Insurer dumps mortgage pledge
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Standard Life, Europe's biggest mutual insurer, says that it is unable to keep its promise to make up the shortfall in people's endowment mortgages.
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The bond insurer said that a former chief executive, Joseph âJayâ Brown, would replace Gary Dunton as it scrambles to maintain a top credit rating amid mortgage-related losses.
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MBIA Inc, the world's largest bond  insurer, said it had guaranteed $8.1 billion of the riskiest  mortgage securities, imperiling its entire net worth and  sending its shares plunging 26 percent.
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JPMorgan said that its exposure to subprime mortgages devalued its portfolio by $1.3 billion.
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WASHINGTON - Fannie Mae, the giant mortgage finance company, Monday agreed to abandon accounting methods its regulator criticized last week as being used to manipulate financial results.
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The nationâs largest mortgage lender and loan servicer reported a $1.2 billion loss in the third quarter of 2007 but said that it expected to return to profitability by the end of the year.
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Countrywide Financial Corp. ,  the largest U.S. mortgage lender, on Friday told its brokers to  stop offering borrowers the option of no-money-down home loans,  according to a document obtained by Reuters.
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The move puts more pressure on the company to close its subprime mortgage unit and shed other divisions not tied to the core tax business.
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Bank of America Corp  on  Thursday said it will stop offering home mortgages through  brokers by the end of the year, resulting in a loss of 700  jobs, so that it may focus on lending directly to consumers.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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Fallout from the housing slump on mortgage and real estate companies deepened on Tuesday, as title insurer First American Corp  and subprime lender NovaStar Financial Inc  announced job cuts and NovaStar's auditor expressed doubt that the company will survive.
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Bye-bye, PMI. So long, souped-up interest. Time to streamline your mortgage budget.
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HSBC said it would close Decision One Mortgage, cutting 750 jobs and taking $945 million in charges and write-downs, because it is no longer sustainable.
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Freddie Mac , the No. 2 U.S. mortgage finance company, said on Monday it will no longer serve as a broker dealer in the multi-trillion-dollar mortgage bond market, a move some said is designed to lower risk and placate regulators.
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Government-sponsored lender Freddie Mac said Monday that it will restructure some of its mortgage securities operations, primarily by ceasing the market-making activities of its Securities
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Accredited Home Lenders Holding Co , a struggling subprime mortgage lender, on Tuesday posted a $260.2 million quarterly loss and said it remained unsure it would survive the fallout from a slumping U.S. housing market.
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New fallout from the United States housing slump hit mortgage and real estate companies yesterday as the subprime lender NovaStar Financial and the title insurer the First American Corporation announced job cuts, and NovaStarâs auditor expressed doubt that the company would survive.