Mortgage and Financial News From 2008-10-10 Page 10

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• GMAC slashing work force, reduces mortgage lending - San Francisco Gate

  Lender GMAC Financial Services said Wednesday it will close all of its 200 retail offices and lay off about 5,000 employees as part of plan to reduce its mortgage lending and servicing because of the housing market downturn. The majority of the ...
  2008-09-02 05:57:00

• Britannia passes on 0.5% rate cut (Channel 4)

  Britannia has became the first building society to pass on this week's 0.5% rate cut to its mortgage customers. The lender, which is the UK's second biggest building society with 250,000 borrowers, said it will cut its Standard Variable Rate (SVR) by half a point from November 1.
  2008-10-10 10:30:17

• The Wells Fargo-Wachovia deal explained (Atlanta Journal-Constitution)

  WHO'S BUYING WACHOVIA?
  2008-10-10 10:30:52

• Florida bankers say there’s money to lend (The Business Journal of Jacksonville)

  The Florida Bankers Association said banks in the state have money and are ready to lend to borrowers.
  2008-10-10 10:31:06

• Text of Bush's remarks Friday on the economy (Boston Globe)

  Text of President Bush's remarks on the economy Friday, as provided by the White House:
  2008-10-10 10:41:47

• Majority backs McCain’s $300B mortgage plan (The Business Journal of Phoenix)

  A majority of U.S. voters back a mortgage bailout plan forwarded by U.S. Sen. John McCain, R-Ariz., that would have the federal government buy distressed and upside down mortgages and refinance them so homeowners can avoid foreclosures and keep their homes.
  2008-10-10 10:54:46

• CA-BUSINESS Summary (The Globe and Mail)

  TORONTO (Reuters) - Canada plans to buy up to C$25 billion in insured mortgages to help cushion banks from the global financial crisis and address a "scarcity" of private-sector lending, Finance Minister Jim Flaherty said on Friday.
  2008-10-10 10:58:12

• Canada Stocks Slide as Commodities Drop; Suncor, Manulife Fall (Bloomberg)

  Oct. 10 (Bloomberg) -- Canadian stocks slid, sending the main index toward its worst weekly drop since the crash of 1987, as the deepening credit crisis heightened concern that the world is poised for a recession.
  2008-10-10 10:58:46

• Markets Friday: FTSE off the worst...for now (Investors Chronicle)

  Leading shares continued to tumble in London this morning in heavy volume of £2.34bn. However, the extent of early losses, which saw the FTSE100 index down 439 points soon after the opening, was reversed as the morning progressed.
  2008-10-10 09:25:14

• McCain's Mortgage Plan Calls for Lowering Rates for Homeowners (Bloomberg)

  Oct. 10 (Bloomberg) -- Republican John McCain 's plan to refinance distressed home loans includes cutting mortgage rates to just above 5 percent for troubled borrowers, an adviser said.
  2008-10-10 09:25:59

• Turmoil to last at least a year (The Manila Times)

  The world remains in turmoil. Share prices in Asia and the rest of the world are nose-diving to their five-year lows.
  2008-10-10 09:27:53

• North America Property Sectors: A Company and Industry Analysis (August 2008) Focuses on the Current Environment, ... (Business Wire via Yahoo! Finance)

  DUBLIN, Ireland----Research and Markets has announced the addition of the "North America Property Sectors : A Company and Industry Analysis " report to their offering.
  2008-10-10 09:28:00

• Bank-to-bank lending remains extremely expensive (Houston Chronicle)

  Traders will be closely watching the G-7 finance ministers meeting this weekend, and hoping the officials will consider guaranteeing lending between banks — which could potentially bring down the relentlessly high key lending rate known as Libor.
  2008-10-10 09:31:25

• What rate cut? Interbank lending rates keep rising (The Post-Standard)

  NEW YORK (AP) — Governments around the world have slashed interest rates and ramped up their lending to unprecendented levels, but banks are still charging each other extremely high borrowing rates — a bad sign for the credit markets that remain close to paralysis.
  2008-10-10 09:33:17

• Scarred by Past Woes, Japan Sees U.S. Bailout as a First Step (New York Times)

  Japan?s bitter memories of its banking meltdown in the 1990s made it sympathetic to Washington?s bailout efforts and reluctant to lecture America.
  2008-10-10 09:35:55

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