Mortgage and Financial News From 2008-9-22 Page 12

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• Home sales see rise (Inland Valley Daily Bulletin)

  Washington lawmakers spend the weekend hammering out what may be the largest financial bailout in U.S. history, real-estate experts say the Southern California housing market may be bottoming out at last.
  2008-09-20 11:49:20

• LOCAL BRIEFS (Asbury Park Press)

  Fred Fastiggi of Brielle has joined Birdsall Services Group, Sea Girt, as vice president of energy services. He will lead BSG-PMK Group in providing energy and sustainable development services.
  2008-09-21 01:39:16

• U.S. Widens Scope of Bad-Debt Plan Beyond Home Loans (Update1) - Bloomberg

  Sept. 22 (Bloomberg) -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities. The U.S. Treasury submitted revised guidance to Congress on its plan ...
  2008-09-22 05:37:00

• How the Housing and Economic Recovery Act affects homeowners (The Garden Island)

  The Housing and Economic Recovery Act of 2008 designed primarily to address the subprime mortgage crises was approved by Congress on July 24. It authorizes the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed-rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90 percent of current appraisal value.
  2008-09-21 04:26:37

• RLPC-Gulf firms find loans scarce in current mkt turmoil - Reuters

  LONDON, Sept 22 (Reuters) - Companies in the six oil-producing Gulf Cooperation Council (GCC) states will find it difficult to secure syndicated loans until the current financial market turmoil subsides, loan market bankers said. As reported last ...
  2008-09-22 05:44:00

• Bailout Won't Stop Foreclosures that Push Down Everyone's Property Values, Center for Responsible Lending Says (PR Newswire via Yahoo! Finance)

  CRL President Mike Calhoun issued the following statement:
  2008-09-21 11:37:00

• East Africa: God, Mammon And Mortgages - How Optimism Turned Sour (AllAfrica.com)

  There is at least one way in which the East African mortgage market will be hit by the unfolding financial crisis in the US and the UK.
  2008-09-22 02:06:04

• Nigeria: Lehman Brothers Failure, a Lesson for Banks (AllAfrica.com)

  Banking experts have said that the fall of United States banking giants, Lehman Brothers and Merril Lynch last week is a powerful signal to Nigerian banks on the limitation of size (capital base) and age in determining the future of a bank.
  2008-09-22 02:20:38

• Euro, Pound And Yen Drop As U.S. Plans To Create Entity To Purchase Troubled Assets (Daily FX)

  Uncertainties regarding the outcome of the Treasury’s rescue plan for the U.S. financial markets have clearly pressed on the greenback as market participants weigh the repercussion effects of the bailout proposed last week.
  2008-09-22 03:26:10

• (AFX UK Focus) 2008-09-22 12:03 UPDATE 1-Greece weathering credit crisis- PM Karamanlis (Interactive Investor)

  ATHENS, Sept 22 (Reuters) - The credit crisis and turmoil in global financial markets have affected Greece but the impact on the economy is less intense than in other countries, the country's prime minister said on Monday.
  2008-09-22 04:28:19

• Robert Peston (BBC News)

  Has the PM lost his sure touch about financial matters?
  2008-09-22 05:48:02

• General Automotive Announces $2 Million Credit Line from Presidential Financial Corporation (Business Wire via Yahoo! Finance)

  ORLANDO, Fla.----General Automotive Company , a North American provider of parts, accessories and advanced technology for the automotive industry, is pleased to announce that OE Source, a wholly owned subsidiary of the Company, has obtained a revolving credit line from Presidential Financial Corporation in the maximum principal amount of $2,000,000.
  2008-09-22 05:57:00

• False economy (BBC News)

  Why financial woes must not ruin the Millennium Goals
  2008-09-22 06:01:38

• Uncle Sam to the rescue (again) (The News & Observer)

  The Bush administration is taking pages from the playbooks Herbert Hoover and Franklin D. Roosevelt used to unfreeze credit and keep Americans from losing their homes three-quarters of a century ago.
  2008-09-22 02:31:23

• Emerging Markets Face $111 Billion Refinancing Backlog, FT Says (Bloomberg.com)

  Sept. 22 (Bloomberg) -- Banks and companies in emerging markets may struggle to refinance $111 billion of bonds maturing over the next year because of the credit crisis, the Financial Times reported, citing ING Wholesale Banking.
  2008-09-22 02:57:38

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