Archive for January, 2008
Thursday, January 31st, 2008
Less than 48 hours after it was specifically named as a target of a
state investigation of major bond rating agencies and insurers,
MBIA announced a record quarterly loss after writing
down $3.5 billion. Read More Now
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Wednesday, January 30th, 2008
Mortgage interest rates for the week ended January 24
continued to fall and long term rates hit their lowest levels since the
spring of 2004 according to the results of Freddie Mac's Primary Mortgage
Market Survey for the week ended January 24, 2008.
Mortgage application volume increased 7.5 percent on a ...
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Tuesday, January 29th, 2008
As predicted, special interest groups are chiming in with suggestions
as to what the economic stimulus package proposed by the Bush
Administration and being debated by Congress should contain. On
Thursday, about the time the House was approving its version of the
legislation (the Senate has yet to act,) the ...
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Tuesday, January 29th, 2008
RealtyTrac® an Irvine, California based firm that bills itself as
the "leading online marketplace" released its 2007 U.S. Foreclosure
Market Report on Tuesday which revealed that, during 2007, more than
2.2 million foreclosure filings were logged against 1.3
million properties nationwide.
While the whole year was bad, the month of December ...
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Monday, January 28th, 2008
The sales of new houses continued to decline in
December according to monthly data jointly released by the U.S. Census
Bureau and the U.S. Department of Housing and Urban Development.
Sales of new one-family houses during December were consummated at a
seasonally adjusted annual rate of...
Read More Now
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Monday, January 28th, 2008
One of the more colorful characters in the ongoing subprime drama has
given in to pressure and announced that he will forfeit
about $37.5 million in severance pay and perks that were to accompany his
retirement.
Angelo Mozilo, CEO of Countrywide Financial
Corporation was scheduled to receive...
Read More ...
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Thursday, January 24th, 2008
Despite the steadily dropping sales throughout the year, 2007 ended up
with the fifth highest sales of existing homes on record. 5,652,000
existing homes sold during the year but this was 12.8 percent fewer units
than the 6,478,000 sold in 2006.
Lawrence Yun, NAR chief economist, said, "Home sales
remain weak ...
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Thursday, January 24th, 2008
Reuter's news agency was announcing late Thursday morning that the
U.S. economic stimulus package being hammered out in Congress
would include a temporary up tick in the size of loans
that Freddie Mac and Fannie Mae would be allowed to purchase.
Republicans on the Hill have agreed to raise the ...
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Thursday, January 24th, 2008
Mortgage rates continued to fall during the week
ended January 17 according to the results of the Primary Mortgage Market
Survey released by Freddie Mac and, in the case of 30 and 15-year fixed
rate mortgages (FRMs) reached the lowest level since July 2005.
"Refinance applications are up 92% since the ...
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Saturday, January 12th, 2008
Well there certainly are a lot of opinions in the news media out there
concerning the economy, lenders, recession, etc...
Let's just apply some common sense for the moment.
Consumer spending drives the economy. But what drives
consumer spending? Lot's of things, but here are my thoughts. In the last
6 years, ...
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