Downey Seized, Sold to U.S. Bancorp as Mortgage Fallout Spreads
By Ari Levy and Finbarr Flynn
Nov. 22 (Bloomberg) — Seizure and sale of Downey Financial Corp. and two smaller lenders may cost the FDIC more than $2 billion as foreclosures rise and home prices extend declines in the worst housing slump since the Great Depression.
U.S. Bancorp [...]
“America has become a pretty discouraging place. Americans, for the most part, will never know what happened to them, because they no longer have a free and responsible press.
The 20th century proves that the market is likely to know better than a central planning bureau. It was Soviet Communism that collapsed, not American capitalism. [...]
TEL AVIV (MarketWatch) — Bank of America and a number of U.S. states reached an
$8.4 billion accord under which the banking giant will modify troubled mortgages
and enable nearly 400,000 Countrywide Financial Corp. clients to keep their
homes.
Bank of America acquired Countrywide on July 1. The program is designed to
resolve claims that several state attorneys general had [...]
Everything seemed pretty normal at the turn of the century in the housing market 7% mortgages 4 to 5 percent appreciation. Then 911 happened and the Fed (Greenspan) seemed to panic and started lowering the Fed Funds rate. There is usually not a direct correlation between the Fed Rate and mortgage rates.
However as I [...]
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 [...]
N.Y. Libor alternate tries to avoid London’s pitfalls
Still, upcoming interest rate is unlikely to show bank risks have improved
By Laura Mandaro, MarketWatch
Last Update: 7:31 PM ET May 8, 2008
SAN FRANCISCO (MarketWatch) — A New York-based measure of how much it costs
banks to borrow money will try to circumvent problems dogging Libor, the London
benchmark that sets [...]
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