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Subprime lenders, regulators face U.S. Senate panel
Reuters - The U.S. Senate will delve into the
problems in subprime mortgage market on Thursday at a committee
hearing where federal banking regulators and top lending
company officers will face tough questioning.
30-year mortgage rates edge up slightly
AP - Rates on 30-year mortgages edged up slightly this week but still remained near the lowest level for the year.
Countrywide 2006 failed subrime loans could be new worst
Reuters - Countrywide's subprime mortgage
defaults for 2006 loans may exceed the company's highest on
record, a company executive told a government panel examining
mortgage lending.
Bernanke: credit key to healthy economy
AP - The smooth flow of credit is 'essential for a healthy economy,' Federal Reserve Chairman Ben Bernanke said Thursday, amid continuing concerns about the impact of risky mortgage loans on the economy.
Market Insight: Finding subprime's losers
FT.com - Where are the bodies buried? This is the question that has been hanging over the financial world ever since turmoil erupted in the US subprime mortgage sector.
Fed accused of creating 'perfect storm'
FT.com - The Federal Reserve helped create a "perfect storm" in the US subprime mortgage market that could expose up to 2.2m more Americans to the threat of home repossession, Chris Dodd, chairman of the Senate Banking committee, said on Thursday.
US Congress seeks to avert home foreclosure 'tsunami'
AFP - US lawmakers Thursday called on the multitrillion-dollar mortgage industry to tighten up its lending practices and said they were mulling legislation to crack down on predatory lenders.
Barclays, New Century reach loans deal
AP - New Century Financial Corp. said Thursday it had reached a deal with Barclays Bank PLC that would effectively release the troubled subprime mortgage lender from having to buy back about $900 million in mortgage loans.
Fed accused of subprime 'perfect storm'
FT.com - The Federal Reserve helped create a "perfect storm" in the US subprime mortgage market that could expose up to 2.2m more Americans to the threat of home foreclosure, Chris Dodd, chairman of the Senate Banking committee, said on Thursday.
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