Mortgage and Financial News From 2008-7-22 Page 6
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Inland mortgage defaults more than double (The Press-Enterprise)
Home mortgage defaults in California increased less dramatically in the second quarter of 2008 than in the first quarter and Riverside County even saw a quarter-to quarter decline.
2008-07-22 01:25:32 -
Firms Offer Muslims Alternatives To Mortgages (NPR)
One segment of the home finance industry is thriving: Islamic finance companies. The companies help Muslims buy homes without violating Islam's ban on charging interest.
2008-07-22 01:26:08 -
News Americas (Aljazeera)
The US treasury secretary has said that the US economy faces further uncertainty unless its housing crisis eases. Henry Paulson warned on Tuesday that consumers could expect "continued stresses" in the financial markets until the housing market improved.
2008-07-22 01:27:21 -
For Sale in . . . Prague (New York Times)
A two-bedroom penthouse apartment in a 1905 Art Nouveau apartment building is on the market for $2,750,000.
2008-07-22 01:35:18 -
WaMu Has $3.3 Billion Quarterly Loss on Delinquencies (Update1) (Bloomberg.com)
July 22 (Bloomberg) -- Washington Mutual Inc. , the biggest U.S. savings and loan, reported a $3.3 billion second-quarter loss as tumbling home prices left a record number of borrowers unable to keep up with mortgage payments. The shares surged 10 percent as the company announced it would cut costs.
2008-07-22 01:50:44 -
E*Trade loss deeper than expected, issues warning (EARTHtimes.org)
NEW YORK (Reuters) - E*Trade Financial Corp reported a bigger-than-expected second-quarter loss on Tuesday, and warned that it could see more losses as credit-related troubles continued to weigh.
2008-07-22 01:53:30 -
CA Mortgage Defaults Hit Record High (KTLA-TV Los Angeles)
LOS ANGELES -- A record number of California homeowners defaulted on mortgages last quarter, a real estate information service reported today.
2008-07-22 01:57:58 -
U.S. Stocks Rally as Oil Drops; Wachovia, Airline Shares Surge (Bloomberg.com)
July 22 (Bloomberg) -- U.S. stocks rallied, pushing the Dow Jones Industrial Average up 127 points in the last hour, after Deutsche Bank AG said financial companies are overcoming credit losses and a drop in oil stoked a record gain in airlines.
2008-07-22 02:05:44 -
HOUSING: Fewer mortgages available for customers - North County Times
As lenders shut down mortgage divisions and tighten underwriting guidelines, prospective home buyers are finding it more difficult to find a loan. Wachovia closed its wholesale mortgage department Monday and announced Tuesday that it planned to ...
2008-07-22 11:58:00 -
Wall Street mostly higher as drop in oil offsets disappointing ... - Newsday
NEW YORK (AP) _ Wall Street traded mostly higher Tuesday as investors were encouraged by another sharp drop in oil prices and snapped up shares of undervalued financial companies. The market initially fell on heightened concerns about the continuing ...
2008-07-22 11:16:00 -
Wachovia posts $8.9B loss, will cut 10,750 jobs - MSN MoneyCentral
Wachovia Corp. has posted a second-quarter loss of $8.9 billion, slashed its dividend and will cut 10,750 jobs as part of a turnaround plan. The job cuts are part of an expense-initiative launched in June. The company, which has operations in the ...
2008-07-22 12:13:00 -
Senate leader seeks energy refuge as home-state solar booster - Minneapolis Star Tribune
Mortgage giant rescue could cost $25b Congress moves toward curbing oil speculation Lawmakers move to curb Fannie Mae, Freddie Mac pay Gold miner's son seeks energy refuge in solar Reid confronts GOP antagonist with 40-bill package WASHINGTON ...
2008-07-22 09:14:00 -
Earnings plummet at home builder NVR - MSN MoneyCentral
NVR Inc. blames tougher lending standards and falling consumer confidence for a 43 percent drop in quarterly profits. The Reston, Va.-based home builder had second-quarter net income of $51.3 million, or $8.64 per diluted share, compared with $90.7 ...
2008-07-22 11:16:00 -
Congressional analysts peg cost of propping up Fannie Mae and Freddie ... - Chicago Tribune
WASHINGTON (AP) _ A federal rescue of troubled mortgage giants Fannie Mae and Freddie Mac could cost taxpayers as much as $25 billion, Congress' top budget analyst said Tuesday. But Peter R. Orszag, director of the Congressional Budget Office ...
2008-07-22 12:13:00 -
Paulson's path could be a perilous one (The Economic Times)
Treasury secretary Henry Paulson’s plan to revive US mortgage financing depends on investors buying the same kind of bonds they’re shunning in Europe.
2008-07-22 12:53:43