Goldman Sachs Said to Shut Principal Strategies UnitGoldman Sachs Group Inc. is disbanding its principal-strategies business, one of the groups that makes bets with the firm’s own money, to comply with new U.S. rules aimed at curbing risk, two people with knowledge of the decision said.
U.S. to Help Bail Out Afghan Bank to Avert a CrisisWas there ever really any doubt? Given that the Fed's already propped up the entire world banking system (publicly and not-so-publicly), what's one more little pipsqueak bank (especially in a de facto US territory)? -- ``In a bid to fend off the threat of a nationwide financial crisis, the Afghan and United States governments tentatively agreed Saturday to bail out Afghanistan’s largest bank, according to Afghan and American officials. ''
Too Early to `Declare Victory' as Housing Revives, Donovan Says"Home sales, showing new signs of life two years after the credit crunch drove down home prices, must gain more ground before policy makers can “declare victory,” Housing and Urban Development Secretary Shaun Donovan said."
Guest Post: Economic consequences of speculative side bets – The case of naked CDS"The role of naked credit default swaps in the global crisis is an ongoing source of controversy. This column seeks to add some formal analysis to the debate. Its model finds that speculative side bets can have significant effects on economic fundamentals, including the terms of financing, the likelihood of default, and the scale and composition of investment expenditures."
New Program for Buyers, With No Money Down"Throughout the foreclosure crisis, the state agencies continued to make loans with low down payments, often to borrowers with tarnished credit, with much lower default rates than comparable mortgages from commercial lenders or the Federal Housing Administration. The reason: the agencies did not offer adjustable rates, and they continued to document buyers’ income and assets, which many commercial lenders did not do. In 2009, the agencies’ sources of revenue dried up, and they had to curtail most lending."
Communities Get First Shot at Foreclosed Homes"Major mortgage lenders will now give state and local governments the right to buy foreclosed properties before they go on the market, giving them "a leg up" on speculators who have often thwarted local redevelopment efforts, Housing Secretary Shaun Donovan announced Wednesday."
FHA puts floor on borrower credit eligibility"Borrowers with credit scores less than 500 are not eligible for Federal Housing Administration-insured mortgage financing, according to the new credit score and loan-to-value (LTV) requirements released today by the U.S. Department of Housing and Urban Development."
IRS paid $23.5 billion in homebuyer tax credits and related loans"The total bill for the homebuyer tax credit so far, as reported by the Internal Revenue Service, stands at $23.5 billion."
Mortgage Lender Accused Of Housing Discrimination"A Hamilton County mortgage company is facing accusations of discrimination after a couple said they were unfairly denied due to citizenship status." ... The couple filed a complaint with the United States Department of Housing and Urban Development, which referred it to the Indiana Civil Rights Commission. The agency has since filed a complaint in court against Freedom Mortgage."
FHA delinquencies continue to grow, refinance apps outnumber purchase apps"The rate of serious delinquent mortgages backed by the Federal Housing Administration (FHA) remained flat from June to July; however, the gross number of mortgages that are either 90 or more days past due or in foreclosure increased 31.5% from the same period a year ago."
Mortgage rates drop to another new recordMortgage rates fell to the lowest level in decades for the 10th time in 11 weeks, as investors worried about the economy. Business - United States - Mortgage - Financial Services - Mortgage loan
Mortgage rates hit decades-low of 4.32 percentWashington -- Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.
Mortgage rates hit record low: Freddie MacU.S. mortgage rates fell in the past week to the latest in a series of record lows as yields on government debt dropped, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
Mortgage rates at record lowsWASHINGTON (AP) - Mortgage rates have fallen to the lowest level in decades for the tenth time in 11 weeks.
Mortgage rates still heading southMortgage interest rates have fallen for the 10th time in the last 11 weeks, according to Freddie Mac's report on what lenders are offering to borrowers with solid credit and 20% down payments or home equity. Freddie Mac's weekly survey...
Mortgage Bankers group spent $745K lobbying in 2QThe Mortgage Bankers Association spent $745,000 in the second quarter to lobby the federal government on issues including banking regulations, housing issues and reforms to the financial system.
Mortgage Lender Accused Of Housing DiscriminationA Hamilton County mortgage company is accused of housing discrimination.
Mortgage Rates Hit Another All-Time LowMortgage rates hit another all-time record low this week.
Mortgage deduction: America's costliest tax breakThe mortgage-interest deduction is America's favorite tax break -- and it's also the costliest.
Mortgage rates continue their slide, but the news hasn't inspired buyersMortgage rates dropped to a record low this week, the 11th straight week of matching or setting a new low, reducing borrowing costs for homebuyers.
