There’s been a lot of talking about it from lenders and government agencies, but there hasn’t been a lot of it going on.
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William Pool, St. Louis Federal Reserve President, said today that the recent US housing boom was fueled by subprime developments in the securities markets. “This cycle was really quite different and the boom was driven by the growth of the subprime market and the securitization of those markets,” Pool said during a policy conference hosted by the St. Louis Fed.
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After several years or record levels of commercial real estate investment, with soaring rents and building prices, the market has cooled off since the summer. With rising concerns of the credit market many recent acquisitions have dried up
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A New York city mortgage broker is under the microscope by investigators for a scheme to defraud mortgage applications. Jacob Milton, a manager at Griffin Mortgage Co., pleaded not guilty to charges of grand larceny, identity theft, and falsifying business records.
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Lance Anderson, President and Chief Operating Officer of NovaStar Financial, Inc., announced today that they entered into a final agreement to sell all of it’s servicing rights to Saxon Mortgage Services, Inc.
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Citigroup announced today that it’s combining it’s investment banking and alternative investment divisions into one lead by Vikram Pandit, a former Morgan Stanley executive.
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Countrywide Financial said in a meeting today that the mortgage loan fundings for September are 44 percent lower than September 2006. They are also now facing a potential federal investigation over the timing of it’s chief executive’s stock sales.
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Today Washington Mutual announced that they would put in place new standards for the mortgage brokers it does business with.
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The president of the National Association of Mortgage Brokers declared the industry to be “at war” against a number of parties.
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There’s no debate over the fact that the bad credit home loan - or subprime - industry is causing problems for numerous owners.
But there are differences of opinion over who should be held responsible for this issue.
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