Mortgage Rates Edge Down (Builder Online) WASHINGTON - Mortgage rates edged down this week, good news for people looking to buy a slice of the American dream - their own home. The mortgage company Freddie Mac,
Rapist Crying 'Racist' It didn't matter that her tenant was a rapist. When landlady Domenica Pedone learned that the white man renting an apartment in her Brooklyn house was dating a black woman,
Florida tops mortgage fraud list (CNN Money) For the second straight year, the Sunshine State leads the United States in fraudulent mortgage activity; Nevada comes in second.read more...
Mortgage brokers fight to stay alive (Fort Wayne Journal Gazette) Mortgage brokers who haven?t fled or been forced out of the industry are in survival mode.read more...
'Liar Loans' Threaten To Prolong Mortgage Crisis (CBS News) In the mortgage industry, they are called "liar loans" _ mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans,"
Walking away from mortgage is a big step (Moldova.org) Fannie Mae and Freddie Mac are warning struggling U.S. homeowners to think twice about walking away from their mortgages.The two lenders, the largest two sources of mortgages in the nation,
In a securities filing this morning, Wachovia Corp. said it took $1.1 billion more in writedowns in October after further deterioration of the credit markets.
The disclosure comes after the Charlotte bank took a $1.3 billion hit in the third quarter after writing down the value of loans and securities. Other banks such as Citigroup Inc. and Morgan Stanley & Co. have been making similar revelations in recent weeks.
Wachovia’s losses stem from the diminishing value of so-called collateralized debt obligations, or CDOs. These are complex securities formed from slices of pools of underlying assets such as mortgages. The bank said the CDOs were hurt by the falling value of securities backed by subprime mortgages. Read more
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