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Sinking Mortgage Company Gets Lifeline from Lenders
Thornburg Mortgage said that five lenders have agreed
to a deal where no further margin calls will be made in return for its
compliance with a laundry list of requirements.
Thornburg will give the five lenders, Bear Stearns Cos., Citigroup
Inc., Credit Suisse Group, Royal Bank of Scotland Group PLC and UBS AG,
warrants which they can exercise into 47 million shares
of the company at…
Due to some feedback from our article on the
and YSP, we wanted to try and clarify things.
Let’s
preface “mild correction” by admitting that there are fewer more hotly
contested debates among compliance gurus than disclosure of PFC’s
and YSP. After working over the years with numerous people who I
consider highly educated regarding compliance…
Price for Bear Stearns Likely to Rise
Those investors who insisted on buying or holding on to their Bear
Stearns stock, keeping prices at near three times the $2 per share being
offered by J.P. Morgan Chase appear to have been on to something.
Most Mortgage Rates Increase During Wild Week in Financial Markets
“Average mortgage rates were up for all loan products reported,” said
Frank Nothaft, Freddie Mac vice president and chief
economist. “However, for the first 11 weeks so far this year, the average
30-year fixed rate is still below 5.9 percent, and the average 30-year
rate in January was the lowest since July 2005.
“The combination of lower house prices and
rates contributed to a more affordable market for homebuyers.
Some Good News Regarding Home Sales Comes in NAR Report
In what may be the first fluttering of a recovery in the housing
market, sales of existing homes last month actually
increased from January levels according to the National Association of
Realtors (NAR.)
NAR’s chief economist Lawrence Yun said the increase
is encouraging. “We’re not expecting a notable gain in existing-home
sales until the second half of this year, but the improvement is another
sign that the market is stabilizing,” he said.
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