Mortgage and Financial News From 2008-9-30

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• FOCUS: UK Banks Press For Govt Help As Mortgages Evaporate - Wall Street Journal

  LONDON (Dow Jones)--U.K. mortgage lending ground to a virtual halt in August, adding urgency to lenders' calls for government intervention in the market. Data released by the BOE Monday showed that U.K. net mortgage lending sank to GBP143 million in ...
  2008-09-29 10:25:00

• Government mortgage report delayed after crisis - Times Online

  A crucial report that could kick-start Britain’s moribund mortgage market has been delayed by a fortnight so it can be updated to take September’s market turbulence into account. The report by a committee led by Sir James Crosby, the former chief ...
  2008-09-29 03:23:00

• From the Los Angeles Times - amNewYork

  From the Los Angeles TimesamNewYork, New York - 5 minutes ago... lenders and other business groups sought to block language that would allow struggling homeowners to have mortgage debt forgiven in bankruptcy cases. ...
  2008-09-30 12:27:56

• Lawmakers scramble after bailout bill is rejected (Everett Herald)

  WASHINGTON -- A bipartisan rebellion in the House killed a $700 billion rescue plan for the nation's financial system Monday, sending global stock prices plunging and dealing President Bush his worst legislative defeat.
  2008-09-30 12:15:27

• Credit woes pinching SLO County borrowers (The San Luis Obispo Tribune)

  Loans are still available locally for first-time homebuyers and small businesses, but the crisis on Wall Street has heightened concern about further credit tightening at a time of economic uncertainty. “Wall Street’s troubles are definitely having a negative impact on Main Street in San Luis Obispo County,’’ said Mike Manchak, president of the Economic Vitality Corp. of San Luis Obispo County. ...
  2008-09-30 12:16:54

• The day when buy-to-let died: How the B&B debacle brings mortgage hikes and repossessions closer (Daily Mail)

  The collapse of Bradford & Bingley sounds the death knell for buy-to-let. 1.1million British investors put their money into property for rent, borrowing against value of their family homes.
  2008-09-30 12:17:49

• Bailout unravels (The Arizona Republic)

  The House of Representatives stuns the White House and Wall Street by rejecting the Bush administration's $700 billion rescue plan for the nation's financial system.
  2008-09-30 12:21:21

• Next Steps In Bailout Process Remain Unclear (Hartford Courant)

  The nation's economy was put on hold Monday, and no one's sure what happens next.
  2008-09-30 12:21:24

• You Can Bank On Me (Daily Record)

  GORDON Brown yesterday vowed that the Government are on standby to rescue more high street banks from collapse. The Prime Minister said he would do "whatever it takes" to beat the crisis.
  2008-09-30 12:22:11

• Freddie, Fannie accounting under legal scrutiny (Accountancy Age)

  US mortgage lenders Freddie Mac and Fannie Mae , which were taken over by the government earlier this month, have been subpoanaed by the US Attourney’s office at the request of the Securities and Exchange Commission (SEC).
  2008-09-30 12:28:12

• Citigroup to buy Wachovia banking operations (Spartanburg Herald-Journal)

  Published: Monday, September 29, 2008 at 9:02 a.m. Last Modified: Monday, September 29, 2008 at 4:50 p.m.
  2008-09-30 12:29:30

• Ripple effects on `Main Street' (Miami Herald)

  Credit could get tighter in coming days, more banks could fail, and jobs may be lost in South Florida, if the economic scenario unfolds as many fear after Congress dealt a stunning defeat to a $700-billion bailout plan.
  2008-09-30 12:31:41

• Democratic candidate: More sub-prime regulation necessary (The Star Press)

  PORTLAND -- The home foreclosure crisis for Hoosiers became a hot button in the Indiana House District 33 race Monday with Democratic challenger Andy Schemenaur wanting more state regulations on sub-prime loans.
  2008-09-30 12:31:49

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