Mortgages News

By Karen Brettell NEW YORK, Dec 29 (Reuters) - Although GMAC LLC's debt has been boosted since the Federal Reserve approved it as a bank holding company, the auto lender still faces steep hurdles because its fortunes are tied to General Motors Corp. The U.S. Federal Reserve's approval on Wednesday of GMAC as a bank holding company paves the way for the company to access the Treasury-run financia ...

By Karey Wutkowski WASHINGTON, Dec 29 (Reuters) - U.S. commercial banks reported $6 billion of revenue from trading foreign exchange, interest-rate and other derivative instruments in the third quarter as credit spreads deteriorated and accounting rules inflated results, the Office of the Comptroller of the Currency said on Monday. Revenue was up markedly from the second quarter, when ban ...

Rosamund Urwin, Evening Standard29 December 2008 Homeowners injected more money into the housing market in the third quarter of this year than ever before as Britons focused on repaying their mortgages rather than adding to their debts. Tipping the scales: Homeowners are paying off debts rather than spending WANT TO KNOW MORE? Banks 'using excuses' to refuse mortgages Mortgage approvals at lowest since 1997 OTHER STORIES Banks 'using excuses' to refuse mortgages  ...

NEW YORK, Dec 29 (Reuters) - U.S. stock index futures pointed to a higher open on Monday as a jump in oil prices in the wake of escalating political tensions in the Middle East could bolster energy shares. Oil prices rose more that $3 a barrel to more than $40, while the price of gold also surged as Israeli warplanes hit the Hamas-ruled Gaza strip for a third day and Israel prepared to lau ...

LONDON, Dec 29 (Reuters) - Britons injected more equity into the housing market in the third quarter of this year than at any time since records began in 1970, Bank of England figures showed on Monday. The figures highlight the extent to which credit is being restricted and will put further downward pressure on consumer spending. Households injected a net 5.695 billion pounds into  ...

Becky Barrow & Sean Poulter, Daily Mail29 December 2008, 12:04am Vote At least 300,000 workers will be made redundant by April, economists will claim today. Dire: Ministers say this is the worst jobs bloodbath in decades WANT TO KNOW MORE? Zavvi collapse leaves 3,400 jobs in peril Bank of America takes axe to 35,000 jobs POLL: How secure does your job feel? OTHER STORIES Adams Kids is latest credit crunch victim Stock market report: Monday preview Banks 'usin ...

Sean Poulter, Daily Mail29 December 2008 Homeowners are being refused mortgages for 'the most spurious of reasons' amid claims that lenders are seizing on any excuse to reject applications. Refused: Analysts say these are the strictest credit conditions the UK has ever seen WANT TO KNOW MORE? Bank admits easy mortgages were crazy OTHER STORIES House prices: Will your home sell in 2009? Mortgage rationing leaves borrowers stuck Repossessed: 'We never missed a paym ...

BRUSSELS, Dec 29 (Reuters) - Governments are trying everything from sales tax cuts to mortgage rate caps and soft loans to lure European consumers off their sofas and back into shops, restaurants and car showrooms. But with recession casting a pall over Europe's winter sales season, efforts to persuade people to spend are unlikely to be as successful as governments would like in 2009 and  ...

By Daniel Trotta HAMPTON BAYS, New York (Reuters) - Cynthia Goldrick's daughter is in and out of the hospital for brain surgery, her mother has Stage 4 lung cancer and her father has moved into a home for the elderly. So when the Goldrick family's adjustable rate mortgage reset while husband Patrick was off work for a job-related injury, it eliminated the thin margin between their in ...

Dan Atkinson, Financial Mail28 December 2008, 10:48am Redundant professionals retraining as driving instructors are falling prey to rogue operators who charge high fees with little guarantee of a job at the end. L-Plates: Aspiring instructors can fall prey to rogue traders WANT TO KNOW MORE? Middle-class retrain as driving instructors OTHER STORIES 'Discount addicts' in threat to High St stores Queen's 'City honours ban' for fatcats Stock market report: Wednesday ...