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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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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According to Freddie Mac mortgage rates on a 30-year fixed rate mortgage lowered last week. The average 30 year fixed rate mortgage was going for 6.37 percent vs. 6.42 percent from the week before.
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Despite a bad job report, jitters on Wall Street and a housing slump, the Federal Reserve appears reluctant to try to jolt the economy with a major cut of the central bank’s key short-term interest rate.
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Wall Street players aren’t the only ones with a lot riding on whether the Federal Reserve cuts interest rates Tuesday - everyone could see dramatic changes.
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U.S. home mortgage rates dropped in the latest week, which could help home buyers who are looking to refinance, Freddie Mac reported Thursday.
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The number of adjustable rate mortgages (ARMs) up for reset is set to peak this fall, with an estimated $50 billion poised to adjust to higher rates.
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U.S. home loan rates changed very little this week as some small increases in various economic figures left experts guessing, Freddie Mac reports.
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