Latest News in Mortgages Home Loans – Jan 31, 2008

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MBIA Posts Biggest Loss, Considers New Capital Plans (Update2)
Bloomberg – MBIA is reeling from an expansion out of municipal securities into guaranteeing collateralized debt obligations, which repackage assets such as mortgage bonds and buyout loans into new securities with varying risk. As the value of some CDOs plummet …

Merrill Lynch to cut back on its CDOs
Boston Globe – NEW YORK – Merrill Lynch & Co., the world’s largest brokerage, will cut back on packaging home loans and consumer debts into securities after the collapse of the subprime mortgage market eroded demand for the products. “Opportunities in many areas …

Nomura Net Falls as Banking Fees Slump, Costs Swell (Update1)
Bloomberg – Nomura closed its Chicago office last year and took a 73 billion yen writedown on mortgage loans in the second quarter, leading to its first loss in four years. “Nomura should expand investment banking in Asia, where it can be an adviser …

Ranieri’s Franklin Bank Gets Battered by U.S. Mortgage Collapse
Bloomberg – The company used its retail deposits, plus another $2 billion in Federal Home Loan Bank system advances and brokered deposits, to finance a mortgage business with 45 offices in 22 states. Franklin financed $1.28 billion of loans to …

S&P Mulls $500B in Mortgage Downgrades
Newsday – S&P has downgraded or is considering downgrading $270.1 billion in “mortgage-backed securities,” or bonds deriving their payments from home loans. Assuming more people, strapped by the struggling housing market, will not be able to repay their debts …

Commercial mortgage market faces shortfall
Globe and Mail – Home � National British Columbia Prairies Ontario Quebec Atlantic Politics Education World Americas Europe Asia-Pacific Africa … A form of bond comprised of commercial mortgage loans that are packaged and sold to investors, CMBS issuance went from $200 …

HSBC Cuts Hong Kong Lending Rate to Near 3-Year Low (Update1)
Bloomberg – The city’s banks approved HK$213.9 billion ($27 billion) worth of new mortgage loans in 2007, the most in a decade, as falling interest rates and quickening inflation spurred demand for property. Hong Kong developers completed 10,500 …

HUD Sec’y: Fear of banks led to mortgage crisis
Chicago Sun-Times – With painful memories of the redlining that went on during the 1950?s and `60?s, minorities fearful that they would be denied home loans steered clear of banks, Jackson said. Instead, they took their business to mortgage insurance companies that …

FBI probes firms over risky loans
Miami Herald – … officials did not identify the companies under investigation but said the wide-ranging probe, which began in spring 2007, involves companies across the financial services industry, from mortgage lenders to investment banks that bundle home loans into …

UPDATE 2-U.S. mortgage applications near 4-year high-MBA

Forbes – Mortgage rates at their lowest in more than two years have begun stirring homeowners that hunkered down after seeing home prices drop and mortgage lenders post big losses on bad loans, brokers said. A federal stimulus plan that would make jumbo …

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