Mortgage and Financial News From 2008-3-6 Page 7

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• Fitch downgrades Sinhaputhra Finance’s rating (Daily News)

  Fitch Ratings Lanka has downgraded the National Long-term rating of Sinhaputhra Finance Limited (SFL) to ‘BB-(lka)’ (BB minus(lka)) from ‘BB(lka)’. The outlook is negative.
  2008-03-06 11:39:30

• Thornburg plummets on bankruptcy worry (Washington Post)

  NEW YORK (Reuters) - Thornburg Mortgage Inc (TMA.N) shares plummeted on Thursday on worries the "jumbo" mortgage lender might go bankrupt, after its failure to meet a margin call triggered defaults under other lending agreements.
  2008-03-06 03:29:02

• Gloom set to worsen as threat of spiral grows (Financial Times)

  The spread of the credit crunch to prime agency mortgages on Thursday – with warnings from Amsterdam-listed Carlyle Capital that it had defaulted on margin calls from lenders – threatens a spiral of declining prices and forced loan repayments, according to banks and investors.
  2008-03-06 03:50:12

• FHA Loan Limits Increase

  KPHO - ... support, could allow thousands of Arizona families to be eligible over the next several months for safe, affordable mortgages ... Homeowners' percentage of equity slipped to a revised lower 49.6 percent in the second quarter of 2007, the central bank ...
  2008-03-06 10:36:00

• S.C. foreclosures rise

  Charlotte.com - ... Bankers Association's quarterly report on home mortgages showed 1.86 percent of South Carolina mortgages in the October-through-December period were in foreclosure, up from 1.68 percent in the third quarter. It was the highest rate since the second ...
  2008-03-06 10:22:00

• Earnings roundup: Blockbuster, Carrefour

  Boston Globe - PARIS (AP) -- Carrefour SA, the world's second-largest retailer after Wal-Mart , reported annual profits of $3.5 billion ... Thursday fourth-quarter earnings fell 32 percent as the insurer booked losses on investments related to subprime mortgages.
  2008-03-06 08:56:00

• U.S. Stocks Drop, Led by Banks, as Foreclosures Climb to Record

  Bloomberg - The collapse in subprime mortgages has caused at least $181 billion of writedowns and credit losses worldwide, prompting banks ... rivals had their first-quarter profit estimates cut by Keefe, Bruyette & Woods Inc. analyst Lauren Smith for the second time ...
  2008-03-06 12:16:00

• U.S. Mortgage Foreclosures Rise as Owners `Give Up' (Update3)

  Bloomberg - Forty-two percent of new foreclosures in the fourth quarter were people with adjustable-rate subprime mortgages, given to ... The Realtors' index of signed purchase agreements held at 85.9, higher than forecast and the second-lowest level since the ...
  2008-03-06 09:46:00

• How the French invented subprime in 1719

  Financial Times - It could be the story of subprime mortgages in the US; but it is not. It is, in fact, the story of government debt in France ... This striking idea tied into the second part of his scheme: a massive monetary stimulus provided by a newly founded central ...
  2008-03-06 01:35:00

• Foreclosures at record as household wealth falls

  Reuters - While the rate of failing loans swelled across most mortgages, it was led by a growing wave of subprime borrowers unable to ... fell to 47.9 percent in the closing quarter last year from 48.9 percent in the third quarter and 49.6 percent in the second ...
  2008-03-06 12:16:00

• AP Business NewsBrief at 3:40 p.m. EST

  CNBC - Homeowners' portion of equity slipped to downwardly revised 49.6 percent in the second quarter of 2007, the central bank ... concerns after Thornburg Mortgage Inc. and a Carlyle Group bond fund disclosed troubles with investments backed by mortgages.
  2008-03-06 12:16:00

• Credit crunch catches up with Goldman

  Reuters - Relative to Goldman's enormous trading and investment operations, mortgages are a bit player. ... The average estimate for 2008 earnings, down modestly during the second half last year, plunged 13 percent since February ...
  2008-03-06 01:28:00

• Hurdles For Jumbo Borrowers

  CNBC - As it stands, mortgages above $417,000 on single-family homes are considered “jumbo” , or non-conforming, in that they are ... One is to take out a second mortgage. For example, if you’re in a market where the conforming limit is going to remain at ...
  2008-03-06 01:42:00

• UPDATE 1-Washington Mutual debt protection costs jump

  Reuters - Standard & Poor's earlier cut WaMu's counterparty credit ratings one notch to "BBB," the second-lowest investment grade, from "BBB-plus," and said it may cut it again. The rating agency said it expects losses on residential mortgages to be worse than ...
  2008-03-06 09:17:00

• Stocks Slide Down The Housing Drain

  Forbes - Homeowner equity fell to 49.6% in a revised reading for the second quarter of 2007, and fell even harder to 47.9% in the fourth quarter, meaning that American homeowners have less equity in their homes than debt remaining on their mortgages.
  2008-03-06 01:42:00

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