Articles by Diana Golobay

House Votes "Yes" to Historic Bailout

The House of Representatives approved the $700 billion bailout plan by a 263 to 171 vote Friday. A revised version of the rescue bill passed a Senate vote late Wednesday evening, with 74 lawmakers approving the package in a roll call vote; 25 voted against. The new bailout package, however, wasn't exactly changed from the bill shot down by the House vote Monday: it includes tax breaks for businesses and an increased limit on government-insured bank deposits to $250,000 from $100,000.
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Citi Decries Wachovia's Agreement With Wells Fargo, Threatens Suit

There's another suitor in line for Wachovia Corp. [stock WB][/stock], and Citigroup Inc. [stock C][/stock] doesn't like it. In fact, Citi has taken the lovers' spat to Judge Judy proportions by calling Wachovia's agreement to sell to Wells Fargo & Co. [stock WFC][/stock] a "breach of an Exclusivity Agreement" in a press statement Friday.
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Fannie Mae Shelves Delivery Charge Hike

Fannie Mae [stock FNM][/stock] announced late Thursday that it will scrap a planned increase in its existing adverse market delivery charge. Fannie first announced the delivery charges in December 2007 in response to "accelerated deterioration of market conditions." The 0.25 percent upfront charge was set to apply to all whole loan mortgages purchased and all mortgage loans packaged into mortgage-backed securities as of March 1, 2008.
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Good-Credit Borrowers A Growing Problem for Servicers

First, the good news: the number of recorded foreclosure sales during August actually fell, according to data released Thursday by the coalition of mortgage servicers, counselors and investors known as HOPE NOW. The drop -- from 91,902 foreclosure sales in July to 86,594 in August -- was the first in the 14 months that group has been aggregating data from key servicers.
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UBS May Post Q3 Profit; Trims Mortgage Exposure

Global wealth manager UBS AG [stock UBS][/stock] announced Thursday it expects to return slight Q3 profits after cutting its exposure to U.S. residential mortgages. "Despite extremely volatile market conditions, UBS currently expects to report a small profit for the third quarter, based on preliminary estimates," the company said in a brief press statement.
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Foreclosures, Seasonality Weighing Down Home Prices: Report

Home price declines now being observed in many housing markets reflect a historically-recurring mid-summer lull and the sometimes-extreme pressure being exerted on many markets by a growing number of foreclosures, according to data released Thursday by Radar Logic Inc., a New York-based data and real estate analytics firm.
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Down Payment Assistance Officially Dead, For Now

It's official. Down payment assistance -- DAP or DPA to most industry participants -- has gone the way of the Tyranosaurus Rex, independent Wall Street investment banks and the even textbooks that once suggested Pluto as the outermost planet in our solar system. That is to say that DPA is no more, effective today. The Housing and Economic Recovery Act, signed into law this past July by President George W. Bush, included a provision that banned downpayment assistance programs beginning on Oct. 1.
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Risk of Home Price Declines Intensifies in Q2: Report

Home prices are likely to continue their recent declines, due to largely to elevated foreclosures and rising unemployment rates, according to data released Wednesday by PMI Mortgage Insurance Co. The Walnut Creek, Calif.-based mortgage insurer released its Fall 2008 U.S. Market Risk Index, which ranks the 50 largest U.S. metropolitan areas according to the probability of home price decline within two years.
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Revised Rescue Bill Faces Senate Vote Wednesday Night

The “No” votes rose in a historic rejection of the bailout plan by members of the House of Representatives earlier this week. The Dow Jones industrial fell dramatically — and then rose again — in a historic investor panic over the very future of the U.S. economy. And meanwhile, presidential candidates and their running mates scrambled to secure votes and blame the other party for fomenting an economic crisis.
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Genworth May Spin Off US Mortgage Insurance Business

Genworth Financial, Inc., a Richmond-based mortgage insurer, said Tuesday it is considering “strategic alternatives” for its U.S. mortgage insurance business. The news surprised some market participants, given Genworth's new-found status as the nation's largest MI underwriter, a position gained as larger competitors have been forced to pull back strongly on growth initiatives amid mounting losses.
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