NEW YORK (MarketWatch) — Standard & Poor’s Equity Research on Friday downgraded
shares of Bank of America Corp. to sell from hold amid worries about the mortgage
portfolio the bank will inherit when it acquires lender Countrywide Financial
Corp. on July 1. “We take unfavorable note of the large Countrywide
option-adjustable rate mortgage portfolio that Bank of America will [...]
Bankrate: Fixed Mortgage Rates Steady While Adjustable Rates Fall
NEW YORK, May 9, 2008 /PRNewswire-FirstCall via COMTEX/ — Fixed mortgage rates
were largely unchanged this week. The average conforming 30-year fixed mortgage
rate backtracked to 6.13 percent, according to Bankrate.com’s weekly national
survey of large lenders. The average 30-year fixed mortgage has an average of
0.40 discount and origination points.
The [...]
“In the good old days, that was the best loan we had at Countrywide…” John Sipes told the Wall Street Journal. He was reminiscing about Countrywide’s “Fast and Easy” loan (aka “liar loans”), which allowed homebuyers to get a mortgage without any supporting documentation of their incomes. Originally, lenders made these loans only to folks [...]
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