tagged w/ Mortgage Crisis
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Merrill Lynch is the latest casualty of the sub prime mortgage crisis. They report a $9.8 billion dollar loss. This follows an announcement from Citi Group earlier this week reporting $18.1 billion lost. Stocks continue to fall and the bottom is unknown. The feds are clearly concerned following recent calls to congress from the Fed Chairman to "get money to the people." The investment firms are calling for foreign investors, and fast. A Korean firm is mentioned in this story, but I am curious how much money China is throwing down. Merrill Lynch is the latest casualty of the sub prime mortgage crisis. They report a... more
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A Plano, TX based Mortgage Company doing business in 36 states says it has misplaced $4 million and cannot meet its current payrollA Plano, TX based Mortgage Company doing business in 36 states says it has misplaced... more
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The nation's largest bank is expected to announce thousands of job cuts after posting dismal results for the fourth quarter.The nation's largest bank is expected to announce thousands of job cuts after... more
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4 years ago
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Countrywide announced December's Foreclosures were the highest on record. Approximately 1 million homes in Countrywide's portfolio were foreclosed in just one month. Countrywide is one of America's largest mortgage companies, but analysts and the stock market are fearing they may go bankrupt. Countrywide announced December's Foreclosures were the highest on record.... more
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In Stockton, the "foreclosure capital of the U.S.", one agent is now offering bus tours of bank-owned homes. Seriously, what's next?In Stockton, the "foreclosure capital of the U.S.", one agent is now... more
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"The chief executive of Freddie Mac estimated Tuesday the mortgage finance company will lose an additional $5.5 billion to $7.5 billion over the next few years as the housing crisis worsens and home-loan defaults rise.
The government-sponsored company has already logged about $4.5 billion in projected losses during the first nine months of this year."
Yikes! This cannot be good."The chief executive of Freddie Mac estimated Tuesday the mortgage finance... more
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In national speech to address nation's mortgage fiasco, Bush gave out number to a Texas Christian academy instead of a hotline to help homeowners in trouble. In national speech to address nation's mortgage fiasco, Bush gave out number to a... more
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The Bush administration has developed a plan to freeze interest rates for five years for thousands of strapped homeowners whose mortgages were scheduled to rise in the coming months.
The proposal was developed in negotiations led by Treasury Secretary Henry Paulson with the mortgage industry. It would freeze introductory "teaser" rates on subprime mortgages, preventing them from resetting to higher rates for five years.
Subprime mortgages are wack yo...wack!The Bush administration has developed a plan to freeze interest rates for five years... more
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