Tag Archives: subprime mortgage loans

Mortgage Payments Improve

The average interest rate on a mortgage is about a full percentage point below what is was a year ago. Though mortgage interest rates are at record lows, that’s not much help to those with less than stellar credit. As … Continue reading

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A Key Glossary For The Financial Crisis

From the New York Times: REVERSE AUCTION: An auction where the winning bidder is the one willing to take the lowest price. In a reverse auction for subprime mortgage loans, for instance, a bank offering to sell a bundle of … Continue reading

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An $8.7 Billion Settlement With Countrywide

From Suntimes.com: Illinois Attorney General Lisa Madigan’s office helped resolve a lawsuit that alleged Countrywide put people into loans, mostly subprime loans, that the would-be homeowners could not afford. HERE’S WHY: Wall Street figured out it could lap up cash … Continue reading

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Washington Mutual Will No Longer Issue A Couple Of Complex Mortgages

FROM DOW JONES NEWSWIRE: Washington Mutual Inc. (WM) will discontinue two complex mortgage products as it cuts back on riskier loans amid the subprime mortgage mess and falling home prices. The bank also added $1 billion to the assistance program … Continue reading

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World’s Refinance Woes

From the CBC: No single remedy was recommended to bolster the global economy, but Bank of Canada governor Mark Carney indicated further interest rate cuts are likely needed in Canada. The officials from the United States, Japan, Germany, France, Canada, … Continue reading

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How’s Wall Street Reacting To The Credit Mess?

Bad leveraged investments in subprime loans led to the current mortgage crisis. How’s Wall Street reacting? By going conservative. Companies are holding cash. Those with high-risk real estate investment portfolios are in trouble. David Leonhardt writes: A recession could cause … Continue reading

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