Mortgage and Financial News From 2007-9-26 Page 4

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  • Flood insurance unnecessary; refund to be about $6,000!

    Miami Herald - I found out that I no longer need flood insurance because my neighborhood has been reclassified to an X flood zone. Fidelity said it needed a letter from my mortgage company, saying that it doesn't require flood insurance. I sent it. Three months ago ...
    2007-09-26 03:17:00

  • Radian Shares Climb After S&P Improves Rating Outlook (Update2)

    Bloomberg - The rating company affirmed its `AA' rating on the mortgage insurance unit's claims- paying ability. ``Everyone was worried they were going to get downgraded,'' said Rob Haines, an analyst at CreditSights Inc. in New York. ``It looks like ...
    2007-09-26 01:44:00

  • Capstead Mortgage Corporation Announces Pricing of Public Offering of Common Stock (Business Wire via Yahoo! Finance)

    DALLAS----Capstead Mortgage Corporation announced today the pricing of an underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $9.75 per share.
    2007-09-26 04:28:00

  • How Subprime Woes Can Affect You, Too (KiplingerForecasts.com)

    Some homeowners are discovering tax and insurance payments aren't being made by beleaguered mortgage servicers. Don't let it happen to you.
    2007-09-26 06:57:34

  • Addleshaws looks to insurance group litigation… (The Lawyer)

    Addleshaw Goddard’s insurance practice is linking up with its newly created class actions group as the firm repositions itself in expectation of an economic downturn. ...
    2007-09-26 07:48:37

  • Big lenders 'are running a £4bn insurance racket' (Daily Mail)

    Shops, banks and finance companies are running a multi-billion-pound loans 'protection racket' by deceiving customers, the FSA said. It warned the mass mis-selling of Payment Protection Insurance could trigger huge fines
    2007-09-26 04:48:12

  • Flood insurance unnecessary; refund to be about $6,000! (Miami Herald)

    Q: Action Line, I need your help dealing with my flood insurance company, Fidelity National Property and Casualty. I found out that I no longer need flood insurance because my neighborhood has been reclassified to an X flood zone.
    2007-09-26 03:31:24

  • Loan insurance selling attacked (FT.com via Yahoo! News)

    Companies that sell payment protection insurance are still falling well short of standards set by the Financial Services Authority, according to new research conducted by the regulator.
    2007-09-26 08:00:36

  • Sector Roundup: Defense Stocks, Handsets

    Houston Chronicle - NEW YORK (AP) _ Shares of mortgage lenders were mixed Wednesday after a trade group reported mortgage applications fell last week and a struggling lender disclosed its deal to sell a stake in itself may fall through. NEW YORK (AP) _ Shares of the ...
    2007-09-26 01:08:00

  • Credit Suisse sheds 150 staff from mortgage-backed securities work

    Times Online - It is estimated that at least 50,000 jobs have been cut in the mortgage industry since the credit crisis began this year. This month two of America’s most prominent lenders announced huge cuts to their payrolls. Countrywide Financial said that it ...
    2007-09-26 04:07:00

  • Bank survey points to tighter credit terms for UK companies

    Times Online - Michael Coogan, the director-general of the Council of Mortgage Lenders, said: “Although this survey was undertaken before the Northern Rock situation emerged, the funding constraints arising from the slowdown in the interbank lending market were ...
    2007-09-26 01:08:00

  • Jeremy Warner's Outlook: Stigma threat causes Bank auction to flop

    The Independent - Earlier this week, Bradford & Bingley, widely thought one of the most exposed British mortgage lenders after Northern Rock, managed to sell £500m of two-year covered bonds, apparently without difficulty. B&B has also been active in buying back its ...
    2007-09-26 05:11:00

  • Credit crunch decimates Barratt’s sales

    Times Online - Mr Clare and Mark Pain, finance director, predicted that the problems surrounding Northern Rock may mean househunters have to wait until the new year before there is a return to the “competitive frenzy” between mortgage lenders for cheap lending ...
    2007-09-26 03:53:00

  • FSA launches scrutiny of bank liquidity

    Financial Times - ... has sent a comprehensive one-off liquidity questionnaire to all banks and building societies asking for details of how they plan to fund future mortgage commitments. The spreadsheet is designed to pinpoint future problems among mortgage lenders ...
    2007-09-26 10:16:00

  • Northern Rock Shares Higher

    Forbes - Shares in one of Britain's largest mortgage lenders jumped 11.5 percent Wednesday on word that it is in preliminary takeover talks with a number of potential buyers. Northern Rock PLC said that it had received "a number of approaches regarding a ...
    2007-09-26 10:52:00

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