Mortgages and Loans help
FBI Director Robert Mueller said Thursday that the agency is committed to investigating and prosecuting companies involved in mortgage fraud and other violations in connection with home loans made to risky borrowers.
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“If I mess up, I ‘fess up and I fix it.”
Mortgage brokers who haven’t fled or been forced out of the industry are in survival mode. via Springfield News Leader
Beazer Homes USA Inc. said it will discontinue its mortgage origination business and exit five markets.
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Homebuilder to exit mortgage business and promote Countrywide as a preferred mortgage provider; plans to restate financial results from prior years.
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“We just think that in order to get bonuses, they should be outperforming their peer group”
The chairman of Fort Worth-based D.R. Horton home builder warned Thursday that the sharp downtown in housing sales nationwide is expected to continue in 2008.
Donald R. Horton told company shareholders at their annual meeting that 2008 is going to be more difficult than 2007.
‘The home-building industry is not in a recession,’ he said. ‘It’s in a depression.’
Horton said the company will continue to cut costs as it adjusts to weakened consumer demand. It is pulling back on starts, having cut back by 42 percent in 2007. And it is paring back its exposure in areas hit hard by the bursting of the housing bubble, trying to reduce its five offices in California to one, for example, he said. Read more
“I think one guy came, and he’d been drinking.”
Eager to move closer to their grandchildren in Tennessee, retirees Allen and Wilma Sawtelle put their home in the Southwestern Nevada town of Pahrump up for sale in August. via RealEstateJournal.com
“The consumer’s behaving in a pretty rational way.”
MasterCard’s U.S. cardholders charged more in the last quarter of 2007 than they did in the previous year, but are spending less on discretionary items and more on necessities. via The Post-Standard
Rates on 30-year mortgages rose for the first time this year after four straight weekly declines.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.68 percent this week, up from 5.48 percent last week. That had been the lowest level for 30-year mortgages in nearly four years.
Economists attributed the slight increase to the rebound in rates that occurred on Treasury bond markets. Rates on 30-year mortgages are heavily influenced by the direction taken by 10-year Treasury bonds. Read more
Bank of America Corp on Thursday said Countrywide Financial Corp’s second- highest ranking executive will run its mortgage business, and a large Countrywide investor said it opposes the bank’s roughly $4.4 billion purchase of the nation’s largest mortgage lender.
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The mortgage industry defends itself.
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