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Mortgage rates rise, may ease pressure on R.Bank
A rise in New Zealand mortgage rates over the past month may ease some of the pressure on the central bank to raise interest rates further to cool the robust residential property market. The Reserve Bank of New Zealand raised rates to 7.5 per cent last month and said further increases may be needed because of inflation pressures caused by sustained rises in house prices, which are still growing at an annual pace of around 10 per cent. The market is pricing in about a 40 per cent chance of a rise in the official cash rate (OCR) at the RBNZ's April 26 review, but some analysts said the latest rise in fixed-term mortgage rates may have given Governor Alan Bollard some breathing space. "We now think it marginally more likely than not that Dr Bollard will opt to leave the OCR unchanged at the April meeting, pending a full reassessment of the inflation outlook in the June Monetary Policy Statement," Deutsche Bank chief economist Darren Gibbs said in a note to clients.
Seacoast Earns $6.4 Million or $0.34 Per Share for the First Quarter
STUART, Fla., April 25 /PRNewswire-FirstCall/ -- Seacoast Banking Corporation of Florida , a bank holding company whose principal subsidiary is Seacoast National Bank, reported net income totaling $6.4 million for the first quarter of 2007 compared to $5.9 million for the first quarter of 2006. Diluted earnings per share ("DEPS") was $0.34 for the quarter, compared to $0.34 DEPS in the first quarter of 2006. (Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO ) "We are pleased with our performance this quarter. Our net interest margin stabilized as a result of improvements in funding .
The Euro's Day of Reckoning
The recent crisis in the US sub-prime mortgage market has raised questions anew as to whether the US dollar's day of reckoning might not now be upon us. How will the US be able to finance its record external current account deficit should the US economy falter and should US financial assets lose their luster to foreign investors? Might not a weakening in the US dollar intensify foreign central banks' desire to reduce their unusually large dollar reserve holdings, which would thereby remove a principal support to the beleaguered greenback? Raising questions about a potential slide in the dollar would seem valid at this time of gathering storm clouds over the US economy. However, they would seem to overlook currency questions of perhaps even greater concern for the long-run global economic outlook.
Banner Corporation Reports First Quarter Profits of $7.8 Million ...
WALLA WALLA, Wash.--(BUSINESS WIRE)--Banner Corporation (NASDAQ: BANR), the parent company of Banner Bank, today reported that continued loan and deposit growth contributed to higher first quarter profits. Net income increased to $7.8 million, or $0.62 per diluted share for the quarter ended March 31, 2007, compared to $6.8 million, or $0.56 per diluted share, for the first quarter a year ago. The Company also announced that it has completed the acquisitions of F&M Bank and San Juan Financial Holding Company. Effective May 1, 2007, F&M Bank has been merged with and into Banner Bank and will operate as a division of Banner Bank. Also effective May 1, 2007, San Juan Financial Holding Company has been merged with Banner Corporation and its wholly owned subsidiary, Islanders Bank, will continue operations as a subsidiary of Banner Corporation.
Australia's reverse mortgage market surging ahead
Australia's reverse mortgage market grew by 80% during 2006 according to a new study from the Senior Australians Equity Release Association of Lenders (SEQUAL). The study found that more than 27,500 reverse mortgages, with a total book size of just over $1.5m, had been written as at 31 December 2006. The average loan size was $54,200. Kieren Dell, executive director of SEQUAL, said: "Reverse mortgages are continuing to grow as a retirement financial planning tool. With market growth at 80% over the past year, the market is close to doubling every year. "Currently at $1.5bn, the outstanding book has continued to grow at an exceptional rate since we published our first six-monthly study of the reverse mortgage market in October 2006." Research by Trowbridge Deloitte, who led the study, indicated that 60-70-year-olds are the fastest growing group to take up the mortgage and the lump sum is the most popular draw down method.
eLynx Partners with MortgageDocs
Cincinnati, Ohio-based eLynx, an arm of American Capital Strategies Ltd., which provides a secure electronic document communications network for those in the financial services industry, announced a strategic partnership with Fresno, California-based MortgageDocs. The objective of the new partnership is to create a strategy that furthers the utilization of the Hybrid eMortgage service.According to a press release about the newly formed partnership, the union allows lenders to electronically submit documents to MortgageDocs through eLynx's Automated Package Delivery solution. MortgageDocs then has the ability to oversee the signing and notarization process from end-to-end. "With the use of our online technology, signSTAT, we are able to complete the APD solution and provide a collaborative approach with eLynx that isn't found anywhere in the industry," said John Samarin Jr., MortgageDocs chief operations officer.
Ohio's Foreclosure Problems No Longer Restricted to Urban Areas
For the past several years, Ohio has held one of the highest foreclosure rates in the country. Now the problem, once mostly restricted to urban areas, seems to be spreading into suburban neighborhoods. Miami, Florida (PRWEB) April 23, 2007 -- As in many other areas of the country, Ohio's foreclosure troubles are largely sourced to a recent proliferation in sub-prime and adjustable rate mortgages. These specialty mortgage loans burst onto the scene during the recent housing and property value boom, which has since subsided. During this time, mortgage lenders and banking agencies sought to encourage homebuyers to take out loans by offering mortgage plans with little or no down payment necessary and relaxed credit requirements. As a result, borrowers with bad credit could take out loans and fulfill their dreams of becoming homeowners, when in the past they might not have been able.
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