Mortgage Industry News for May 13, 2008
Citigroup to shed nearly $500 billion in assetsNEW YORK Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review -- but only after shrinking the company by about one-fifth first. The three-year game plan, revealed Friday, includes getting rid of more businesses, mortgages, real-estate operations and jobs. The bank aims to shed between $400 billion and $500 billion of its ...
Los Angeles Times - May 12, 2008Financial Services Committee Approves FHA Housing and Homeowner Retention ActTitle: Source: House Financial Services CommitteDate: 5/5/2008 Washington, DC - {The House Financial Services Committee today approved by a bipartisan vote of 46 to 21. The legislation, authored by Committee Chairman Barney Frank, will expand the FHA program to help refinance at-risk borrowers into viable mortgages. The bill also requires the Federal Reserve Board to conduct a study on the need ...
Mortgage Bankers Association - May 12, 2008An Unsavory Slice of SubprimeIt's getting hard to wrap your brain around subprime mortgages, Wall Street's fancy name for junk home loans. There's so much subprime stuff floating around -- more than $1.5 trillion of loans, maybe $200 billion of losses, thousands of families facing foreclosure, umpteen politicians yapping -- that it's like the federal budget: It's just too big to be understandable.
Washington Post - May 12, 2008RE/MAX Regions Add RealtyTrac Foreclosure Data to Their Real Estate Web SitesELGIN, Ill., April 23 /PRNewswire-HISPANIC PR WIRE/ -- Starting today, April 23, 2008, thousands of RE/MAX Web sites in Northern Illinois, New Jersey, Kansas, Missouri, Oklahoma, Arkansas, Alabama, Louisiana, Mississippi and Michigan have gone live with a new consumer foreclosure property search feature. The respective RE/MAX Web sites for these states are: http://www.illinoisproperty.com , ...
Hispanic PR Wire - May 12, 2008Steve Brown: Area Housing values are slow to rise, slow to fallIf home prices fall 5 percent, 10 percent or even 15 percent in the current downturn and that's not likely most North Texans will still have plenty of equity in their houses. Unless you've recently bought or are planning to sell, all the fuss about the housing market shakeout is so much blather. During the depths of the last Dallas real estate depression, I decided to buy a house.
QuickDFW.com - May 11, 2008SPECIAL REPORT: Foreclosures: In 2007, at least 2,400 homes in Manatee were subject to foreclosure -- 2008 could be worse.May 11--MANATEE -- Today we begin an in-depth look at the impact of housing foreclosures in Manatee. Herald reporters have examined thousands of documents to find how the fallout has affected our economy and infrastructure. Thomas Wilson strolls through his Stoneybrook at Heritage Harbour neighborhood, pointing out the subtle signs of financial fallout. Windows with views of empty rooms.
McClatchy Tribune Business News - May 11, 2008Credit unions fall in numbers, grow in assetsMay 11--As the economy sags and credit markets remain roiled, the number of Pennsylvania credit unions has slumped below 600, the worst showing in 60 years. So why was the mood so positive recently at the Pennsylvania Credit Union Association's annual convention Downtown? "In these bad times, credit unions see there are opportunities for them," said association Chief Executive James McCormack. ...
McClatchy Tribune Business News - May 11, 2008