Monthly Archives: November 2007

2.3 Million Home Loans Due for Raises

Treasury Secretary Henry Paulson and federal banking regulators are working out the details of a plan to extend lower, introductory interest rates on home loans before they reset at higher levels. Paulson and the regulators met Thursday morning with loan … Continue reading

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Wells Fargo Writes Off Big Time Losses

Wells Fargo, the fifth-largest U.S. bank, waded into the mess by saying it will recognize $1.4 billion in losses in the fourth quarter on home equity loans that aren’t being repaid as the real estate slump deepens in California, the … Continue reading

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Subprime Mortgages Hurting U.S. Economy

The subprime mortgage fiasco stands to cost the Bay Area economy more than $5.4 billion next year, according to the latest report intending to put a dollar figure on the rising wave of real estate foreclosures. The lending crisis will … Continue reading

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Countrywide Under the Microscope of Schumer

Countrywide Financial Corp. fell more than 10 percent in New York Stock Exchange trading after U.S. Senator Charles Schumer urged the regulator of the Federal Home Loan Bank system to probe cash advances to the largest U.S. mortgage lender.Schumer said … Continue reading

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$600 Billion in Subprime Loans

When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get.His payment was scheduled to surge by an extra $1,500 in December. With his … Continue reading

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