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Dollar at record low against euro
The US economy grew at its weakest pace for four years during the first quarter of 2007, figures from the US Commerce Department show. The news pushed the dollar to record lows of $1.3667 against the euro. US gross domestic product (GDP) grew at an annual rate of just 1.3% in the first three months of the year, down from 2.5% in the previous quarter. Separately, the University of Michigan consumer sentiment index also fell, but not as much as had been feared. Its consumer sentiment index slid to 87.1 in April from 88.4 in March, which was the third fall in a row. But the latest figure had been expected to be even worse - the preliminary reading for April was 85.3. The final result was boosted by optimism about the current rally on Wall Street.
Urge to clear mortgage falls after 55
Many older boomers are in no rush to pay off their mortgages before they retire, and quite willing to risk going with a variable rate despite their experiences with the double-digit interest rates of the 1980s, survey findings suggest. "In contrast to other age groups in Canada, the boomer generation of homeowners isn't as concerned about being mortgage-free when they retire," RBC said yesterday in releasing results of its 14th annual homeownership survey. While two-thirds of all Canadians think it's very important to have their mortgages entirely paid off by the time they retire, this sentiment decreases with age, dropping to 59 per cent among those aged 55 and over -- the lowest percentage among all age groups. .
Heritage Commerce Corp Earns $4 Million in First Quarter 2007
SAN JOSE, Calif., May 1 /PRNewswire-FirstCall/ -- Heritage Commerce Corp HTBK, parent company of Heritage Bank of Commerce, today reported solid first quarter profitability. For the three months ended March 31, 2007, net income was $4.0 million, or $0.34 per diluted share, compared to $4.4 million, or $0.36 per diluted share, for the three months ended March 31, 2006. In the first quarter a year ago, Heritage Commerce Corp booked a $671,000 pre-tax gain from the sale of its specialty loan portfolio, which contributed approximately $0.04 to earning per share last year. For the first quarter of 2007, annualized return on average assets was 1.57%, compared to 1.59% for the same period last year, and annualized return on average equity was 13.12%, compared to 15.53% a year ago. First Quarter 2007 Financial Highlights: .
MortgageBrokers.com Signs Revenue Licensing Agreements with 49 New ...
TORONTO-(Business Wire)-May 3, 2007 - MortgageBrokers.com, Inc. (OTC BB: MBKR) is pleased to announce that the Company has signed revenue licensing agreements with 49 mortgage brokerages and independent mortgage brokers between February and April of 2007 who will now operate under the universal domain name and brand of MortgageBrokers.com. The total mortgage origination production of these new affiliates is estimated to be in excess of CAD$862 million and the Company projects to capture up to an estimated CAD$8.6 million in gross revenues to be generated by these new affiliates. MortgageBrokers.com currently has 192 mortgage brokerages and independent mortgage brokers working under the MortgageBrokers.com umbrella and is receiving a record number of inquiries from prospective brokers. .
CurrentPreviousYear Cost of Moneyraterateago Prime reference rate ...
U.S. Savings bonds: Series EE bonds earn an adjustable market-based rate that changes twice annually. Bonds issued after May 1, 1997, and sold within five years will forfeit three months' interest. For general savings bonds information, phone (800) 333-2919. For an online calculator to inventory your savings bonds, track their interest rates or identify when a bond will next accrue interest, click on www.savingsbonds.gov. Prime reference rate: A benchmark for setting the interest rate that Bank of America charges its most credit-worthy business customers. Federal funds rate: The rate charged on unsecured overnight borrowings, usually of $1 million or more, by banks and large corporations. Primary credit rate: Rate charged on primary credit available for very short terms as a backup source of liquidity to to banks and other financial institutions.
Much to do about nothing: Foreclosures and sub-prime
Headlines are blaring, foreclosures are sky rocketing and sub-prime problems are creeping into the prime lending area. So what! If you get past the headlines you realize that foreclosures are probably still below the historical average and the prime lending market is vibrant except for lenders who made deliberate moves to emphasize the option arm market. These loans which are easy to sell, bad for the borrower and very profitable for the lenders, at least in the early years have a way to turn on the borrower and lender in the later years. Why, because you have to make two bets: interest rates need to stay low and real estate prices need to continue rising. Not easy to win two bets on one transaction. Let's start with foreclosures. A recent report stated that U.S. foreclosures were up 42% from 2005.
Florida cedes top spot for mortgage fraud
There's good news and bad news on the mortgage-fraud front, says Charles Kovaleski, president of Attorney's Title Insurance Fund in Orlando. The good news is Florida is no longer the mortgage-fraud leader. Utah is tops, according to the Mortgage Asset Research Institute. The bad news is that Florida only slipped to No. 2, just ahead of California and New York. Kovaleski notes that Miami-Dade and Broward counties are hot spots with schemes that often involve phony appraisals, doctored loan documents and forged deeds.
Shifting gears
Looks like Holler-Classic Automotive Group has changed its taste in foreign cars. The longtime Central Florida dealership group is buying Bill Bryan Hyundai World on U.S. Highway 17-92 in Winter Park. The dealership group also closed its Mitsubishi dealership on State Road 436 in Winter Park.
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