Written by Timothy Blake on January 12, 2008 under Archives, Editorial
Bart Narter, a senior analyst with business consultant Celent LLC, said in part “The only thing that might stand in the way, he said, are regulatory problems such as antitrust issues. But, that might be overlooked by the government in an attempt to help the financial system work through the mortgage crisis.”
Written by Timothy Blake on January 11, 2008 under Archives, Job Losses
Novastar is still on the ropes and is laying off 85 percent of its remaining work force, or 170 jobs. The annoying lender reportedly was calling homeowners at the beginning of each month. Some analysts think Novastar was trying to determine if they would be able to operate. In a U.S. Securities and Exchange Commission filing, the Kansas City, Missouri-based company said the cuts are tied to its decision to quit its retail mortgage lending and brokerage operations.
Written by Timothy Blake on January 11, 2008 under Archives, Economic Impact
Something is bothering the market today, with the Dow down 210.70 at mid-day. Fourth quarter results will be out soon and some are holding their breath. For instance, a report in the New York Times says Merrill Lynch could write down as much as $15 billion in the fourth quarter. Analyst estimates to this point have been around $12 billion. What ever the number is it comes on top of $8.4 billion in the third quarter, and the departure of former Chief Executive Officer Stan O’Neal.
Written by Timothy Blake on January 11, 2008 under Archives, Lenders
Bank of America put an end to speculation today and announced Friday that it has agreed to pay about $4 billion in stock to acquire Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis. Our readers will remember when the wheels fell off back in August 2007. Countrywide immediately announced that they had no liquidity problems. It only took five months for rumors of bankruptcy to start.
Written by Timothy Blake on January 10, 2008 under Archives, Economic Impact
Problems with the economy continue but the way in which reports are worded continue to amaze the staff at Mortgage Blues. Just four days ago one news report said the holiday season was great. Then it turned out that everything was counted, including fuel, which has never been counted. While we interview people on the street and take polls to determine the real truth others pump out rhetoric that makes no sense to anyone. Finally, on Thursday, January 10th, we saw a real report:
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