July 2008 - MND NewsWire

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Senator Demands Change on Short Sale Credit Score Effects; Rates Snap Back To Recent Highs; Market Volatility Ahead of the Fed

Published: 5/17/2013

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Felons Can't Vote in Florida but are Free to Fleece the Public

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by Glenn Setzer on July 24 2008, 7:00 AM

The Miami Herald's investigative team reported on Sunday that the state has approved over 10,000 mortgage broker licenses for convicted felons since 2000; over 4,000 were issued to individuals who had been convicted of crimes such as fraud, extortion...
IndyMac Faces Bank "Run"

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by Glenn Setzer on July 09 2008, 7:00 AM

After announcing on Monday that it would shutter its mortgage lending operations but continue business as a retail bank, IndyMac was hit on Tuesday by a potentially fatal blow to that part of its business as well. Bank depositors rushed to withdraw money...
Mortgage Rates Fall in Response to Speculation about Overnight Bank Rates

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by Glenn Setzer on July 23 2008, 7:00 AM

Rates for both short- and long-term mortgages tumbled last week according to Freddie Mac's Primary Mortgage Market Survey. The Mortgage Bankers Association (MBA) released the results of its Weekly Mortgage Applications Survey for the week ended July 18...
Regulators Hasten to Assure Depositors that their Money is Secure as IndyMac is put into Receivership

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by Glenn Setzer on July 14 2008, 7:00 AM

Federal regulators and Bush Administration officials spent the weekend reassuring bank depositors nationwide that their deposits are secure and, as the ads say, insured by the Federal Deposit Insurance Corporation (FDIC). The public information campaign...
Banks, Trade Groups Say that SEC Order Does Not Go Far Enough

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by Glenn Setzer on July 22 2008, 7:00 AM

Less than a week after Securities and Exchange Commission Chairman Christopher Cox invoked the Commission's emergency powers to regulate short selling of certain stocks including Freddie Mac and Fannie Mae, complaints were surfacing from financial institutions...
IndyMac Joins Roster of Banks to Fold its Mortgage "Tent."

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by Glenn Setzer on July 08 2008, 7:00 AM

IndyMac has announced that, effective yesterday, it is closing both its wholesale and retail production channel and will no longer accept any new mortgage loan submission or rate locks. It will also reduce its workforce to around 3,200 from the current...
Will Lehman Brothers Survive Another Round of Rumors?

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by Glenn Setzer on July 01 2008, 7:00 AM

Rumors were swirling about another major Wall Street player on Monday as Lehman Brothers Holdings Inc. stock fell 11 percent. The stock reached the lowest level it had seen since 2000 as the Street's second smallest Wall Street firm was the subject of...
CIT Group Sells Off its Last Home Related Business Interests

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by Glenn Setzer on July 01 2008, 7:00 AM

CIT Group announced on Monday that it was selling both its home lending business and its manufactured- housing division. The lending business which has total assets of $9.3 billion as well as servicing operations will go to Lone Star Funds for $1.5 billion...
U.S. Housing Bill Goes to President's Desk

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July 28 2008, 7:00 AM

In a rare weekend meeting, the U.S. Senate passed the housing bill by 72-13 votes. The legislation now awaits the signature of U.S. President George W. Bush, who could sign it into law as early as this week. The bill would aid over 400,000 mortgage borrowers...
Could FDIC also be a "Predatory lender?"

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by Glenn Setzer on July 21 2008, 7:00 AM

The Wall Street Journal reported Monday morning that the Federal Deposit Insurance Corporation ( FDIC ,) rather than being part of the solution to the subprime mortgage crisis, was actually among those institutions that caused it . Superior Bank was,...
American Cities See Record Annual Foreclosure Rate Increases in Q2

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July 03 2008, 7:00 AM

Record high foreclosure rates in the second quarter were reported in Los Angeles, Seattle, Miami and New York, according to a report issued by PropertyShark.com. Los Angeles led the four cities with a 282.01% increase in the second quarter compared to...
Mortgage Rates Mark Time Waiting for Federal Action

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by Glenn Setzer on July 02 2008, 7:00 AM

Mortgage rates continued to set record 2008 levels with long term rates moving up slightly during the week ended June 26, and short term rates increasing modestly but in double digits. Mortgage applications increased 3.6 percent on a seasonally adjusted...
U.S. Foreclosure Rates Decline in June, Says Realtytrac

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July 10 2008, 7:00 AM

According to Realtytrac's most recent survey, foreclosures in the United States are down 3.0% in June compared to the previous month's levels, but up 53% from the previous year....
Are Rumors Rather than Reality Feeding Market Behavior?

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by Glenn Setzer on July 29 2008, 7:00 AM

Is it possible that some of the collapses and near misses in the financial markets over the last six months will ultimately be tied to a few sick and/or greedy people who have used rumors and innuendo to manipulate the market ? Government regulators are...
New 2008 Highs for Mortgage Rates

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by Glenn Setzer on July 30 2008, 7:00 AM

Fixed-rate mortgages (FRMs) hit the highest levels of 2008 during the week ended July 24 according to Freddie Mac's Primary Mortgage Market Survey. "Market concerns about rising inflation and the greater probability that the Federal Reserve (Fed) will...

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