Rate Agencies Move Toward Downgrading Some Mortgage Bonds
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The move was a tacit acknowledgment that credit rating firms might have been too optimistic about the housing market.
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Bank regulators tightened standards for mortgage lending on Friday in a bid to curtail risky practices that have been blamed for a record level of foreclosures.
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New applications for US home loans fell last week from a four-month high even as 30-year mortgage rates declined to their lowest level since late March, an industry group said on Wednesday.
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With the housing market in decline, financial predators are finding yet another way to take advantage of people who fall behind on their payments.
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Moody's Investors Service lowered the credit ratings on $5.2 billion of bonds backed by subprime mortgages and Standard &amp; Poor's said it may cut ratings on $12 billion as the companies seek to deflect criticism they were too slow to act as home-loan defaults rose.
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Mortgage losses and legal fees weigh down the institutional money manager.
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Interest rates on U.S. 30- and 15-year mortgages fell this week to their lowest levels since early April as the housing market showed little sign of slowing despite the Federal Reserve's move to raise interest rates, mortgage finance company Freddie Mac said on Thursday.
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New applications for U.S. home loans eased last week for the second week in a row even though 30-year mortgage interest rates decreased slightly, an industry group said on Wednesday.
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A disappointing November employment report helped push mortgage rates lower this week, according to Freddie Mac&#39;s weekly mortgage survey.
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WASHINGTON -- Rates on 30-year mortgages dropped this week to the lowest point in four months, providing some relief for people hoping to refinance their existing mortgages.
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New applications for U.S. home loans  fell last week even as average 30-year mortgage rates decreased  from the previous week, an industry group said on Wednesday.
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The shares of U.S. commercial and investment banks fell on Tuesday after two bond rating agencies started to downgrade billions of dollars of securities backed by subprime bonds, triggering concerns that bond sales and lending businesses could slow.
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WASHINGTON -- The Federal Reserve and other banking regulators issued special guidance Tuesday urging loan service companies to work with borrowers in danger of defaulting on their home mortgages.
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A number of U.S. states are setting up funds to help homeowners with risky subprime mortgages refinance to more affordable loans in a bid to slow the rate of home foreclosures, The Wall Street Journal reported on its Web site.
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The latest rumblings from the U.S. mortgage debacle is seen turning bond bears timid in the coming weeks or at least until the extent of contamination from subprime assets is clear.
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Interest rates on US 30-year and 15-year mortgages fell to their lowest levels since early April, spurring more consumers to purchase their own homes, mortgage finance company Freddie Mac said on Thursday.
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US home buyers may see a slight rise in mortgage rates if housing finance company Fannie Mae , which is mired in an accounting scandal, slows purchases of bonds backed by home loans in response to new rules imposed by regulators.