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Durable Goods Disappoint in June (Reuters)
Reuters - U.S. durable goods orders were disappointingly weak in June but hopes for the country's recovery remained on track as the Federal Reserve said the economy continued to grow.
Home Mortgages (AP)
AP - Home Mortgages
Microsoft Dividend to Aid Mutual Funds (AP)
AP - So, you're a mutual fund investor, you don't own individual shares of Microsoft Corp. and you think that big dividend they're paying out has nothing to do with you.
US June durable goods disappoint (FT.com)
FT.com - Orders for long-lasting US durable goods rose by much less than expected in June but the previous month's decline was halved, government data showed on Wednesday, while new mortgage applications climbed.
Mortgage Applications, Most Rates Rise (Reuters)
Reuters - New applications for U.S. mortgages climbed last week for the first time in three weeks as most mortgage interest rates increased, an industry group said on Wednesday.
Consumer Bankruptcies Slowing in 2004 (Reuters)
Reuters - U.S. consumer bankruptcy filings dropped in the first half of the year for the first time since 2000, a sign personal finances are improving as the economy strengthens, a report to be released on Wednesday shows.
BNP Paribas takes 50 pct in Russian Standard Bank (AFP)
AFP - French bank BNP Paribas said it had agreed to acquire a stake of just below 50 percent in Russian Standard Bank, the leading consumer credit bank in Russia, through its Russian unit Cetelem.
New Home Sales Fall Less Than Expected (Reuters)
Reuters - U.S. new home sales slipped 0.8 percent in June, a smaller decline than expected, as low mortgage interest rates sustained home buyer interest, a government report showed on Tuesday.
Survey: Lower-Income Consumers Pick ARMs (AP)
AP - Lower-income and minority consumers are most likely to choose adjustable-rate home mortgages over fixed-rate loans but are also especially likely to be hurt by rising interest rates, a risk of such loans that they may not appreciate, according to a survey released Monday.
American Express Posts Jump in 2Q Profits (AP)
AP - American Express, the consumer finance and travel company, on Monday said its profits rose 15 percent in the second quarter to $876 million, or 68 cents a share, beating analysts' estimates by a penny a share.
Existing Home Sales, Prices Hit Record Highs (Reuters)
Reuters - Sales and prices of existing U.S. homes jumped to record highs in June as homebuyers rushed to take advantage of low mortgage rates, a trade association said on Monday.
SCH, Abbey National agree to merge to create European banking giant (AFP)
AFP - British mortgage bank Abbey National accepted a takeover bid by the biggest Spanish bank, Santander Central Hispano (SCH), in a cash and share deal worth 8.9 billion pounds (13.5 billion euros, 16.4 billion dollars) which would create one of the largest banks in Europe.
Is It Time to Refinance? (The Motley Fool)
The Motley Fool - When you saw bank rates creep higher a few months ago you probably bit your lip. When the Fed then went on the offensive to raise interest rates last month your bit lip may have broken into a pout. Yes, your dreams of refinancing your home were toast. But have you taken a look at mortgage rates lately?
Santander to Buy Abbey in $15.6B Deal (AP)
AP - Spain's biggest bank, Santander Central Hispano SA, is buying Abbey National PLC, Britain's sixth biggest bank and second biggest mortgage lender, for about $15.6 billion in cash and stock.
SCH offers 8.9 bln pounds for Abbey National to create banking giant (AFP)
AFP - British mortgage bank Abbey National accepted a takeover bid by the biggest Spanish bank, Santander Central Hispano (SCH), in a cash and share deal worth 8.9 billion pounds (13.5 billion euros, 16.4 billion dollars), creating one of the largest banks in Europe.
SCH sets sights on Abbey (TheDeal.com)
TheDeal.com - The Madrid-based bank would gain a national franchise in Great Britain with 741 branches, a huge mortgage book and life insurance division.
European stocks flag as Abbey accepts SCH takeover bid (AFP)
AFP - European stock markets wilted, pressured by weakness in the banking sector after British home-loan specialist Abbey National accepted a takeover bid by Spain's Santander Central Hispano.
Spain's Santander to Buy UK Bank Abbey (Reuters)
Reuters - Spain's Santander Central Hispano struck Europe's biggest cross-border bank takeover in agreeing to buy Britain's Abbey National for about 8.0 billion pounds ($15.1 billion) on Monday.
