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- Bernanke: Nations need fix for global trade
Bernanke: Nations need fix for global trade
Federal Reserve Chairman says that worldwide economic stability depends on reducing massive trade gaps.
September 11 2007: 11:43 AM EDT
WASHINGTON (AP) -- The United States and other countries must work together to right a skewed pattern of trade and investment around the globe, a move that would help worldwide economic stability, Federal Reserve Chairman Ben Bernanke suggested Tuesday.
So-called "global imbalances" occur...
- Realtors: Home price slump through '08
Realtors: Home price slump through '08
Home prices are likely to end 2008 below last year's peaks as slump is now seen as worse than previously forecast.
By Chris Isidore, CNNMoney.com senior writer
September 11 2007: 11:00 AM EDT
NEW YORK (CNNMoney.com) -- Home values and housing sales will take an even bigger hit than previously forecast and will not recover to their earlier levels throughout all of 2008, at least, according to the latest economic outlook from the National...
- Federal mortgage caps should reflect local reality
Editorial: Federal mortgage caps should reflect local reality
SILICON VALLEY OBVIOUSLY BELONGS ON LIST OF HIGH COST AREAS
Mercury News Editorial
Article Launched: 09/10/2007 01:33:40 AM PDT
The squeeze is on for people trying to buy or refinance a home in expensive places like Silicon Valley.
In the fallout from the subprime mortgage crisis, even well-heeled consumers are finding it tougher and more expensive to get jumbo mortgages of more than $417,000. That's because...
- Countrywide Cuts Foretell Loss of U.S. Mortgage Jobs (Update1)
Countrywide Cuts Foretell Loss of U.S. Mortgage Jobs (Update1)
By Bradley Keoun
Sept. 10 (Bloomberg) -- The worst U.S. housing slump in 16 years may lead mortgage companies to eliminate almost 100,000 jobs, more than double the number already cut this year.
As many as 20 percent of the nation's real estate loan officers and mortgage brokers will be fired, according to Josh Rosner, managing director at the New York investment research firm Graham Fisher & Co. That's in...
- Mortgage Glossary
2/1 buy Down Mortgage
The 2/1 Buy Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term.
Borrowers often refinance at the end of the second year to obtain the best long term rates, however even keeping the loan in place for three...
- Fed rate cut won't help markets
Analyst: Fed rate cut won't help markets
Lower interest rates will not bring in money but instead send dollar into a tailspin, says Punk Ziegel banking analyst.
September 10 2007: 8:44 AM EDT
NEW YORK (AP) -- A widely watched banking analyst said late Sunday the best solution to the crisis plaguing financial markets is to let cash-strapped borrowers default and their lenders go bankrupt, rather than slashing interest rates.
Punk Ziegel & Co. analyst Richard X. Bove wrote in...
- Mortgage Activity Climbs Out of Summer Doldrums
Daily Real Estate News | September 5, 2007
Mortgage Activity Climbs Out of Summer Doldrums
Mortgage applications were up last week, after three sliding weeks, according to the Mortgage Bankers Association's weekly survey.
The mortgage applications index rose by a seasonally adjusted 1.3 percent to 622.9. On an unadjusted basis, the index slid 0.2 percent compared with the previous week, but was up 10 percent compared with the same week a year ago.
The refinance share of...
- Tips for Borrowers Shopping for a Loan
Tips for Borrowers Shopping for a Loan
Home buyers in todays tight mortgage market need better everything to qualify for a mortgage with the best terms.
Heres what it takes to impress a lender:
1. Better credit. To get the same interest rate as just a month ago, borrowers need a credit score thats about 50 points higher, says Clay Edwards, a mortgage consultant and real estate specialist with the Fireside Mortgage network. Edwards says hes seen plenty of lenders reject an...
- 10 Most Expensive Blocks in the U.S.
10 Most Expensive Blocks in the U.S.
Forbes.com has generated a list of the most expensive blocks in 10 affluent cities across the country. They are:
1. Boston, Louisburg Square: A private square in the middle of Beacon Hill, Boston's most exclusive neighborhood. The block has long been home to the most expensive homes in the city.
2. Chicago, between Willow, Howe, Burling, and Orchard: A once middle-class area that, due to zoning changes, has seen the rise of mega-mansions.
3....
- Economist: Fed has the Power to End Housing Slump
Economist: Fed has the Power to End Housing Slump
At least one influential economist is urging the Federal Reserve to cut interest rates quickly and preemptively.
Fed Board of Governors member Frederic S. Mishkin said in a white paper that the Fed could prevent a lot of damage from a severe housing slump by acting swiftly to cut interest rates aggressively before the slump gets any worse.
Mishkin says the harm that falling home prices do to the economy is predictable, so there's...
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