Latest News in Mortgages Home Loans – Jan 18, 2008

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Uphill fight in revising home loans
New York Daily News – New foreclosures in the third quarter of 2007 was 60% higher than the number of borrowers the industry was able to help, a trade group said yesterday. Nevertheless, the Mortgage Bankers Association said its analysis shows banks are working hard to …

Bringing bankruptcy home
Los Angeles Times – When servicers are unwilling or unable to voluntarily modify exploding, unsustainable home mortgage loans, Congress has a duty to consider involuntary modification in bankruptcy court, where the same relief is granted on all other secured loans. The …

UBS Scales Back Risk, Closes a U.S. Proprietary Unit (Update2)
Bloomberg – The Zurich-based bank wrote down the value of debt securities and leveraged loans as U.S. subprime-mortgage turmoil caused credit markets to slump. “We will continue to examine and refine our strategy, with the objective of improving …

MBIA, Ambac Bond Default Risk Exceeds 70%, Swaps Show (Update1)
Bloomberg – … sold by thousands of municipalities across the country, as well as subprime-mortgage … Credit-default swaps are financial instruments based on bonds and loans that are … London’s Growing French Foreign Legion Shuns Sarkozy’s Plea to Return Home

U.K. Retail Sales Unexpectedly Fall Most in 11 Months (Update3)
Bloomberg – … its benchmark rate by a quarter point to 5.5 percent in December to help stem the fallout from the U.S. subprime mortgage … Consumers may still pare spending as banks curb loans and the economy starts to slow. “While only a minority of households …

Industry Turmoil Slams Washington Mutual
Chicago Tribune – WaMu’s mortgage division was hit hardest in the quarter. Its home loans volume sank 97 percent to $19.09 billion compared with the fourth quarter of 2006, and the division’s net loss totaled $1.96 billion, compared with a loss of $124 million in the …

UBS to revamp investment bank

Globe and Mail – Home � National British Columbia Prairies Ontario Quebec Atlantic Politics Education World … Marcel Rohner also said in a memo to staff it will spin off its distressed mortgage … after a growing number of borrowers with poor credit histories defaulted on loans …

New-home construction falls most in 27 years
Baltimore Sun – … into another recession as consumers are staggered by the housing slump – which has pushed home values down in many parts of the country. Consumers also have been faced with rising mortgage defaults and a severe credit crunch, which has made loans …

ECB Says Banks Expect Funds Squeeze in Coming Months (Update1)
Bloomberg – Demand for mortgage loans dropped “considerably” and was “significantly negative” last quarter, the ECB said. Financial institutions are trying to protect their balance sheets after the jump in credit costs made it more expensive for …

Merrill posts $9.91 billion loss for quarter
Baltimore Sun – There is also increasing evidence that mortgage delinquencies are spilling over into credit cards, home equity loans, and other areas. “I don’t think you should anticipate any further problems of this magnitude,” Thain said in a conference call with …

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