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11/10/2008 News For:

Decision One Mortgage In California

Five million rogue drivers - and one in five foreigners - putting lives at risk, police crackdown reveals   One in five foreign motorists stopped at random in a police crackdown on nearly 5 million 'rogue' drivers were in breach of UK motoring law, a Government report has revealed.

GM says GMAC mortgage unit may not survive  DETROIT -- Bad news kept piling up for General Motors Corp. on Monday as its shares plunged to their lowest point in 60 years and the company said in a government filing that the mortgage unit of its finance arm may not survive.

Citigroup to help at-risk borrowers stay in homes   Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers remain in their homes -- making Citi the latest big bank to announce sweeping efforts to try to curtail losses from souring mortgages.

Citi Will Halt Some Foreclosures, Rework $20 Billion in Loans  Nov. 11 -- Citigroup Inc. , the fourth-biggest U.S. bank by market value, said it will halt certain foreclosures as the firm modifies about $20 billion in mortgages, following similar moves by its largest rivals.

US mortgage finance giant Fannie Mae posts 29 bln dlr loss   Fannie Mae, the US mortgage finance giant bailed out by the government, reported Monday a third-quarter loss of 28.99 billion dollars due to the slump in the real estate sector.

Nationwide's mortgage lending fell 72 pct in 1H   British lender Nationwide Building Society said Monday mortgage lending fell 72 percent in the first half of its financial year, as home buyers were deterred by a crashing property market and mortgage rates were boosted by the credit crunch.

Lack of capital will affect major initiatives here  Although the government has continued to make unprecedented and dramatic moves to thaw frozen credit markets and try to avoid a recession, lenders in the commercial mortgage market haven't gotten the memo. To the contrary, several large real estate lending groups went through another round of layoffs at the end of October, which runs counter to what would occur if more business was expected to ...

Mitsubishi Rayon Says It's in Talks With Lucite (Update1)  Nov. 11 -- Mitsubishi Rayon Co. said it's in talks with U.K. acrylic maker Lucite International Group Holdings Ltd. after the Nikkei newspaper reported it's close to acquiring the U.K. company for about 150 billion yen $1.53 billion.

GM Says GMAC Mortgage Unit May Not Survive  General Motors Corp. says the troubled mortgage industry and frozen credit markets have raised doubts that the mortgage business of its GMAC financial arm can survive.

HSBC writes down assets by $4.9 billion in 3Q  LONDON -- HSBC Holdings PLC, Europe's largest bank by market value, said Monday it had been forced to write down the value of its assets by $4.9 billion in the third quarter, as the cost of bad loans in the U.S. continued to mount and the credit market faltered.