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11/11/2008 News For:

Mortgage Rate Subprime

Mortgage lenders' small print ruse to block rate cuts   Banks may use the small print in mortgage contracts to prevent borrowers benefiting from future interest rate cuts by the Bank of England.

Citigroup Plans to Ease Mortgage Terms for At-Risk Borrowers  Citigroup plans to announce today that it is launching a mortgage-modification program for 500,000 at-risk borrowers in regions facing rising unemployment rates and steep declines in home values.

Credit card providers ignore base rate cut   While mortgage borrowers will have to wait and see if they stand to benefit from today's 1.5% cut in interest rates, credit card customers have been told not to expect repayments to fall. Although the Bank of England has slashed the base rate to 3%, consumers look set to continue to pay an average APR of more than five times that figure, according to financial data firm Moneyfacts. It ...

Interest-free mortgage possible ? if rates continue sharp falls  Some homeowners could be enjoying an interest-free mortgage next year if rates continue to fall steeply, it was disclosed yesterday. Cheltenham & Gloucester, which is part of Lloyds TSB, offered a two-year tracker mortgage of 1.01% below the Bank of England base rate in July and August 2007.

Subprime pays off for bettors  NEW YORK -- The mortgage problems that have helped shape the current economic downturn have made "subprime" an unwelcome word to investors. For gamblers, however, Subprime drew cheers this week. That was the name of a horse that won the ninth race Thursday at the Aqueduct race track in New York.

Alistair Darling adds weight to call for banks to pass on rate cut   Alistair Darling today insisted it was "essential" that banks pass on today's 1.5% interest rate cut to customers, but Downing Street declined to say if it could force banks to do so. Gordon Brown's official spokesman said the public would "expect" banks to take action. But he added: "We are not going to make specific comments about the specific pricing of individual mortgage products ...

It's time to think about refinancing that high-rate mortgage  Many Americans affected by the economic crisis want their unaffordable mortgages reworked through special programs for people facing foreclosure. But you don't have to be in financial trouble to benefit from mortgage refinance, real estate experts say.

Abbey passes on rate cut bulk  Abbey has announced it is passing on the majority of last week's 1.5% interest rate cut to new variable rate mortgage customers. The group, one of the UK's biggest mortgage lenders, has relaunched its tracker products after withdrawing them last week.

Lloyds TSB Stops Offering Mortgage Loans on U.A.E. Apartments  Nov. 11 -- Lloyds TSB Plc , the U.K.'s third- largest commercial bank by assets, said it has stopped offering mortgage loans for apartments in the United Arab Emirates because of the global financial crisis.

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.