14 Articles match "Credit","New York"

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• New York Versus Freddie Mac: Round One
  
  New York Versus Freddie Mac: Round One By Peter G. Miller     It’s fight time in New York. On one side is newly-passed state legislation which sets tough standards for subprime and “high cost” loans and on the other is Freddie Mac, which says it won’t buy such loans in the state after September 1st, the day the new law goes into effect. This is a big deal because if New York lenders can’t sell mortgages to buyers such as Freddie Mac, they simply won’t make such loans. You can guess what happens next:
  www.realtytrac.com - Tuesday, February 3, 2009
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• As Foreclosures Mount, Candidates React to the Credit Crisis
  
  Clinton also wants the government to impose new disclosure requirements on mortgage brokers and curb their ability to dictate lending terms. “We need to act now with smart, practical solutions to strengthen our housing and mortgage markets,” Clinton told The Associated Press. “We That does not require statutory language or new laws.” Dodd also pointed out that many brokers give clients the false impression they’re working on their behalf. “Brokers With mortgage foreclosures at historic highs, Democrats and Republicans are fighting over a political issue that could have major implications in the 2008 presidential campaign.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Fight in Congress Looms on Tax Break for Home Buyers
  
  Fight in Congress Looms on Tax Break for Home Buyers The New York Times DALLAS — When Congress passed an $8,000 tax credit for first-time home buyers last winter, it was intended as a dose of shock therapy during a crisis. Now the question is becoming...( read more
  Foreclosure Pulse - Wednesday, September 16, 2009
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• Mayors Predict Rising Foreclosures in 2008
  
  Mounting home foreclosures will lead to “profound” effects on the economy next year, bleeding billions of dollars in lost tax revenues, shrinking job growth and reducing consumer spending in the nation’s major metropolitan areas, according to a new report released this week by the U.S. New York, for example, is expected to lose $10.4 Conference of Mayors . Prepared by forecasting and consulting firm Global Insight , the report said weak residential investment, lower spending and income in the construction industry and curtailed consumer spending because of falling home
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Fed's Latest Moves No Real Surprise
  
  Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters.” rdquo; The New York Times commented today that the decision to keep the key rate where it is clearly demonstrates the Fed’s limited ability to solve a problem involving the nation’s housing and mortgage markets. Financial analysts who were hoping for some downward movement on interest rates yesterday by the Federal Reserve were disappointed as Ben Bernanke and his merry band unanimously voted to do nothing.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Subprime Market Sinking Further Into the Abyss
  
  The latest victim of its own success is New Century Financial Inc. As a result, the lender’s stock on the New York Stock Exchange (Symbol = NEW) plummeted almost 70 percent. which was being courted for a buyout by Credit Suisse Group, is now being sold to Citadel Investment Group LLC, which won the right to purchase the lending institution for $180 million in a last minute auction, according to Bloomberg News . The latest developments in the subprime lending market should have the entire real estate industry up in arms (figuratively and literally). The problem
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Back to Wait and See for the Fed
  
  This move by the Fed is recognition of the fact that further increases in oil prices threaten the economy by pushing up prices in goods and services, according to the New York Times . The ongoing housing contraction, along with stressed financial markets and soft labor markets are key concerns for the Fed, as are tight credit conditions and rising energy costs. The Federal Open Market Committee took the advice Wednesday of all the financial analysts and market watchers and did absolutely nothing with the short term Federal Funds Rate (FFR). After whittling away at the rate over time from a high of 5.25
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Fed, World's Banks Pull Off Global Rate Reduction
  
  Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit.” rdquo; The New York Times reported Wednesday that in a speech delivered the day before to members of the National Association for Business Economics, Bernanke said the economic turmoil has caused the Fed to downgrade its “already-gloomy economic outlook.” In an unprecedented move aimed at quelling the mounting tidal wave of unrest affecting the world’s economies and investors, the Federal Reserve, in partnership with other central banks around the world, pulled off a coordinated reduction of short-term interest rates Wednesday.
  www.foreclosurepulse.com - Thursday, December 18, 2008
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• Foreclosure "Megatrends"
  
  In a presidential year, Uncle Sam and politicians nationwide are rushing to unveil new and bolder schemes to unravel the foreclosure crisis. As federal, state and local government weighs in of the rising foreclosure mess, look for new plans to halt the foreclosure train wreck. Lawyers in California — for a fee, of course — will show you how to damage your credit history for a decade or more and “walk away” from your debt. Foreclosures are rising. Home prices are falling.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Rate Cut, Real GDP Are Some Positive News
  
  More specifically, however, the Fed announcement highlighted a number of factors for its decision such as subdued household and business spending, soft labor markets, stressed out financial markets, tight credit conditions and the continuation of the housing contraction. economy — no matter how slight it is — the New York Times is reporting that the current situation does not fit into the classic definition of a recession, which is a "significant decline in economic activity spread acorss the economy, lasting more than a few months." One day after President Bush pointed the finger at Congress and told the American public to blame lawmakers for all of their recent financial woes, an inkling of actual positive news came out of Washington Wednesday with two announcements from government agencies.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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