Mortgage and Financial News From 2007-11-13 Page 3

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• Mortgage mess is behind $3 billion charge at BofA

  MSNBC - Bank of America hit by $3 billion in bad debts Fourth quarter writedown related ... related writedown in the fourth quarter in more fallout from the housing and mortgage ... backed in part by subprime mortgages - loans given to customers with poor credit ...
  2007-11-13 01:49:00

• HSBC braced for U.S. hit, to issue quarterly group update

  Globe and Mail - ... by stopping buying subprime loans originated by other lenders and replaced top management, but it is still exposed through the run-off of that book and its branch-generated mortgage business. Bad debts on U.S. unsecured loans, such as on credit cards ...
  2007-11-13 11:54:00

• Subprime Losses, Slashed Bonuses Threaten Funding to Nonprofits

  Bloomberg - Nov. 14 (Bloomberg) -- Billions of dollars in credit-market losses and shrinking ... received $1.3 million last year from Countrywide, the biggest U.S. mortgage lender. Countrywide posted a $1.2 billion third-quarter loss last month from bad home loans
  2007-11-13 09:12:00

• HSBC to reveal bad debt losses

  Daily Telegraph - HSBC will reveal more bad debt losses in its US sub-prime mortgage business today. Analysts expect the bank to book another $1bn (£480m) when ... News and analysis on the credit crisis The additional provisions will be made alongside a group trading ...
  2007-11-13 04:26:00

• Subprime crisis weighing on local mortgage companies (Tooele Transcript-Bulletin)

  With the national mortgage industry crashing under the weight of subprime loans, mortgage and title companies in Tooele County are down -- and a few may be out.
  2007-11-13 04:54:01

• HSBC's U.S. Bad Debts Probably Rose in Third Quarter (Update1) (Bloomberg.com)

  Nov. 13 (Bloomberg) -- HSBC Holdings Plc, Europe's biggest bank by market value, may say third-quarter bad loans in the U.S. almost doubled as higher interest rates triggered defaults on adjustable-rate mortgages.
  2007-11-13 12:05:12

• Asian stocks edgy on credit concerns, Wall St losses (Gulf Times)

  HONG KONG: Asian stocks were mixed yesterday after another day of losses on Wall Street, with markets concerned there could be more bad news ahead from banks exposed to the US credit crisis, dealers said.
  2007-11-13 03:31:28

• Bad credit market restricts funding: ALE (AAP via Yahoo!Xtra News)

  Ale Property Group, says the fall-out from US sub-prime mortgage crisis means it would not have the same funding opportunities as last year.
  2007-11-12 04:08:12

• HSBC to reveal bad debt losses (Daily Telegraph)

  HSBC will reveal more bad debt losses in its US sub-prime mortgage business today. Analysts expect the bank to book another $1bn (£480m) when it reports third-quarter figures for its US division on top of the $1.8bn it set aside in March, which triggered the first profits warning in its 142-year history.
  2007-11-13 04:48:33

• Why inflation matters

  BBC Brasil - So, unemployment will rise, immigration will reverse, house prices will crash and 'incapability' Broon/NuLaber will be out ... People who could have avoided defaulting on their sub-prime mortgages will now not be able to afford the boosted interest rate ...
  2007-11-12 03:59:00

• BofA to take $3B write-down for subprime-related securities

  Triangle Business Journal - CDOs are securities backed by subprime mortgages, among other assets. As those loans have defaulted, the value of the CDOs has ... to board Staff expansion pushes Etrials to loss Wachovia boosts small-business offerings Bank of America expands reverse ...
  2007-11-13 09:31:00

• Is small claims court the answer for you?

  MSNBC - Have you heard about reverse mortgages and wondered how they work? Such loans can be a good alternative to selling your home or borrowing against your home if you need money. They’re not for everyone, though. Do you have tips to share about reverse ...
  2007-11-12 03:59:00

• BofA to take $3B writedown

  Dallas Business Journal - BofA to offer reverse mortgages in Bay Area [East Bay] BofA to take $3B write-down [Charlotte] Bank of America to take $3B write-down [South Florida] Bank of America Corp. will take a $3 billion write-down in the fourth quarter on the pretax value of ...
  2007-11-13 02:39:00

• Bank Of America Expands Reverse Mortgage Offerings

  WSOC-TV - CHARLOTTE, N.C. -- Bank of America Corp. says it will begin offering reverse mortgages to consumers nationwide by the middle of next year. Reverse mortgages are typically offered to individuals who are 62 years or older. They allow homeowners to sell ...
  2007-11-13 11:11:00

• Brakes on reverse mortgages

  Financial Standard - Although the reverse mortgage market grew strongly in recent years, a new Datamonitor report has shown signs that the sector is slowing down. The Reverse Mortgages in Australia and New Zealand 2007 report found reverse mortgage advances increased by ...
  2007-11-13 03:43:00

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