Banking | Belts Tighten to Cope With Mortgage Mess
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The Washington region's financial sector reflects the industry nationwide, with stock prices dropping, companies incurring losses from sour mortgages and private-equity investors pulling back on takeovers because of tighter lending.
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The proposal by federal regulators comes as subprime mortgages have come under stress and scrutiny.
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Lenders say the move which tightened ÂexoticÂ mortgages might stifle the use of loans that make houses more affordable.
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Countrywide Financial, the nationâs largest mortgage lender, said yesterday that it had lined up $12 billion of financing to help weather a housing slowdown that it expects to lead to widespread layoffs.
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The Federal Reserve and other banking regulators issued guidance today urging loan service companies to work with borrowers in danger of defaulting on home mortgages.
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Mortgage products aren't the problem. Borrowers are.
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The world's major central banks face the delicate balancing act of trying to ease the global credit crunch sparked by the US subprime home loan crisis while trying to rein in rising inflation.
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People taking out home mortgages may gain new protections soon against shady lending practices as the Federal Reserve seeks to back even the riskiest borrowers, already hit hardest by the housing and credit crunches.
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As problems in the subprime mortgage industry sends ripples through the economy, shopping centers are being caught in the credit squeeze.
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Six of the biggest US banks are expected to announce plans to offer more help to those struggling with mortgages.
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Banks in the United States tightened their lending standards and terms for businesses and consumers alike amid a deteriorating economic outlook, a Federal Reserve survey showed on Monday.
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Distinctions between local economies are being overridden by a mortgage market that has made it more difficult for many would-be home-buyers to obtain financing.
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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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Aggressive moves to cut interest rates by America's central bank are intended to stave off a financial meltdown.
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Banks were reeling from a credit crunch. Mortgage firms were collapsing. A steep recession was looming. So the U.S. government set up a corporation to buy troubled home loans and distressed properties, stabilizing the financial system.
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RIVERVIEW, Fla., Jan. 25 -- Piece by piece, as the economy has faltered and as the subprime mortgage crisis has taken hold, Ivan Toledo's grasp on his job, his house -- his entire middle-class life -- has come undone.
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New reforms aim to avert another Rock-style crisis as consumers and firms face worsening of credit supply