Mortgage and Financial News From 2008-4-22 Page 01

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• Inland home foreclosures remain at record pace (The Press-Enterprise)

  Homes seized from owners hit record levels once again last quarter in both the Inland area and across California, a report released Tuesday found.
  2008-04-22 09:38:44

• Bank of America grows cautious on loans (The Star-Ledger)

  Bank of America said yesterday it will tighten its mortgage lending standards after it completes its acquisition of Countrywide Financial later this year, and it will stop making one type of loan widely blamed for foreclosures.
  2008-04-22 09:50:52

• Who's the boss? You or your debt? (Savannah Morning News)

  In these tough financial times, many look at debt as a dirty word. But who among us is debt free?
  2008-04-22 09:53:39

• B of A to tighten mortgage loan standards (Daily Breeze)

  The move will come after a $4 billion deal to acquire Countrywide.
  2008-04-22 10:09:22

• First-quarter home sales dive 19% (The State Journal-Register)

  Rising gasoline and food costs, combined with tighter credit standards and cold weather, brought the national housing slowdown home to Springfield through the first three months of the year. The 674 homes sold from January through March represented a 19.4 percent drop from last year and was the lowest level since 2002.
  2008-04-22 10:18:59

• The home is offered as collateral and unlike regular mortgages, reverse mortgages don't require up front fees or ... (ABC 15 Phoenix)

  The oldest baby boomers turn 62 this year, making them eligible for a reverse mortgage. What is it? Basically, it allows homeowners to tap into their equity, without having to pay it back until their home is sold or they die.
  2008-04-22 09:57:36

• BankAtlantic lays off 115 more employees (Sun-Sentinel)

  Region's largest independent bank lays off 115 BankAtlantic , reeling from the housing slump and lingering credit crunch, laid off roughly 115 more employees last week, the Fort Lauderdale-based bank said Monday.
  2008-04-22 09:58:17

• Bank of America to Alter Loan Guidelines After Acquisition (The Memphis Daily News)

  CHARLOTTE, N.C. (AP) - Bank of America says it will alter its mortgage product menu once it completes its acquisition of mortgage lender Countrywide F....
  2008-04-22 10:05:40

• Existing home sales fall in March (The Standard-Times)

  WASHINGTON — Sales of existing homes fell in March, the seventh drop in the past eight months, as the spring sales season got off to a rocky start.
  2008-04-22 10:07:33

• B of A to tighten mortgage loan standards (Daily Breeze)

  The move will come after a $4 billion deal to acquire Countrywide.
  2008-04-22 10:09:22

• National And International Report / Citigroup shareholders re-elect, blast directors (Pioneer Press)

  Citigroup's board directors have been re-elected, but were shelled with criticism at Tuesday's annual meeting of shareholders, who have seen their stock in the bank lose half its value since they convened a year ago.
  2008-04-22 10:17:54

• LendingTree says workers revealed customer passwords (Pioneer Press)

  LendingTree, the popular online lending exchange, is contacting customers nationally about a security breach involving loan request forms submitted on the Web from late 2006 through early this year.
  2008-04-22 10:18:27

• Darling urges lenders to cut home loan cost (Gulf Times)

  LONDON: British Finance Minister Alistair Darling pressured mortgage lenders yesterday to bring down the cost of home loans as policymakers are getting worried about the housing market.
  2008-04-22 10:25:23

• Fannie Mae gets tough on borrowers (Los Angeles Times)

  New rules will discourage homeowners from walking away from their loans Fannie Mae, the largest U.S. mortgage finance company, said Tuesday that it planned to change its guidelines to discourage homeowners from walking away from their loans.
  2008-04-22 10:27:01

• Local News> The 2008/09 Budget - A review (Jamaica Gleaner)

  Minister Audley Shaw's 2008/09 Budget presentation in Parliament last Thursday was the first by a Jamaica Labour Party (JLP) administration in 20 years.
  2008-04-22 01:47:26

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