“Countrywide Financial Corp. Chief Executive Angelo Mozilo said Thursday the housing market is showing no signs of improvement and could lead the U.S. into a recession.” (Countrywide CEO: economic outlook grim) Read More »

“Capital One Financial Corp., a credit card and banking company, slashed its earnings forecast on Monday and said it plans to eliminate 1,900 jobs, following its decision to stop arranging mortgages through brokers….The credit card and banking company said it expects to continue to make home loans in its... Read More »

“As we have previously discussed, secondary market demand for non-agency mortgage-backed securities has been disrupted in recent weeks,” said President and Chief Operating Officer. “Along with reduced liquidity in the secondary market, funding liquidity for the mortgage industry has also become constrained.” “Furthermore, as a result of lessened... Read More »

“‘The loan was approved and locked in. People were ordering moving trucks, everyone was feeling euphoric.’ On Thursday, the couple buying the house learned that their lender was rescinding their loan because they were making only a 10 percent down payment. ‘All of a sudden the lender,... Read More »

“Westbay Builders has purchased a 25,380-square-foot industrial property at 72 Townsend St. for $9.2 million and plans on developing a nine-story, 74-unit condo building on the site….The project is fully approved and will incorporate a historic one-story warehouse built in 1874 for grain storage. “ (Flynn Properties scores with... Read More »

What had seemed like a contained problem, involving home loans to people with poor credit, has suddenly mushroomed into a rout that threatens to make life difficult for everyone who needs to borrow money. Home buyers are likely to pay more for mortgages, and some with less-than-pristine credit or... Read More »

“At this time Wells Fargo…is no longer accepting Alt-A loans. Period. I also have CONFIRMATION that IndyMac is also tightening significantly: http://www.theimbreport.com. I have UNCONFIRMED reports that WaMu, BofA, and Wachovia are also significantly restricting Alt-A loans as of today. Again, there will ALWAYS be some market for Alt-A... Read More »

“ Schaeffer, a longtime California home builder who started using more-efficient methods before “eco-friendly” was a catchphrase, has started the Green Building Exchange in Redwood City, a kind of year-round trade show, education center and retail shop designed to steer builders away from natural resources and low-efficiency items and... Read More »

“Wall Street suffered one of its worst losses of 2007 Thursday, leading a global stock market plunge as investors succumbed to months of worry about the mortgage and corporate lending markets. The Dow Jones industrials closed down more than 310 points after earlier skidding nearly 450. Investors who had... Read More »

“Countrywide Financial Corp. reported a 33% drop in second-quarter net income on Tuesday and signaled that problems in the subprime mortgage market have spread to the highest-quality home loans….Countrywide said payments were at least 30 days late at the end of second quarter on 4.56% of prime home-equity loans... Read More »