Mortgage and Financial News From 2008-5-29 Page 6
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Realty Q&A: Don't raid retirement savings to pay the mortgage (Market Watch)
The present value of my home is probably less than what I owe on it, but not greatly so. The only money I have available to continue to make the payments is my 401(k). Should I withdraw funds to stay in the house and sell it when the market turns around?
2008-05-29 04:53:31 -
Who rates the ratings agencies? - Financial Times
It was a debacle. The large ratings agencies – Moody’s , Fitch and Standard & Poor’s – completely misjudged the creditworthiness of subprime mortgages and bonds backed by them. But while there is an urgent need for change, intrusive ...
2008-05-29 02:14:00 -
Grim outlook for banks, profits down 46% - CNN Money
NEW YORK (CNNMoney.com) -- The mortgage meltdown and credit crunch continued to take their toll on the battered financial industry in the first quarter, according to a government report on the banking sector released Thursday. Bank profits plummeted ...
2008-05-29 02:14:00 -
Money talk: Shared equity - Daily Telegraph
Starting this month, households earning less than £60,000 a year can apply for shared equity schemes, where their mortgage money is topped up with a cheap or even interest-free loan funded partly by the state, and partly by assorted housing ...
2008-05-29 10:25:00 -
Rates on 30-year mortgages jump to 11-week high - Silicon Valley
Interest rates for long-term mortgages rose this week to their highest levels since March, pushed up by the threat of inflation. The national average interest rate for 30-year, fixed-rate mortgages increased to 6.08 percent for the week ending today ...
2008-05-29 12:20:00 -
Washington Post Company - Chicago Tribune
John Twohey, executive vice president for news and features for Tribune Media Services, Tribune Co.'s content licensing and syndication unit, has announced his retirement after more than 30 years with the company, effective June 20. Twohey, 63, will ...
2008-05-29 03:19:00 -
Many, not all, markets improving: Fed's Stern - Reuters
ALTOONA, Wisconsin (Reuters) - Many financial markets have shown signs of improvement after months of turmoil touched off last summer by failing U.S. mortgage loans, Federal Reserve Bank of Minneapolis President Gary Stern said on Wednesday. "While ...
2008-05-28 10:41:00 -
Discover Financial Services to Take Investment-Related Write Down of up to $19 Million after Tax (Centre Daily Times)
Discover Financial Services (NYSE: DFS) announced today that in the quarter ending May 31, 2008, it expects to partially write down a previously disclosed investment in the asset-backed commercial paper notes of Golden Key U.S. LLC, which had invested in U.S. mortgage-backed securities. The estimated charge will range from $18 million to $31 million pretax, or $11 million to $19 million after ...
2008-05-29 02:44:57 -
Dire warnings over future of mortgage market in UK (The Herald)
The mortgage famine could last another 18 months, while property values could take years to recover, the head of the UK's biggest mortgage bank said in Edinburgh yesterday.
2008-05-29 03:02:52 -
The new cult wines: 6 wines to covet (San Francisco Chronicle)
It may be more difficult to define a cult wine nowadays, at least in the Screaming Eagle sense of the term. But all six of these wineries have impressive followings among well-informed wine buyers and consumers - finessing that tricky mix of scarcity, quality...
2008-05-29 03:13:17 -
Investment bank hedges crumble ahead of quarterly results (Market Watch)
Investment banks have been trying hedge against losses from the mortgage meltdown and broader credit crunch for at least a year, but some of those hedging strategies are failing ahead of quarterly results.
2008-05-29 03:15:41 -
The Risk Of Ruin For Retirees (Investopedia via Yahoo! Finance)
Your golden years are meant to be stress free. Keep them that way by protecting your assets.
2008-05-29 03:20:32 -
Calif. Assembly Approves Limits on Subprime Loans (KESQ Palm Springs)
(AP) - The California Assembly has approved legislation that attempts to head off more housing foreclosures by putting some restrictions on the use of subprime loans.
2008-05-29 03:23:00 -
Sydney dominates mortgage stress top 10 (Australian Broadcasting Corporation)
New research suggests a growing divide between rich and poor as mortgage stress continues to climb.
2008-05-29 03:33:02 -
Money talk: Shared equity - Daily Telegraph
The government has expanded its scheme that allows struggling first-time buyers to afford a home using a mortgage for as little as half the property price. Clair and Gary Cooper, pictured with sons Aidan and Ryan, took out a shared equity loan to buy ...
2008-05-29 10:25:00