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Former Kentucky basketball player Dirk Minniefield accused of mortgage fraud

December 16th, 2008 · Permalink

AP - Former Kentucky basketball player Dirk Minniefield has been charged in an alleged $10 million mortgage scheme in the Houston area.
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Tags: Texas · brokers · vultures

Beazer loss widens on housing market deterioration

December 3rd, 2008 · Permalink

Reuters - Beazer Homes USA posted a wider quarterly loss on Tuesday, citing a further deterioration of the U.S. housing market due to lower consumer confidence levels and reduced access to mortgage financing.
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Tags: builders · economy · gloom & doom

Russia to buy out mortgages from banks

December 3rd, 2008 · Permalink

AP - Russia’s government pledged a mortgage buyout Wednesday and announced more aid for major airlines and other companies beyond an existing $200 billion financial rescue package, Russian news agencies reported.
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Tags: Russia · banking · government

Crisis halves the housing market: Home sales and loans for mortgages slashed (Evening Standard)

April 24th, 2008 · Permalink

The housing market has halved in a year, according to a series of reports.
It emerged yesterday that house sales through estate agents are down 50 per cent and the number of Britons taking out a mortgage has collapsed by 46 per cent.
The National Association of Estate Agents said its firms sold an average of seven […]

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Tags: global · gloom & doom

Bank of America may face $6.5 billion loan loss: analyst

March 24th, 2008 · Permalink

NEW YORK (Reuters) - Bank of America Corp (BAC.N), the largest U.S. retail bank, may set aside a record $6.5 billion in the first quarter to cover possible future loan losses, including in its mortgage and home equity portfolios, according to a banking analyst.
Richard Bove of Punk Ziegel & Co also slashed his earnings […]

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Tags: banking · gloom & doom

Investor: Clean Tech Is Collapsing Economy’s Only Hope - Wired News

March 17th, 2008 · Permalink

Wired News
As the mortgage and financial crisis continues to notch more victims, the question on many economists’ minds is not whether a recession will happen, but how deep it will get and how long it will last. But one prominent voice thinks the high-flying finance industry isn’t going to bounce back — and that we’ll […]

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Tags: economy · gloom & doom · national

Citigroup at 9-year low on capital, write-down worries

March 4th, 2008 · Permalink

Reuters - Citigroup Inc shares sank to their lowest level in more than nine years on Tuesday after a prominent Middle East investor said the largest U.S. bank needs to raise more capital and an analyst projected a $15 billion mortgage write-down.
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Tags: banking

US home foreclosures soar in January

February 26th, 2008 · Permalink

AP - The number of homes facing foreclosure jumped 57 percent in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday.
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Tags: gloom & doom · national