Archive for October, 2007

Financial Jobs Go Away Due to Mortgage Blues

Written by Timothy Blake on October 07, 2007 under Archives, Job Losses

The latest index of internet job advertisements has shown a significant decline of jobs in banking and financial services, despite an overall strong performance by the market.

Subprime Fiasco no Coincidence

Written by Timothy Blake on October 06, 2007 under Archives, Editorial

Does it seem important to anyone else that banks, realtors, and insurance lobbied so strongly for deregulation and greater independence from government scrutiny? It does not seem coincidental that the mortgage products failing so miserably in 2006 and 2007 were not even available to borrowers until late 2004 and 2005. Option ARMs, low doc/no doc, stated income, were not available until after consumer protection was restricted in the best interest of the financial institutions.

Advantage Mortgage Services Accused of Predatory Lending

Written by Timothy Blake on October 06, 2007 under Archives, Lawsuits, Lenders

A while back we said lawsuits would soon begin. At the time we referred to bonds and CDO’s, but state Attorney’s General are starting to revisit predatory lending. The state of Nebraska has sued Advantage Mortgage Service, intending to revoke its license for what the state says were predatory lending practices.

HSBC Says Britain to Face Growth Slowdown

Written by Timothy Blake on October 05, 2007 under Archives, Economic Impact, International, Job Losses

Britain’s economic expansion has been hurt by the crisis in the financial markets, Treasury chief Alistair Darling warned, apparently signaling a reduction in the growth forecast for 2008. His remarks came ahead of a crucial budget report to be delivered next week.

2007 Subprime Mortgages Fail Faster

Written by Timothy Blake on October 04, 2007 under Archives, Editorial

According to a report from Moody’s US subprime mortgages written during the first half of the year are going delinquent at the fastest rate this decade. The average rate of “serious loan delinquencies” in the 2007 bonds is higher than those created last year, a vintage considered to be one of the worst-performing ever. The ratings agency defines “serious delinquency” as loans that are 60 days or more overdue, and includes properties in foreclosure and those already foreclosed upon.

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