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Around the Web in 80 Seconds with Google, Qwest Communications ...
Straight from the annals of the web right to your computer, today's list of headlines and articles taking the Internet by storm include comments on Google (GOOG), Qwest Communications Straight from the annals of the web right to your computer, today's list of headlines and articles taking the Internet by storm include comments on Google (GOOG), Qwest Communications (Q), and Caterpillar (CAT). Schaeffer's "Around the Web" is a feature designed with our readers in mind. We know that not everyone has the time in the morning to find and research every headline or major story flitting around the web, so we are doing the work for you. Below is a listing of breaking news stories from several of the leaders in online reporting - all providing their own viewpoints and unique takes on the issues at hand.
Hybrid Mortgage Loans For Short Term Low Rate Refinancing
In these days of staggering credit card interest rates and payment minimums being doubled under the new bankruptcy laws, as a home owner, you may find that loosing equity in your home through a purchase loan refinance may be still be the best way to unload burdensome debts. However, with interest rates steadily rising, you may find that current market rates may be too much for you to afford. If a 7+% 30-year fixed-rate mortgage doesn't fit your budget, a hybrid adjustable rate mortgage (ARM) may be your answer. "If economic growth slows, the Federal Reserve could begin lowering short-term rates in mid to late 2007," says Doug Duncan, chief economist of the Mortgage Bankers Association, which could be good news for borrowers considering hybrid ARMs for mortgage refinancing. Hybrid ARMs come in many flavors; the following are some of the most popular: • 3/1 - fixed rate for the first three years, then annual adjustments.
New Century to lay off 2000 workers
LOS ANGELES (AP) Financially strapped subprime mortgage lender New Century Financial Corp., failed to receive any bids for its mortgage loan origination business, forcing it to shut down the unit and lay off around 2,000 employees, the company told employees Thursday. The Irvine-based company, which has been preparing to sell off its assets under Chapter 11 bankruptcy protection since last month, notified employees during a conference call that they would be laid off effective Friday. .
Inland Commercial Mortgage Corporation Arranges $16 Million Tax ...
OAK BROOK, Ill.-(Business Wire)-April 16, 2007 - Inland Commercial Mortgage Corporation recently arranged a $16 million forward/variable rate bond credit-enhancement to finance the construction of new and affordable rental housing in the east Baton Rouge parish of Louisiana, an area devastated by hurricanes Katrina and Rita. The bonds are being issued by the Louisiana Housing Finance Agency and the proceeds of the loan will finance the construction of a 216-unit apartment community. .
Home sales slow due to stiffer lending rules
Yvonne and Owen Corkran have found that selling their four-bedroom home on Northfield Avenue on the East Side has been much tougher than expected because of the large inventory of homes now on the El Paso real estate market. The Corkrans have lowered the price of their home from $212,000 when they put it on the market in August to $179,900 today. (Vic Kolenc / El Paso Times) .
FTSE 100 movers: Rock slides after Citigroup downgrade
LONDON (SHARECAST) - London is in subdued mood with most companies in the red. Northern Rock is one of the worst performers after Citigroup maintained sell advice and lowered its price target for the mortgage lender to 1,000p from 1,100p. The broker was unimpressed with the banks first quarter update last month that showed trade in line with guidance, preferring to focus on predictions that 2007 earnings will be 2% below consensus. It expects the shares to continue to underperform the European and UK bank sectors as earnings come under further pressure. Shopping centre owner Liberty rose after its first quarter figures. Broker KBC Peel Hunt bumped up its view on the shares to 'add' from 'hold' saying that Liberty is a very strong business. Property counters also rose on talk of a bid for commercial property group Slough Estates from Middle East group DP World.
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