Santander Makes Takeover Bid for Abbey (AP)
AP - Spain's largest bank, Santander Central Hispano SA, made a takeover bid Sunday for Abbey National, Britain's six-largest bank and second-largest mortgage lender, according to news reports.
Finance: Easy Money, Early Money (Reuters)
Reuters - If you're eager to start spending the money in your Individual Retirement Account, but think you're not old enough, take heart.
Washington Mutual to Cut 2,500 Jobs (AP)
AP - Washington Mutual Inc. said Thursday it will cut 2,500 jobs and close operations across the country as it tries to improve its struggling mortgage business.
30-Year Mortgages Rates Below 6 Percent (AP)
AP - In good news for home buyers, rates on 30-year mortgages fell below the 6 percent level this week for the first time in three months, although economists said they don't expect rates to stay at this level for long.
Washington Mutual 2Q Net Income Tumbles (AP)
AP - Washington Mutual Inc.'s net income fell 52 percent in the second quarter as net home-loan mortgage banking income declined amid rising interest rates.
Co-Founder of H&R Block Dies at 78 (AP)
AP - Richard Bloch, who co-founded H&R Block and helped build the company into the world's largest tax preparer, died Wednesday of heart failure, the company said. He was 78.
UTC Reports 32 Pct. Increase in 2Q (AP)
AP - United Technologies Corp. on Wednesday reported a 32 percent increase in second-quarter profits, fueled by higher interest income, a favorable income tax adjustment and strong growth at its Carrier heating and air conditioning and Otis elevator divisions. The company also raised its profit forecast for the year.
Fannie Mae's Profit Up, Earnings View Cut (AP)
AP - Mortgage giant Fannie Mae's second-quarter income rose slightly from a year ago, helped by the return to positive portfolio growth, but other developments caused the company to lower its 2004 core earnings growth view.
Interest-Only Mortgages Gain Popularity (AP)
AP - As interest rates have risen, some families are looking for ways to hold down the cost of buying a home. One increasingly popular approach is the interest-only mortgage.
Fannie Mae Profit Rises (Reuters)
Reuters - Fannie Mae, the No. 1 U.S. mortgage finance company, on Wednesday said second-quarter profit rose slightly, helped by a decline in losses from the repurchase of outstanding debt and an increase in guarantee fee income.
Avis's Parent Tries to Sell Mortgage Unit (Reuters)
Reuters - Cendant Corp. (CD.N) on Tuesday said it is in talks with a potential buyer to sell its mortgage business, a move that would help the travel, lodging and real estate services company pay down debt and decrease the volatility in its profits.
Ameritrade Profit Rises from Year Earlier (Reuters)
Reuters - Internet brokerage Ameritrade Holding Corp. (AMTD.O) said on Tuesday its quarterly profit rose from a year-earlier but fell sharply from last quarter, as individual investors curbed trading activity in recent weeks.
Sallie Mae 2Q Earnings Jump 65 Percent (AP)
AP - Student-loan provider SLM Corp., more commonly known as Sallie Mae, Thursday said second-quarter profits rose 65 percent from a year ago due to a sharp jump in loan originations.
Sallie Mae 2nd-Quarter Profit Rises (Reuters)
Reuters - SLM Corp. (SLM.N), the U.S. student loan provider better known as Sallie Mae, on Thursday said second-quarter profit rose, helped by a 24 percent jump in lending.
Earnings Climb for MGIC Investment (Reuters)
Reuters - MGIC Investment Corp. (MTG.N) on Wednesday said quarterly earnings rose as the mortgage insurer's net premiums were almost unchanged.
BB&T Aided by Commercial, Mortgage Loans (Reuters)
Reuters - BB&T Corp. (BBT.N), the No. 9 U.S. bank, on Tuesday said second-quarter profit rose 27 percent, more than analysts expected, helped by commercial and mortgage loan growth.
Freddie Mac Appoints Auditing Expert (Reuters)
Reuters - Freddie Mac (FRE.N), the No. 2 U.S. mortgage finance company plagued recently by accounting problems, said on Friday it has appointed Stan Martin as senior vice president and general auditor.
GE's Genworth Profit Rises 9 Percent (Reuters)
Reuters - Genworth Financial Inc., the former General Electric Co. insurance unit spun off in 2004's biggest initial public offering, on Friday said second-quarter profit excluding items rose 9 percent, helped by growth in its insurance, annuities and asset management operations.
