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U.S. mortgage rates tumble a second week
AP - Rates on 30-year mortgages fell for a second straight week to the lowest level since the beginning of the year.
Insurance tax case may benefit investors
AP - An ad hoc group of accountants and lawyers may be close to winning a federal court battle that could help millions of investors claim billions of dollars in overpaid federal taxes the past 15 years.
Lenders take beating in subprime fallout
AP - Mounting concerns on Wall Street that mortgage lenders might be hurt by increasing defaults and delinquencies sent investors fleeing Monday from some of the biggest names in the industry.
Groups launch credit awareness campaign
AP - A coalition of consumer and civil rights groups says it plans to launch a national campaign Tuesday to highlight what they consider abusive and predatory lending practices in the banking, credit card and mortgage industries.
Strategies for your tax form's bottom line
Reuters - When you get to the bottom-line
number on your tax forms, you may think you're done with all
the strategizing, but that's not quite true.
30-year mortgage fall to new 2007 low
AP - Rates on 30-year mortgages fell to the lowest level since mid-December as investors scrambled to the safety of bonds following last week's stock market turmoil.
Vital Signs: Rate Cut Hopes Get Revived
BusinessWeek Online - In light of the weaker economic data of late, investors are once again betting heavily that the Federal Reserve will cut interest rates this year. The ongoing housing recession, concerns about additional fallout from subprime mortgage defaults, a weaker manufacturing sector, and a slower pace of hiring are all helping to revive expectations of lower rates.
Treasury prices on New Century bad news
AP - Prices for U.S. Treasuries rose Monday as investors bought into government paper on more bad news from troubled mortgage lender New Century.
Yen rises amid fears over US mortgage market
FT.com - The yen climbed on Tuesday amid concerns that problems in the US subprime mortgage market could spill over into the wider economy.
Yen hangs on to gains as equities slide
FT.com - The yen held steady on Wednesday, consolidating sharp overnight gains as equities tumbled amid concerns that problems in the US subprime mortgage market could spill over into the wider economy.
GE and Blackstone to buy PHH for $1.8 billion
Reuters - A General Electric Co. unit and
private equity firm Blackstone Group said on Thursday that they
would acquire mortgage and fleet management services company
PHH Corp. for $1.8 billion.
Dollar slumps to 3-month low against euro
FT.com - The dollar fell to a three-month low against the euro and the Swiss franc on Friday amid concerns that the problems in the US subprime mortgage market could spill over into the wider economy.
Housing "nightmare" tarnishes the American dream
Reuters - Jillayne Schlicke's father used to tell
her that mortgage banking was the "highest calling of all"
because it involved helping people live the American dream of
homeownership.
More states restrict New Century
AP - New Century Financial Corp., the beleaguered home lender to people with weak credit, said Monday it has received cease-and-desist orders from more states, restraining the company from taking new applications for mortgage loans.
ServiceMaster Goes Where the Grass Is Greener
BusinessWeek Online - Despite volatility in major stock indexes and worries about a meltdown in the subprime mortgage market, the torrent of private-equity deals hasn't let up in 2007. The latest example: Private equity firm Clayton, Dubilier & Rice said Mar. 19 that it will buy ServiceMaster for around $5.5 billion, only a few months after the Downers Grove (Ill.)-based lawn care and pest control company had announced the possibility of selling itself. Investors bid up ServiceMaster's stock more than 12% after the development.
New Century exec won't testify at Senate hearing
Reuters - Executives from New Century Mortgage
Corp. refused to testify at a Senate Banking Committee hearing
on the widening crisis in the subprime mortgage market, the
panel said on Wednesday.
Subprime lenders, regulators face U.S. Senate panel
Reuters - The U.S. Senate will delve into the
problems in subprime mortgage market on Thursday at a committee
hearing where federal banking regulators and top lending
company officers will face tough questioning.
KB Home Sees Tricky Times Ahead
BusinessWeek Online - KB Home warned investors on Mar. 22 to expect more trouble in 2007. While the pace of order declines at the Los Angeles-based homebuilder has slowed during recent months, KB Home is bracing itself for headwinds such as fallout from the recent meltdown in the mortgage lending industry.
Lawmakers, FDIC seek predatory lending crackdown
Reuters - A top U.S. bank regulator and
lawmakers in Congress from both parties called for a national
crackdown on predatory lending, a main cause of the crisis in
the subprime mortgage market.
Beazer Homes shares plunge 17 percent
AP - Shares of Beazer Homes USA Inc. fell more than 17 percent in after-hours trading after the FBI said it is among agencies investigating possible fraud in the company's mortgage lending practices and other financial transactions.
Resolution ends takeover talks
FT.com - Resolution, Britain's biggest administrator of closed-life insurance funds, on Friday said it had ended just over four months of takeover talks with unnamed parties, leading to the biggest drop in its share price in more than two years.
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