cent of household borrowing ...
  2008-02-08 08:34:00

• Officials warn homeowners of foreclosure scam - Topeka Capital Journal (subscription)

  Officials warn homeowners of foreclosure scamTopeka Capital Journal (subscription), KS - 4 hours agoIn exchange for $14400 from TMG (designed to bring their mortgage account current), the family relinquished to Schwartz a 95 percent interest in their ...
  2008-02-08 09:47:02

• Finding solutions to messy foreclosures - North County Times

  Finding solutions to messy foreclosuresNorth County Times, CA - 3 hours ago"If you foreclose on a house and it only pays the first (mortgage), the lender on the second won't foreclose because they won't get anything," said Ken ...
  2008-02-08 10:44:04

• Bank CEO says local economy looks strong - Elmira Star-Gazette

  Bank CEO says local economy looks strongElmira Star-Gazette, NY - 2 hours agoIn discussing the subprime mortgage crisis that has hit some financial institutions, he said the percentage of subprime loans going to borrowers in upstate ...
  2008-02-08 11:03:39

• WINTER: Watch out! It's a swarm of fees! - Rocky Mountain News

  WINTER: Watch out! It's a swarm of fees!Rocky Mountain News, CO - 2 hours agoIf you pay late or go over your credit limit twice in a year, the interest rate you pay on most things goes up to the default rate, currently 30.49%. ...
  2008-02-08 11:15:45

• Odds of recession: 50/50, experts say - Indianapolis Star

  Odds of recession: 50/50, experts sayIndianapolis Star, United States - 2 hours agoMeanwhile, Wall Street turned lower Friday as investors surrendered to their persistent fears about the insurers of distressed mortgage-backed bonds and ...
  2008-02-08 11:46:34

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