Mortgage and Financial News From 2008-3-7 Page 9

Previous Day: 2008-03-06

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• Companies planned fewer layoffs during February

  MSNBC - NEW YORK - Planned layoffs by U.S. companies fell by 14.2 percent in February compared with the same month a year ago ... Following last year's mortgage market debacle and subsequent credit crisis, the financial sector has dominated job-cutting ...
  2008-03-05 10:30:00

• Execs get bipartisan reaction to pay testimony: Derision from Dems ...

  San Diego Union-Tribune - WASHINGTON – Democratic lawmakers say top banking industry executives were paid far too much in salary, retirement and bonuses while their companies' fortunes declined. So how much is too much? And just how much did they take home? Three prominent ...
  2008-03-07 08:55:00

• US swap spreads ease as mortgage market stabilizes

  Reuters - ... March 7 (Reuters) - The cost to hedge against U.S. interest rate swings fell from record highs on Friday as the mortgage ... interest rate swap contracts, ended sharply higher than a week ago due to persistent credit tightness and financial companies ...
  2008-03-07 01:48:00

• CEOs defend their high pay on Hill

  Miami Herald - Three corporate executives called in for a shaming by Democratic lawmakers Friday defended raking in hundreds of millions of dollars despite contributing to the subprime mortgage crisis that has their companies reeling from losses and the nation on ...
  2008-03-07 01:48:00

• Subprime CEOs face grilling

  Reuters - The handsome compensation of some financial executives in recent months has contrasted starkly with the billions of dollars in losses being recorded by their companies due to the deflating home price bubble and the subprime mortgage debacle.
  2008-03-07 11:11:00

• Dangerous cracks appearing in job market

  MSN MoneyCentral - Factories, construction companies, mortgage brokers, real-estate firms, retailers, temporary-help firms, child day-care providers, hotels, educational services, accounting firms and computer designers were among those shedding jobs.
  2008-03-07 12:44:00

• Thornburg Mortgage future in doubt

  CNN Money - SANTA FE, N.M. (AP) -- Thornburg Mortgage Inc. said Friday it does not have enough cash to cover current margin calls and it ... As those prices fell, companies like Thornburg have been forced to reduce the value of their holdings, regardless of actual ...
  2008-03-07 12:44:00

• ALL BUSINESS: Financial companies look to secure better pay for CEOs ...

  CNBC - Despite being hard hit by the housing and mortgage slump, some companies _ including Washington Mutual Inc. and Toll Brothers Inc. _ have made surprising changes in benchmarks for executive bonuses going forward.
  2008-03-07 10:06:00

• FHA and others are lifting limits on mortgages

  Seattle Times - FHA loans, as well as those financed by Fannie Mae and Freddie Mac, are available at banks, credit unions and mortgage companies. The new loan limits were enacted the same day the Mortgage Bankers Association, in a quarterly look at the mortgage ...
  2008-03-07 01:12:00

• Pulte cannot omit mortgage risk proposal - report

  Reuters - The report said the SEC "to date has allowed home builders and financial services companies to omit a variety of proposals seeking to address risks related to mortgage lending practices or exposure to mortgage-backed securities.
  2008-03-07 01:12:00

• Thornburg Mortgage to Restate Its Financial Statements to Recognize ...

  MSN MoneyCentral - Thornburg Mortgage President and Chief Executive Officer Larry Goldstone noted that companies are required to value their asset portfolios at the price that the portfolio could be sold in the market as of the financial statement date.
  2008-03-07 10:21:00

• More Immigrants Buy Property in Mexico

  Forbes - Su Casita and other cross-border mortgage companies don't require proof of legal status in the U.S. - only that their clients have a job and can pass a credit check.
  2008-03-07 12:37:00

• Thornburg Can't Meet Margin Calls, Survival in Doubt (Update4)

  Bloomberg - Trading for such ``non-conforming'' loans has come to a standstill, cutting off a source of funds for mortgage companies and pushing down the value of their holdings.
  2008-03-07 01:48:00

• In California, a Generational Tale of Real Estate Boom and Bankruptcy (NYTimes.com via Yahoo! Finance)

  The story of the Dunmore family in California is the story of the nation’s housing crisis writ small, familial and mean.
  2008-03-07 02:40:02

• Economy Lost 63,000 Jobs in February (NYTimes.com via Yahoo! Finance)

  A report showing the fastest fall-off in the labor market in five years raised anticipation on Wall Street that the Federal Reserve will lower interest rates sharply later this month.
  2008-03-07 02:40:03

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