Mortgage and Financial News From 2008-3-14 Page 7

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• Marry a millionaire, advises Berlusconi (The West Australian)

  Can't make ends meet? Marry a millionaire, says Silvio Berlusconi. The improbable piece of advice was the latest offbeat remark by the Italian conservative leader, and as in previous cases the comment drew scorn and criticism.
  2008-03-14 04:58:01

• Franklin Bank Corp. to Delay Filing Its Annual Report On Form 10-K (PrimeNewswire via Yahoo! Finance)

  HOUSTON, March 14, 2008 -- Franklin Bank Corp. announced today that it will delay filing its Annual Report on Form 10-K for the year ended December 31, 2007.
  2008-03-14 04:32:25

• Change in the property appraisal system is afoot (Los Angeles Times)

  Assurance that valuations will be free from influence or pressure is among changes contained in a settlement involving Fannie Mae and Freddie Mac. WASHINGTON -- Property appraisers have been warning about it for a decade, and the real estate market is reaping the whirlwind: The price declines underway around the country are partly the result of systemic, intentional overvaluations on home ...
  2008-03-14 04:52:22

• Ratings Services Cautious on Ambac

  Forbes - Ambac has stopped stop providing insurance on structured finance deals for at least the next six months so it can hold on to ... That outlook reflects uncertainties over the company's capital plan and the ultimate performance of its mortgage-related ...
  2008-03-12 04:08:00

• Thornburg Mortgage rises again

  New Mexico Business Weekly - Mortgage shakeout [Albuquerque] Thornburg Mortgage sees stock tumble [Albuquerque] NM subprime: Bad, but not as bad as it could be [Albuquerque] Reports of its death greatly exaggerated, Santa Fe's Thornburg Mortgage saw its stock shoot up Wednesday ...
  2008-03-12 10:53:00

• Lawmakers: Muni ratings need a fix, now

  Forbes - Agencies' credit ratings have come under fire for failing to gauge the risk of mortgage investments that have plummeted in value in recent months. New York Insurance Superintendent Eric Dinallo also cautioned that even if confidence was restored in ...
  2008-03-12 01:09:00

• Bernanke Cuts in `Heat of the Battle' May Wreck Inflation Call

  Bloomberg - In 2003, the Fed cut the benchmark rate to a 45- year low of 1 percent, helping fuel a three-year mortgage boom that's since turned to bust. In 1998, the Fed's insurance against a credit-market collapse was followed by growth the next year of 4.5 ...
  2008-03-12 09:23:00

• Bear Stearns exposed as a bank saddled with toxic sub-prime debt

  Daily Telegraph - This time the market for default insurance is flashing bright red warning signals across the entire spectrum of US finance. ... Fannie Mae and Freddie Mac - the venerable agencies created by Roosevelt that underpin 60pc of the $11 trillion mortgage ...
  2008-03-14 02:33:00

• Congress examines municipal ratings, bond insurers

  Guardian Unlimited - The bond insurance industry -- led by firms such as MBIA Inc and Ambac Financial Group Inc -- guarantees repayment of municipal bonds. It got into trouble in recent years by diversifying into guaranteeing riskier mortgage-backed securities.
  2008-03-12 12:33:00

• UPDATE 2-Ambac unit saves top ratings -Moody's, S&P

  Forbes - The capital concerns reflected losses the insurance arm is expected to take from insuring risky residential mortgage backed debt. "Ambac's recently completed $1.5 billion capital raise was a critical factor leading to the confirmation of the Aaa ...
  2008-03-12 03:32:00

• Fed chairman vows to help homeowners

  Forbes - The bank, which had made a fortune in mortgage-backed securities, has ran up $2.75 billion in write-downs since last year ... who pay loans off early, require lenders to make sure these borrowers set aside money to pay for taxes and insurance and bar ...
  2008-03-14 01:57:00

• Fed orchestrates Bear Stearns rescue, shares dive

  CNBC - ... broker since the Great Depression and its latest effort to soothe financial markets roiled by fallout from rising mortgage ... And Bear debt default insurance surged to a record amid fears for the bank's future, and demand for put options remained ...
  2008-03-14 02:40:00

• Budget 2008: Homeowners offered more security with interest rate ...

  Daily Telegraph - Financial experts say an interest-rate insurance product could cost as little as £9 a month on £100,000 mortgage. Alistair Darling also announced a review to investigate how lenders could offer 10-, 15- or even 25-year mortgages.
  2008-03-12 06:24:00

• Latest Trouble Spot for Banks: Souring Home-Equity Loans

  Wall Street Journal - Home-equity loans also became a popular way to fund vacations and expensive electronics -- or to buy a house with little or no money down without paying for private mortgage insurance.
  2008-03-12 01:02:00

• Insurers face another 'Katrina'

  Economic Times - NEW YORK: The collapse of the subprime mortgage market will lead to record losses for insurance companies, overtaking Hurricane Katrina, the worst natural disaster in US history. The amount of asset writedowns and credit losses reported by the ...
  2008-03-14 03:16:00

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