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January 2009 - Around The Web



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  • Genworth Tightens Mortgage Insurance Guidelines
    Published Thu, Jan 29 2009 8:34 AM by Calculated Risk Blog
    Genworth sent out a notice of tighter guidelines for mortgage insurance today effective Monday February 2nd. Some of the changes are pretty significant. As an example, loans over $417K in California are ineligible for MI. Period. The same with attached...
  • JP Morgan says has "plenty of capital"
    Published Thu, Jan 29 2009 8:33 AM by Reuters
    DAVOS, Switzerland (Reuters) - JPMorgan Chase & Co has "plenty of capital" and wants governments to stop talking about nationalizing banks, its CEO said on Thursday.
  • Homebuyers get a bonus in the stimulus bill
    Published Thu, Jan 29 2009 8:33 AM by rss.cnn.com
    If you're thinking of buying a home, there could be a big bonus for you in the economic stimulus bill that's now before Congress.
  • Property Owners' Predicament
    Published Thu, Jan 29 2009 8:33 AM by www.washingtonpost.com
    A third of the loans used to finance Washington area commercial buildings and then sold to Wall Street are coming due in the next five years, leaving investors scrambling to find new funding.
  • Pa. joins mortgage-aid settlement with Countrywide
    Published Wed, Jan 28 2009 11:09 PM by www.washingtonpost.com
    HARRISBURG, Pa. -- Pennsylvania has joined a settlement with Countrywide Financial Corp. that makes available as much as $155 million to help keep thousands of state residents in their homes.
  • BofA vows to track and report loan activity
    Published Wed, Jan 28 2009 11:09 PM by rss.cnn.com
    Bank of America chief executive officer Ken Lewis and top Democrats in Washington are in agreement on one point: Americans need to know what their banks are doing with taxpayer funds.
  • Fed Adopts "Throw The Kitchen Sink" Policy
    Published Wed, Jan 28 2009 11:09 PM by feeds.feedburner.com
    The Fed is using all the tools it has available including a to break the downward spiral of the economy. The Federal Open Market Committee kept its interest rate target in a range of zero to 0.25%, as expected. Rates will need to stay close to zero for...
  • Geithner: Focused on hiking transparency of banks
    Published Wed, Jan 28 2009 5:26 PM by www.marketwatch.com
    Treasury Secretary Tim Geithner introduces policy to post details about government transactions with financial institutions on the agency's website within five to ten business days of the deal.
  • IRS Misinformation on Reverse Mortgages
    Published Wed, Jan 28 2009 3:37 PM by feeds.feedburner.com
    Add the IRS to the latest organization that has muddied the reverse mortgage “waters.” Many times the IRS is unreasonably, unjustifiably, and unfairly blamed for tax provisions it must enforce even though Congress and in most cases the President created...
  • Mortgage Activity Surging at Wells Fargo
    Published Wed, Jan 28 2009 2:46 PM by www.thetruthaboutmortgage.com
    Wells Fargo saw its shares pop today after reporting a $2.55 billion fourth-quarter loss as it took significant “de-risking” measures and Wachovia merger-related hits. For all of 2008, the company reported net income of $2.84 billion on record revenue...
  • LendingTree Enters The Reverse Mortgage Business
    Published Wed, Jan 28 2009 2:46 PM by feeds.feedburner.com
    recently announced that it launched a reverse mortgage service for senior homeowners looking to talk with lenders. The Charlotte, NC based company started providing brokers leads in 1998 through its lead exchange and grew into one of the largest lead...
  • Emerging Markets Report: Capital flows to emerging markets seen falling sharply in 2009
    Published Wed, Jan 28 2009 1:37 PM by www.marketwatch.com
    The recession and financial crisis plaguing the developed world will likely cause a sharp decline in net private capital flows to emerging markets this year, according to the Institute of International Finance.
  • Layoffs by State
    Published Wed, Jan 28 2009 1:37 PM by feedproxy.google.com
    click for interactive map > Source: JEFF BATER WSJ, JANUARY 27, 2009, 5:24 P.M. ET http://online.wsj.com/article/SB123307958229020395.html See also: http://blogs.wsj.com/economics/2009/01/08/first-quarter-layoffs-selection-of-job-cuts-by-major-companies...
  • House GOP Blocks DTV-Delay Bill
    Published Wed, Jan 28 2009 1:22 PM by Wall Street Journal
    House Republicans derailed an effort to delay until June the date when television stations must broadcast in all-digital format.
  • Report: FBI saw Mortgage Fraud, Lacked Resources
    Published Wed, Jan 28 2009 1:22 PM by Calculated Risk Blog
    From Paul Shukovsky at the Seattle Post-Intelligencer: (hat tip John) It is clear that we had good intelligence on the mortgage-fraud schemes, the corrupt attorneys, the corrupt appraisers, the insider schemes," said a recently retired, high FBI...
  • WSJ on Jumbo Loans
    Published Wed, Jan 28 2009 12:34 PM by Calculated Risk Blog
    This article has a couple of scary charts on delinquent jumbo loans. The situation is especially grim in Florida with close to 17% of jumbo loans delinquent. From the WSJ: (hat tip ShortCourage) About 6.9% of prime "jumbo" loans were at least...
  • Financial shares jump on bank aid, Wells Fargo
    Published Wed, Jan 28 2009 11:06 AM by Reuters
    NEW YORK (Reuters) - Shares of major U.S. banks soared after the market open on Wednesday, boosted by optimism that President Barack Obama's administration was moving quickly to stabilize the banking sector and as lawmakers get ready to vote on a...
  • To Cosign or Not to Cosign
    Published Wed, Jan 28 2009 10:05 AM by www.washingtonpost.com
    Two years ago, cosigned mortgage loans were rarities. These days, though, cash-strapped and credit-challenged home buyers are turning to cosigners, usually relatives willing to vouch for the mortgage payment in order to seal the deal with a lender.
  • Wells Fargo swings to $2.6 billion loss on credit write-downs
    Published Wed, Jan 28 2009 10:04 AM by www.marketwatch.com
    Wells Fargo & Co. on Wednesday reports a quarterly loss of about $2.6 billion as the banking giant is hit by credit write-downs and losses at Wachovia, which it recently acquired.
  • The Fed: Life after zero
    Published Wed, Jan 28 2009 10:03 AM by rss.cnn.com
    The Federal Reserve wraps up its two-day meeting about what to do with interest rates Wednesday afternoon. But that's probably two more days than the central bank needed.
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