Mortgage and Financial News From 2008-1-14 Page 11

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• Macatawa Bank posts 4Q net loss 16c, beating Street estimate

  Forbes - Macatawa added that its credit exposure is primarily isolated in residential development loans, and that it does not have any exposure to subprime mortgage loans. The company's non-performing loans increased $25.2 million during the quarter to $73.9 ...
  2008-01-14 02:58:00

• Banks' Kitchen-Sink Quarter

  Forbes - ... Executive Vikram Pandit, who took over just a few weeks ago and faces the difficult task of cleaning up the credit mess the bank got itself into by being too aggressive in securitizing mortgage derivatives and in underwriting subprime mortgage loans ...
  2008-01-14 02:58:00

• Fitch Ratings Affirms 4 RMBS Classes from SURF Series 2004-AA1

  Forbes - The underlying collateral includes conventional, 30-year fixed-rate mortgage loans secured by first liens on one-to-four family residential properties extended to Alt-A borrowers. All of the mortgage loans were generally originated in accordance with ...
  2008-01-14 08:39:00

• Group says bankruptcy bill would boost Colo. mortgage payments

  Denver Business Journal - The proposed legislation, the Emergency Home Ownership and Mortgage Equity Protection Act of 2007 (HR 3609), would allow federal bankruptcy judges to alter the terms of mortgage loans on primary residences, according to the Washington, D.C.-based ...
  2008-01-14 02:22:00

• Maryland seeks U.S. mortgage servicer scrutiny

  Reuters - While mortgage lenders underwrite home loans, the servicers are contracted to collect payments and are responsible if a borrower goes into default. "There are thousands of Marylanders on the verge of foreclosure and we need information now to learn ...
  2008-01-14 02:58:00

• Citigroup may cut 24,000 jobs as loans crisis grows

  Times Online - The fallout from America’s mortgage meltdown continued at Citigroup yesterday amid reports that the world’s biggest bank was poised to cut up to 24,000 jobs worldwide and that the Chinese Government had pulled out of a deal to inject about $2 ...
  2008-01-14 02:37:00

• Mavent Appoints Joe Chang Vice President of Product Development

  Forbes - Mavent's automated compliance engine reviews mortgage loans in less than 10 seconds for compliance with nearly 300 federal, state and local consumer protection laws, including: predatory lending laws, usury, fee limits, prepayment penalty ...
  2008-01-14 01:32:00

• Downey Reclassifies $99 Million in Loans

  Forbes - Mortgage lender Downey Financial Corp. said Monday it reclassified $99 million of loans as non-performing as of Sept. 30 because of a change in accounting procedures. Downey Financial (nyse: DSL - news - people ) instituted a "borrower retention ...
  2008-01-14 04:57:00

• TRADING DAY: Monday's markets - Vancouver Sun

  TRADING DAY: Monday's marketsVancouver Sun,  Canada - 2 hours agoThe bank announced it is writing off $2.46 billion against its investment in shaky US mortgage loans to borrowers with poor credit and issuing $2.75 billion ...
  2008-01-14 06:19:32

• O'Malley Proposes Tuition Freeze - Washington Post

  O'Malley Proposes Tuition FreezeWashington Post, United States - 2 hours agoTo slow the tide of foreclosures, the governor is proposing legislation to ban prepayment penalties for subprime loans, toughen mortgage fraud laws and ...
  2008-01-14 06:20:32

• Moore & Van Allen's Jonathan Murray appointed to NC Bar's ... - Carolina Newswire (press release)

  Moore & Van Allen's Jonathan Murray appointed to NC Bar's ...Carolina Newswire (press release), NC - 1 hour ago... trade receivables, tobacco fee settlements, business loans, chassis leases, credit card receivables, and commercial and residential mortgage loans. ...
  2008-01-14 06:37:11

• Sumitomo Mitsui Seeks Ties With RHB, Asia Banks, Kitayama Says - Bloomberg

  Sumitomo Mitsui Seeks Ties With RHB, Asia Banks, Kitayama SaysBloomberg - 1 hour agoSumitomo Mitsui will help the Vietnamese bank offer loans to local individuals and firms as well as to Japanese companies operating there. ...
  2008-01-14 06:37:50

• British Debt: 10 deeply frightening facts! - Saveborrowspend.co.uk

  British Debt: 10 deeply frightening facts!Saveborrowspend.co.uk, UK - 1 hour agoCollectively we pay out £93 billion (slightly less zeros) a year in interest on loans, credit cards, overdrafts and mortgages. 3. The average household owes ...
  2008-01-14 06:42:41

• This Election Year, A Different Tone - Hartford Courant

  This Election Year, A Different ToneHartford Courant, United States - 1 hour agoHome prices in many of the nation's biggest cities are falling at record levels, while subprime borrowers are defaulting on their home loans at alarming ...
  2008-01-14 06:46:06

• FBR Group's Mortgage Lending Arm To Liquidate Assets, File For ... - AHN

  FBR Group's Mortgage Lending Arm To Liquidate Assets, File For ...AHN - 1 hour agoFew loan buyers had decreased the market value of mortgage debt and forced more than 50 lenders to go bankrupt in 2007.
  2008-01-14 06:57:14

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