A death watch was underway on Wall Street on Monday as investors and financial analysts waited for what was rumored to be the imminent resignation or firing of Stan O'Neal as CEO of Merrill Lynch & Company.
Mr. O'Neal, architect of his company's plunge into the sub- prime mortgage market announced last week that...
Several weeks ago we wrote two-parts of a three-part series on foreclosure fraud, i.e. scams perpetrated against troubled homeowners ostensibly to help them save their house or at least avoid legal action but are actually intended to strip off the home's equity or take legal title to the property.
While it is pretty depressing to see the lengths to which some people will go to profit from another's misfortune, there are people who do legitimately seek to rescue homeowners who are delinquent on their payments.
There were some pretty scary statistics swirling around Capitol Hill on Thursday as the Joint Economic Committee (JEC) released a report attaching dollar figures to the impact of the subprime mortgage fallout.
The report, entitled "The Subprime Lending Crisis: The Economic Impact on Wealth, Property Values and Tax Revenues, and How We Got There" estimates that...
Countrywide Financial Corp, the largest mortgage lender in the nation announced, before the stock marketed opened on Friday, that it is posting a loss of 1.2 billion for the third quarter of 2007 because of millions it had to set aside in loan loss provisions, write downs, and lowered loan values.
This was the first quarterly loss posted by Countrywide in 25 years.
Corporate spokespeople, including President Angelo Mozilo however, were upbeat, saying that...
There was the tiniest ray of sunshine in the September New Residential Sales Report issued on Thursday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Good news is usually relative but in the current environment most of us take what we can get and the news that new home sales in September were at a seasonally adjusted annual rate of 770,000, an increase of...
It was one of those weeks when one had to wonder if Freddie Mac and the Mortgage Bankers Association were operating in the same universe. The former presented results of its weekly survey indicating that mortgage rates were dead in the water while the latter reported substantial interest rate declines for all products.
"Both economic indicators and mortgage rates came in mixed this week," said Frank Nothaft, Freddie Mac vice president and chief economist...
The NAR report blamed the sales decline on temporary problems in the mortgage market which disrupted sales and distorted prices on sales closed during the month. Lawrence Yun, NAR's senior economist, said the numbers are understandable. "Mortgage problems were..."
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