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HousingWire's Morning Radar provides a look at what's trending across media outlets nationwide.
With more Americans uprooting their lives for jobs and changing lifestyles, housing analysts believe a new type of mortgage rate is needed to accommodate the nation's many mobile citizens.
A New York Times report says in the future, borrowers may want to consider an adjustable-rate mortgage that allows homeowners to live for several years on fixed interest rates before switching into adjustable rates. The trend would challenge the long-held belief that the 30-year FRM is king, but times are changing, making way for hybrid products, the article suggests.
Strategic default Beverly Hills style
Even the poshest of neighborhoods are not immune to strategic defaulters. In fact, the U.K.'s Daily Mail says 180 Beverly Hills homes foreclosed, scheduled for auction or slapped with default notices. Most of the owners have mortgage loans tallying at least a million dollars. One family walked away from $6.9 million in mortgages after falling $250,000 behind on their payments.
Moody's rips Europe banks
Moody Investor Services sent shockwaves through the global banking system and sparked fury in London, as the ratings agency threatened to slash the credit scores of more than 100 banks in the wake of Europe's debt crisis, an igniting a fire storm in the press across the Atlantic.
The agency put the ratings of 114 banks in Europe under review as well as 17 investment banks, and coverage in the Evening Standard, published in the heart of London, gives a great roundup.
The move could hit 122 banks in total as nine of the investment banks are European-based, the article states. All of the UK's "big four" banks - HSBC, Barclays and state-backed Royal Bank of Scotland and Lloyds - face potential downgrade, affecting their ability to fund themselves in financial markets and potentially hampering an already weak recovery.
-- Kerri Panchuk
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