Mortgage and Financial News From 2007-9-6 Page 28
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FSA fines mortgage firm and its chief executive for re-mortgage and PPI selling failures (UK Financial Services Authority)
The Financial Services Authority (FSA) has fined Hadenglen Home Finance Plc (Hadenglen) £133,000, and its chief executive £49,000, for inadequate systems and controls when recommending re-mortgages and Payment Protection Insurance (PPI) to customers.
2007-09-06 03:17:11 -
Mortgage insurer, risk manager cancel merger (USA Today)
Mortgage insurer MGIC Investment and Radian Group said Wednesday they are abandoning plans to combine the companies, citing troubles in the mortgage industry.
2007-09-05 05:57:52 -
Dodd to unveil mortgage bill plan Wed: sources (Reuters via Yahoo! News)
The chairman of the banking committee of the Senate will on Wednesday afternoon unveil a comprehensive plan to reform mortgage lending, sources familiar with the plan said.
2007-09-05 10:12:13 -
MGIC, Radian scrap deal amid mortgage storm (Reuters via Yahoo! News)
Rival mortgage insurers MGIC Investment Corp and Radian Group Inc scrapped their merger plan on Wednesday, the latest casualty of the turmoil in U.S. mortgage markets.
2007-09-05 11:42:00 -
MGIC scraps Radian deal amid mortgage turmoil (Reuters via Yahoo! News)
Mortgage insurer MGIC Investment Corp scrapped plans on Wednesday to acquire rival Radian Group Inc , as the takeover became the latest casualty of turmoil in U.S. mortgage markets.
2007-09-05 01:19:59 -
FSA fines mortgage firm for re-mortgage and PPI failings (Money Marketing Online)
The FSA has fined Hadenglen Home Finance and its chief executive Richard Hayes for re-mortgage and payment protection insurance selling failures.
2007-09-06 03:09:51 -
Thursday tips round-up: Highway Insurance, Carillion, Interserve (ShareCast via Yahoo! UK & Ireland Finance)
LONDON (ShareCast) - Those who seek the casualties of this summer's sub-prime mortgage meltdown in the United States can cross Highway Insurance off their lists.
2007-09-06 12:30:11 -
Dodd to unveil mortgage bill plan Wed: sources
Reuters - The proposal will require subprime mortgage lenders to hold annual costs like taxes and insurance in escrow and have proof that the borrower has the ability to make payments. The plan would create new standards for mortgage servicers by ...
2007-09-05 10:41:00 -
Shares of mortgage lenders mostly rise on Thornburg, Accredited deals
CNBC - NEW YORK - Shares of most mortgage lenders rose Tuesday as a major lender raised cash through two deals and another lender drew a revised takeover offer from a suitor. Accredited Home Lenders Holding Co.'s shares surged 63 cents, or 7 percent, to $9 ...
2007-09-04 09:24:00 -
FTSE falls; lenders feel weight of tight credit
Reuters - LONDON, Sept 5 (Reuters) - Britain's top share index turned lower in choppy trade on Wednesday, as tightness in money markets hurt mortgage lenders and prompted investors to cash in on a five-day rally. At 1101 GMT, the FTSE 100 .FTSE was down nearly ...
2007-09-05 08:32:00 -
Mortgage tightrope
Los Angeles Times - At the same time, no one wants a "bailout" that would reward the financial irresponsibility of borrowers who couldn't afford the homes they bought, of mortgage brokers and lenders who peddled onerous loans and of Wall Street investors who bankrolled ...
2007-09-05 11:48:00 -
Edward Gramlich | Former Fed official, 68
Philadelphia Inquirer - As chairman of the Neighborhood Reinvestment Corp., he had urged lawmakers to better protect consumers against predatory lending practices and toughen regulation of mortgage lenders and banks. He continued the campaign as a Fed governor although his ...
2007-09-05 11:56:00 -
Let folks live with their bad decisions
AZCentral.com - The Federal Housing Administration is going to close its eyes and insure loans to more than 80,000 borrowers who are already delinquent in their mortgages. These people and their mortgage lenders knew they could not afford the home in the first place ...
2007-09-05 10:23:00 -
Buy The World
Forbes - From its present horrid level of activity, the selling rate for new homes is a leading indicator of consumer confidence and the willingness of mortgage lenders to step up to the plate. There is plenty of fear, which I construe as bullish. It will ...
2007-09-06 02:55:00 -
Germany's image of probity shattered by US mortgage crisis
Guardian Unlimited - An early tendency to blame foolhardy US mortgage lenders and ratings agencies is shifting to a more clearheaded German insight into inadequate risk management at the institutions and paucity of regulation. Of the €100bn put into SIVs and other ...
2007-09-05 06:19:00