Cendant to sell mortgage business (TheDeal.com)
TheDeal.com - Cendant said it wants to exit the mortgage business because it doesn't fit in with the company's strategic plan.
Getting Malled (Forbes.com)
Forbes.com - Real estate investment trusts have been merely holding their own this year after a bullish run. Handwringers had expected higher interest rates to slam REIT stocks, yet that hasn't materialized thus far. But one property portfolio is worrying analysts, and not because of rates.
The Housing Bubble Builds (The Motley Fool)
The Motley Fool - As interest rates have increased, mortgage refinancing has slowed down, hurting companies such as Washington Mutual (NYSE: WM - News), which recently warned that earnings would come in below expectations. But the bubble that I have argued exists in the U.S. real estate market shows no signs (yet) of bursting.
Don't Forget Disability Insurance (The Motley Fool)
The Motley Fool - Neglect getting disability insurance and you may regret it one day. Disability insurance provides an income if you become, you guessed it, disabled. According to some reports, nearly half of all mortgage foreclosures are due to people being struck with a disability. Are most people taking steps to prevent this? Nope. Less than 15% of life insurance purchasers opt for disability insurance. Many people become temporarily incapacitated at some point in the course of their lives -- even a pregnancy can qualify as a disability.
Retirement Tips From a Pro (The Motley Fool)
The Motley Fool - Robert Brokamp was the perfect choice to run The Motley Fool's newest newsletter service, Rule Your Retirement. Years ago, after earning a master's in education and nearly going broke, he set out to learn as much as he could about personal finance, focusing on retirement issues. He learned so much on his own that he decided to make a career of it and became a financial advisor at Prudential Securities until he joined the Fool in 1999. He's written hundreds of Foolish articles and contributed to books like The Motley Fool's Personal Finance Workbook and The Motley Fool's Money After 40.
Funds: Thinking Outside the Style Box (Reuters)
Reuters - Most stock-fund managers aren't allowed to pick the most promising stocks they can find. Instead, they must choose from a limited world of stocks -- and that restriction has its drawbacks.
A Primer on Duration (The Motley Fool)
The Motley Fool - The other day, I wrote an article about Freddie Mac (NYSE: FRE - News) and Fannie Mae (NYSE: FNM - News). The article touched on derivatives used by Freddie to manage various types of interest rate risks, including duration. I thought it might be worthwhile to explore the concept of duration a little further.
Sallie Mae and Bank One Are at Odds (Reuters)
Reuters - SLM Corp. (SLM.N), or Sallie Mae, the leading U.S. provider of student loan financing, said on Friday it was contesting Bank One Corp.'s right to terminate a marketing agreement for student loans and would review its business with J.P. Morgan Chase & Co. (JPM.N).
Freddie Mac 2003 Profit Falls 52 Percent (Reuters)
Reuters - U.S. mortgage finance provider Freddie Mac (FRE.N), struggling to straighten out its books and reputation after an accounting scandal, on Wednesday reported that its 2003 profit fell 52 percent.
Parlez Vous REIT? (Forbes.com)
Forbes.com - >U.S. real estate investment trusts, commonly known as REITs, have delivered sterling five-year returns, averaging 19% a year. Little surprise that $4.5 billion was plowed into mutual funds holding REIT shares last year. These trusts, which hold property like office buildings or malls, pay plush dividends from rental rolls.
First American to Buy Basis100 (Reuters)
Reuters - First American Corp. (FAF.N), a data provider with businesses including credit reports, mortgage services and title insurance, on Wednesday said it agreed to buy Basis100 Inc. (BAS.TO), which supplies valuation models to U.S. mortgage lenders, for $33 million.
Washington Mutual shares plummet on US rate hike fears (AFP)
AFP - Shares in US bank Washington Mutual plummeted sharply in morning trading on investor fears that a widely expected hike in interest rates will exact a negative impact on its mortgage lending business.
WAMU Shares Hit by Mortgage Woes (Reuters)
Reuters - News that Washington Mutual Inc. (WM.N) cut its 2004 profit forecast knocked the mortgage bank's shares more than 7 percent lower on Tuesday, with some analysts saying the company, on a buying binge in recent years, may itself become a takeover target.
Democrats Urge Bush Shift on Fannie, Freddie Policy (Reuters)
Reuters - U.S. Democratic lawmakers urged the Bush administration in a letter made public on Tuesday to ease confrontation with government-sponsored mortgage enterprises Fannie Mae and Freddie Mac and focus on expanding affordable housing.
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