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Challenge to BofA`s modified mortgages Lender facing legal challenge over a multi-billion dollar promise to modify home loans for 400,000 borrowers. Greenwich Financial Services wants to force it to buy back about $80bn of mortgages at face value FT.comInvestors sue Countrywide to force loans purchase (Reuters) A group of bond investors sued Bank of America -owned Countrywide Financial on Monday demanding that Countrywide buy every mortgage loan for which it agrees to reduce payments under a predatory lending settlement deal. yahoo.comPaulson leaves door open for FDIC mortgage modification plan Treasury Secretary Henry Paulson indicates he might support a new approach to slowing foreclosures, but he didn't go so far as to back a proposal introduced last month by Federal Deposit Insurance Corp. chief Sheila Bair. Market WatchAdministration was warned of economy`s collapse WASHINGTON -- The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. Seattle Post-IntelligencerConsumers struggling to repay debts as credit dries up Since the tightening of lending criteria has been adopted by banks, mortgages and credit have been hard to come by and a recent survey conducted by PricewaterhouseCoopers (PwC) revealed that 20% of UK credit customers are worried about the future availability of credit.The survey was carried out by PwC as part of 'Precious Plastic', its [...] TelegraphSmaller Mortgage Lenders See Opportunity As many of the biggest U.S. banks continue to reduce mortgage lending, some regional institutions are picking up market share. Wall Street JournalBush Officials Delayed Crackdown on Risky Mortgages The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now fail... Big News NetworkBankers helped kill stiffer mortgage rule proposals The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. HoustonChronicle.comDrastic Plastic The Federal Reserve is trying to get consumer finance flowing again. The Fed announced a program last week that would provide as much as $200 billion in loans for securities backed by credit cards, auto loans, student loans, and loans guaranteed by the Small Business Administration.At the same time, however, financial institutions are scrambling to turn off the taps. Meredith Whitney, the banking analyst with Oppenheimer & Co., estimates that more than $2 trillion of credit-card lines will be pulled over the next 18 months. Such a retrenchment would be devastating to consumer spending, as credit cards are second only to jobs in their importance to consumer liquidity. "We are now beginning to see evidence of broad-based declines in overall consumer liquidity," she wrote, estimating a decline of 45 percent, according to Reuters. The credit-card market is lagging the mortgage market by 18 months and will begin to shrink by mid-2010, Whitney said.Many big lenders have been tr PortfolioMortgage lending plummets Mortgage lending collapsed during October, diving by nearly 70 per cent to reach the second lowest figure on record, the Bank of England said today. The Independent1 2 3 4 |
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Feedzilla is a news aggregator which categorizes news stories by topic. It is a platform where webmasters and bloggers can find an unmatched selection of easy to use, automatically updating and professional news widgets for their sites. Feedzilla supports the building of widgets in various formats, as well as allowing the addition of news widgets to different blogging platforms and social networks.
Feedzilla manually aggregates news summaries found in RSS feeds, and redistributes them in either RSS format or as a news widget. Content is collected 24 hours a day, 7 days a week from an ever-growing list of providers.
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9th of September 2009 - Interview of Feedzilla's founder at the IFA in Berlin. [More]