Mortgage and Financial News From 2007-9-19 Page 19

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  • Hopes: Lower interest payments on credit cards and home-equity loans ...

    Philadelphia Daily News - The interest they pay on loans to one another immediately affects the prime interest rate, which is the rate lenders charge to their most creditworthy borrowers. Interest rates on lots of short-term loans - including credit card debt, auto loans, and ...
    2007-09-19 04:41:00

  • Bank of New York cuts prime rate

    Boston Globe - NEW YORK -- Bank of New York Mellon Corp. on Wednesday reduced its prime rate from 8.25 percent to 7.75 percent, effective immediately. A prime rate is the lowest rate of interest on bank loans at a given time and place, offered to preferred ...
    2007-09-19 07:47:00

  • OceanFreight Inc. Grows Fleet to Nine Vessels With the

    MSN MoneyCentral - Our first use of this expanded credit availability is to refinance our existing loan and add a ninth Panamax dry bulk vessel to our fleet. The Augusta, built in 1996, will commence a one-year charter at the net daily rate of $57,000 when she is ...
    2007-09-19 04:19:00

  • Foreclosures countywide jumped 80% in August

    San Diego Union-Tribune - This means fewer opportunities for borrowers in trouble to refinance. Gabe del Rio, president of the nonprofit Housing Opportunities Collaborative of San Diego, counsels homeowners trying to avoid foreclosure. “What we are seeing is people have ...
    2007-09-19 04:41:00

  • OceanFreight Buying Vessel for $61.6M

    MSN MoneyCentral - The credit agreement, which includes a $200 million revolving credit facility and a $125 million delayed draw term loan, will also be used to refinance an existing loan. © 2007 The Associated Press. All rights reserved. This material may not be ...
    2007-09-19 04:55:00

  • Mortgage applications rise 2.4%

    Dallas Morning News - Mortgage applications in the U.S. rose 2.4 percent last week, led by gains in refinancing. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan rose to 673.2 from 657.4 the prior week. The group's purchase index ...
    2007-09-19 09:06:00

  • Mortgage-interest tax break lacking in benefits

    Boston Online - You can deduct interest only on the original amount of the loan at the time you refinance, plus $100,000. For example, let's say you purchased your home 10 years ago for $100,000 and took out a loan for $80,000. Since then, you have paid the loan ...
    2007-09-19 05:38:00

  • Let me take that vacant lot off your hands

    Boston Online - But I want to refinance the mortgage. What should I do? --Dona H. DEAR DONA: Because your husband died without a will, that means he died "intestate" so the state law will determine who inherited his assets. The local probate court will decide who ...
    2007-09-19 05:38:00

  • Cleveland's workers left to pick up pieces in property collapse

    Guardian Unlimited - Many had one or two-year "teaser" rates which are expiring as property prices weaken, leaving homeowners struggling with a jump in repayments yet unable to refinance with alternative lenders. Ohio economist, Jack Kleinhenz, said: "The circumstances ...
    2007-09-19 06:57:00

  • Fed and BoE soothe markets

    MSN UK News - The crisis could roll on for months as U.S. mortgage borrowers become due to refinance low early payments on their loans at higher rates, and as other high-risk debt deals unravel. Senior bankers said lending to European blue-chip companies was ...
    2007-09-19 08:01:00

  • Senate banking panel passes FHA reform

    Reuters - ... in 1934 during the Depression, was designed to help first-time homebuyers win favorable loan terms by guaranteeing mortgage payments to lenders. The legislation passed Wednesday broadens underwriting standards so that current homeowners can refinance ...
    2007-09-19 07:54:00

  • Northern Rock tumbles to all-time low

    MSN UK News - A global credit crunch means any bank will also be wary of having to refinance Northern Rock's balance sheet in money markets until liquidity and stability return, analysts said. The Bank on Wednesday offered to pump cash into money markets next week ...
    2007-09-19 10:24:00

  • Asseco jumps on cut in price for Prokom stake, mulls further takeovers ...

    Forbes - Asseco said it would finance the Prokom stake with bank loans, backing away from initial plans to refinance it with a new issue of shares, and also outlined investment plans which it said would drive its bottom line sharply higher. The company said it ...
    2007-09-19 09:06:00

  • UPDATE 1-US Senate banking panel OK's housing admin reform

    Reuters - The new legislation broadens underwriting standards so that current homeowners can refinance before they lose their homes. On Tuesday, the House of Representatives passed its own version of FHA reform. If the full Senate passes the legislation ...
    2007-09-19 09:34:00

  • After Fed cut, debt market problems persist

    CNN Money - We're still at an early stage and there's still quite a lot to refinance," said Ostwald. The Fed is anxious to restore stability to the credit markets, but it will take time to get them functioning normally. Ratings agency Moody's expects the repricing ...
    2007-09-19 09:56:00

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