Mortgage and Financial News From 2008-3-1 Page 10

Previous Day: 2008-02-29

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• Local lending official is convicted of fraud (Baltimore Sun)

  A federal jury has convicted Pikesville mortgage banker Robin Neil Snyder and his company of defrauding commercial loan applicants out of hundreds of thousands of dollars, the U.S. attorney for Maryland announced yesterday.
  2008-03-01 10:55:57

• As Developer Heads to Trial, Questions Linger Over a Deal With Obama (New York Times)

  Fallout from Senator Barack Obama?s relationship with a politically connected real estate developer continues to dog him on the campaign trail.
  2008-03-01 01:05:07

• Lingerie boss to give No 10 sexy ideas (Times Online)

  A FORMER director of the raunchy lingerie firm Agent Provocateur – slogan “less M&S, more S&M” – has been hired by Gordon Brown to spice up his policies.
  2008-03-01 01:18:09

• Bush, Democrats Step Up Clash Over Aid to Homeowners (Update1)

  Bloomberg - Paulson and federal bank regulators, including Federal Deposit Insurance Corp. Chairman Sheila Bair, in recent months have pressed the industry to step up efforts to modify mortgage loan terms for borrowers at risk of foreclosure.
  2008-02-28 02:26:00

• Writedowns Hammer AIG

  Street.Com - Insurance giant American International Group AIG said late Thursday it swung to a $5.3 billion loss in the fourth quarter ... backed commercial paper, structured investment vehicles or collateralized debt obligations tied to residential mortgage ...
  2008-02-28 03:31:00

• Paulson Dismisses Mortgage Rescue Plans

  Wall Street Journal - ... and speculators, rather than measures that would provide meaningful relief to deserving, but cash-strapped, mortgage ... plans that would expand an existing federal program run by the Federal Housing Administration to extend government insurance ...
  2008-02-28 03:24:00

• Two-Year Yields Fall Most Since October on Bernanke Assessment

  Bloomberg - Losses on mortgage-backed securities will probably increase this year and expand beyond subprime mortgages, insurer MBIA Inc. said yesterday. The Armonk, New York-based company is writing ``very little'' new bond insurance business as borrowers balk ...
  2008-03-01 09:45:00

• Investment Firms Blindsided by Subprime Mortgage Meltdown Lacked ...

  Insurance News Net - CHICAGO , Feb. 28 /PRNewswire/ -- Senior Wall Street executives were blindsided by the subprime mortgage meltdown because their systems and processes shrouded the aggregate risks they were taking on, according to Diamond Management & Technology ...
  2008-02-28 08:21:00

• Activists bare teeth over foreclosures

  Miami Herald - The Bittingers, from Akron, Ohio, have come to ESOP to try and lower their interest rate for their mortgage. They have owned the home for six years.
  2008-03-01 12:37:00

• AIG posts $15bn of writedowns

  Financial Times - Almost $11.5bn of the writedowns relate to insurance it wrote for investors in collateralised debt obligations, complex instruments sometimes backed by subprime mortgage bonds.
  2008-02-28 04:06:00

• Activist tells HSBC: drop US division

  Times Online - ... 24 billion (£12 billion) for HSBC, but they will be scarred by the bank’s huge exposure to America’s sub-prime mortgage ... The bank’s stakes in Chinese insurance group Ping An, and the Bank of Communications have been marked up by more than $1 ...
  2008-03-01 01:34:00

• Thursday's Financial Winners & Losers

  Street.Com - ... shares fell about 4.1% after a Goldman Sachs analyst cut estimates for the bank blaming falling house prices and citing concern over the effect of the mortgage crisis on 2008 results. Thumbing its nose at the bad news, FPIC Insurance Group FPIC ...
  2008-02-28 01:00:00

• Fitch: AIG Remains on Rating Watch Negative on 4Q'07 Losses

  Forbes - Ezer Mortgage Insurance Company (ISR) --Insurer Financial Strength (IFS) Rating 'AA+'. AIG Capital Corporation --IDR 'A+'. International Lease Finance Corp. --Long-term IDR at 'A+'; --Senior unsecured debt at 'A+'; --Preferred stock at 'A'
  2008-02-28 03:45:00

• Genworth Financial Chief Financial Officer Patrick B. Kelleher to ...

  Forbes - Mortgage Insurance. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists.
  2008-02-28 01:15:00

• WPP boss Sir Martin Sorrell predicts growth this year, before slowdown

  Daily Telegraph - WPP said it seemed inevitable that the sub-prime mortgage, monoline insurance and private equity crises would feed into the real economy. "This seems more likely to be in 2009, when a slowdown in the US will be hard to avoid, particularly as a new ...
  2008-03-01 07:36:00

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