Filed Sep 10, 2007 at 4:27 PM ·
One of the couple’s Pleasantville neighbors seemed pretty sure business problems were at the root of the shocking news. “I know they’re mortgage brokers,” Peter Passidomo said. “And I know it’s been a tough business, so I assume they might have had financial difficulty.”
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Filed Aug 14, 2007 at 7:06 PM ·
Southern California home sales continued to slump in July, falling 27% from year-ago levels, and are now running 54% below peak levels reached in July 2003, DataQuick reported today. Some industry experts have warned that August sales may be even weaker, given the widening credit squeeze that has spread to non-subprime mortgages.
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Filed Aug 14, 2007 at 7:04 PM ·
"They're saying that we're heading for a recession but I think we're past that," said Setterlund, referring to the housing glut and its effect across much of south Florida. "I think we're headed more into a depression."
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Filed Jul 31, 2007 at 9:33 PM ·
American Home Mortgage Investment Corp. shares plunged 90 percent after the lender said it doesn't have cash to fund new loans, stranding thousands of home buyers and putting the company on the brink of failure.
Investment banks cut off credit lines, leaving American Home without money yesterday for $300 million of mortgages it had already promised, the Melville, New York-based company said in a statement today. It anticipates that $450 million to $500 million of loans probably won't get funded today, and the lender may have to sell off its assets.
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Filed Jun 13, 2007 at 4:00 PM ·
U.S. home foreclosures in May jumped 90% from a year earlier, reflecting a poor spring
housing market and foreshadowing even higher levels later in 2007, real estate data firm RealtyTrac said on Tuesday.
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Filed Apr 02, 2007 at 5:28 PM ·
New Century Financial Corp., overwhelmed by rising defaults from borrowers with poor credit records, became the largest subprime mortgage lender ever to fail as it filed for bankruptcy today.
New Century plans to sell most of its assets within 45 days, said the Chapter 11 filing in federal court in Wilmington, Delaware. About 3,200 people, more than half the workforce at the Irvine, California-based company, will be fired. New Century said it already agreed to sell its mortgage billing and collections unit to Carrington Capital Management LLC for $139 million.
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Filed Mar 06, 2007 at 5:52 PM ·
Alan Greenspan risked stirring renewed controversy on Tuesday when he told Bloomberg news agency that there was a “one-third probability” of a US recession this year.
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Filed Feb 27, 2007 at 6:28 PM ·
"For the last several months I have been hemming and hawing on whether we have reached bottom," said David Lereah, chief economist for the Realtors. He said that the January report was an encouraging sign that the bottom for sales activity was reached last September with sales expected to stabilize this year.
But he cautioned that the warm weather in December boosted home closing in January, the activity that is tracked in the Realtors report. He said there could be a bit of a payback in coming months.
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