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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Angelo Mozilo, Countrywide’s co-founder and CEO, is under investigation by financial regulators for selling 130 million dollars with of shares at the start to the subprime crisis which crippled the industry over the summer. Wall Street Journal reported last night that the Securities and Exchange Commission has begun an informal inquiry into trades.
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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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According to a survey done by the Mortgage Bankers Association mortgage loan applications were up .7% when compared to the same week during 2006. This is the second week in a row applications have been up since the previous two week run of lowered applications.
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The final numbers are in from the National Association of Realtors and as expected 2006 suffered a large drop in prices. After a five year boom driven by a strong economy and low interest rates the real estate market started to fall in 2006.
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At this speech Ben Bernanke, Chairman of the Federal Reserve, stated that the past several months have been an eventful period for the US economy. That many of the financial markets have had increased concerns about credit quality because of investor fear.
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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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During a meeting today about the housing market Treasury Secretary Henry Paulson warned that the housing correction will continue to hurt the US economy and financial markets for some time. He also asked for assistance from public private partnerships to address the issues in the mortgage industry that brought on this credit crisis.
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Odds of the us resession are less than half. Greenspan stated today when asked about whether or not the international growth would slow down that “we certainly expect something because the lesser developed countries are doing exceptionally well.”
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