Archive for May, 2008
A Guide to Mortgage Arrangement in Scotland
Friday, May 30th, 2008Mortgages in Scotland work on very similar principles to mortgages throughout the UK but there are slight differences in the property market to England that both buyer and seller must be aware of.
Th…
Original post by default@goarticles.com (Aaron Hill)
How Long Will Credit Crisis Last?
Friday, May 30th, 2008Recent data suggested that the credit crunch may last longer than people thought (or hoped)
The cost of borrowing wholesale money over two years has increased to over 6%. 1% higher than base rates. This is the biggest spread for almost 4 years and a sign of the shortage of liquidity and reluctance to lend
This increase in two year interest rates will directly affect the cost of fixed rate mortgages. Banks will also be forced to continue rationing mortgages and mortgage products for the foreseeable future.
Original post by Tejvan R Pettinger
Builder Banker Broker And LO Charged For Fraud
Friday, May 30th, 2008Christopher A. Upchurch, 33, a Nampa, Idaho contractor and Barbara L. Cobos, 36, a loan officer at Zions First National Bank, Eagle, Idaho, made their initial appearances in federal court in Boise, Idaho after being indicted, along with Nicholas R. Gossi, 26, Nicholas R. Coats, 29, and Max Reich, 32, who are also charged in the scheme to use straw borrowers to get construction loans. Trial was set for July 22, …
Original post by default@goarticles.com (Jennifer Morva)
U.S. Personal Spending Report Allows Fed to Pause Rate Cuts, Economists Say
Friday, May 30th, 2008Inflation remains contained and personal spending
continued improving according to the latest report from the U.S. Commerce
Department on Friday. Economists said the Fed will be pleased to see that
consumers are holding in there despite weakness in the broader economy,
though in real terms the 0.2% gain in personal spending was flat.
Fixed income strategist T.J. Marta from RBC Capital Markets said the
big picture is that there is “no resolution to the conflicting problems
confronting a dual-mandated Fed…
Original post by Darin
Fed’s Kohn Says Financial Regulations Should Be Strengthened
Friday, May 30th, 2008Speaking on ‘Money Markets and Financial Stability’ at the New York
Fed’s conference on money markets on Thursday night, Fed Vice-Chairman
Donald Kohn (voter) said it was unclear how much
strengthening of the U.S. financial regulatory system was needed, but
that the need for reforms was evident.
“As I noted at the outset,
one important lesson from recent developments is that we need to devote
greater attention to money markets…
Original post by Darin
Friday’s Events: Core PCE, Chicago PMI
Friday, May 30th, 2008Canadian Q1 and March GDP and core PCE in the U.S. will dominate the
economic news of the day as markets prepare for the final trading day of
May. In addition to comments from the Fed and Canadian finance ministers,
markets will also be paying attention to European Central Bankers on
Friday.
At 8:30 a.m. EDT, the U.S. Commerce Department will release its
personal income and spending report for April. Economists are expecting
personal spending to rise 0.2% month-over-month after picking up 0.4% in
the previous month.
At 9:45 a.m. EDT, markets will receive the Chicago Purchasing
Managers’ Index for May, which is expected to…
Original post by Darin
Large Falls in UK House Prices
Friday, May 30th, 2008According to the Nationwide, UK house prices have fallen by £8,000 in the past twelve months. Last month was the most significant fall in house prices since the last crash in 1992. The usual spring fillip to homebuying has failed to materialise. The average house prices in the UK have fallen from a peak of £186,000 to £173,000 according to Nationwide data.
The housing data comes on a day which showed a sharp fall in UK consumer confidence. On balance the number of pessimistic consumers has fallen to -27. This shows the close correlation between the housing market and the fortunes of the economy.
Some hope that the slowdown in consumer spending, and falling house prices may encourage the MPC to cut interest rates. But, with oil prices driving costs and prices higher, the MPC are being squeezed into a difficult situation.
The outlook for house prices is mixed. Some feel the present falls are mainly a reflection of the credit crisis which has seen a sharp drop in mortgage approvals. Other feel that it is a reflection of an underlying overvaluation in the UK housing market.
House prices are still 5% higher than two years ago and more than 10 % higher than 3 years ago. House prices are also 40% higher than 5 years ago.
Original post by Tejvan R Pettinger
Clues on Securing Overseas Mortgage for Summer Homes
Friday, May 30th, 2008In UK it might be hard for you to buy a real estate. The reason of this situation is real estate prices in the UK are soaring to the point that few UK residents can actually afford to own property the…
Original post by default@goarticles.com (Cane Williams)
Lobbyist for mortgage lenders sues for back pay (The Oregonian)
Friday, May 30th, 2008The mortgage industry he once represented. Jackson filed a lawsuit this month in Multnomah County Circuit Court seeking at least $20,000 in unpaid bills from the Oregon Coalition of Mortgage Originators and William J. Ridge, the group’s president.
Original post by Yahoo! News Search Results for mortgage