Mortgage breakdown (Baltimore Sun) This is not your parents' mortgage market. read more...
Dutchess leaders lament loss of mortgage tax revenue (Kingston Daily Freeman) DIMINISHING support among Dutchess County lawmakers for a mortgage tax hike they approved only four months ago has killed any possibility of a multimillion-dollar revenue stream materializing and has plunged
Bankers support mortgage reform (Houston Chronicle) Banking industry trade groups Monday endorsed mortgage reform principles as the troubled market for high-risk home loans worsens and Congress ponders whether to intervene.
Sources: Treasury is close on mortgage-freeze plan (USA Today) The U.S. Treasury Department is close to announcing a plan it is brokering with mortgage industry leaders to hold interest payments down for many subprime borrowers facing foreclosure.read more...
Wal-Mart's Unionized Quebec Store Closes Associated Press Wal-Mart's Unionized Quebec Store Closes 04.29.2005, 06:43 PM Wal-Mart Canada announced the closure of a unionized store in Quebec on Friday, a week ahead of schedule, prompting a
30-year mortgage rates at two-year low (UPI) The Freddie Mac mortgage survey said Thursday the 30-year fixed mortgage rates in the United States had fallen to their lowest level in more than two years.read more...
“I do think we’ll see more of a spillover into consumer spending, which is weakening, and I think will weaken further over the course of the next couple of quarters next year”
The national housing slump could lead to billions of dollars in losses for Wall Street investors as it drags on for at least another year and mortgage defaults increase, economists said Thursday.
The outlook on eroding credit quality in the U.S. mortgage market by Moody’s Economy.com anticipates that more than 1.2 million first mortgage loans will default this year and another 1.3 million will follow next year.
That compares with about 900,000 defaults last year and about 800,000 in 2005, Mark Zandi, the Web site’s chief economist, said in a conference call. Read more
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