Monthly Archives: July 2008

Financing Mortgages With Covered Bonds

From Business Week: If covered bonds catch on, they will magnify the losses the Federal Deposit Insurance Corp. suffers in the case of bank failures, thus exposing taxpayers to the risk of more big bailouts. To put it bluntly, covered … Continue reading

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New Mortgage Bonds

The WSJ editorializes: A covered bond is a kind of halfway house between securitizing mortgages and simply holding them on bank balance sheets. With a covered bond, the bank gets the proceeds from selling the bonds now, while the investor … Continue reading

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Controversial ACORN Group Funded By New Mortgage Bill

From the WSJ: One of the biggest likely beneficiaries, despite Republican objections: Acorn, a housing advocacy group that also helps lead ambitious voter-registration efforts benefiting Democrats. The organization’s main advocacy group lobbied hard for passage of the housing bill, which … Continue reading

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Limited Mortgage Relief

From the WSJ: If you are hoping for mortgage relief under the new Hope for Homeowners Act, here’s another factor that you and your lender will have to work into your numbers. The effective interest rate on new mortgages made … Continue reading

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Mortgage Rates Decline

From the AP: "Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures," said Frank Nothaft, chief economist at Freddie Mac. Rates on other types of mortgages also fell this week, according … Continue reading

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The Mortgage Bill

From Voice of America: The government will guarantee up to three hundred billion dollars in lower-cost refinancing of loans. The new law also includes help for the mortgage finance companies Fannie Mae and Freddie Mac. Congress created the Federal National … Continue reading

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The Mortgage Workout

NEW YORK (Thomson Financial) – Freddie Mac Thursday said it was doubling the amount of money it pays mortgage servicers for each workout that helps a delinquent borrower with a Freddie Mac-owned mortgage avoid foreclosure. The federally-backed mortgage lender also … Continue reading

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The CEO Of Merrill Lynch

From the New York Times: Mr. Thain was brought in to Merrill in December, with a résumé to envy. Practically everybody on Wall Street was raising capital at the end of 2007, but Mr. Thain did it with particular flair. … Continue reading

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Bush Signs Mortgage Bill

WASHINGTON — President Bush signed into law on Wednesday a huge package of housing legislation that included broad authority for the Treasury Department to safeguard the nation’s two largest mortgage finance companies and a plan to help hundreds of thousands … Continue reading

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When The FDIC Takes Over A Bank Holding Your Mortgage

Jay Romano writes: The mortgage on my home is held by a bank that has been seized by federal regulators. What happens to my mortgage now? “When the Federal Depositors Insurance Corporation closes a bank, it will notify customers within … Continue reading

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