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Author Archives: Kerri Panchuk

Existing Home Sales Drop in August

Existing home sales fell 4.3-percent in August to a seasonally-adjusted annual rate of 5.50 million units, compared to 5.75 million units in July, according to the National Association of Realtors (NAR).

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Fitch Ratings: Issued Subprime Alerts in 2005

Paris, France-based Fimalac, the parent company of Fitch Ratings, reported on Tuesday that its ratings platform issued warnings as early as 2005 alerting investors about the risks associated with subprime.

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California-Based Company Franchises Auction-Concept

Bakersfield, California-based Pacific Auction Exchange Inc.), a real estate auction company, says it expects the popularity of its business model to grow in the current real estate market. In a press statement, PAX said it has franchised the real estate auction format and attempts to have 150 units up and operating by August of next year.

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Countrywide Rescues 35,000 Loans from Foreclosure

Countrywide Financial Corp., one of the nation’s largest subprime lenders, says its home preservation efforts are paying off with internal statistics indicating the company has saved 35,000 mortgages since the onset of the year.

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Opteum Opts for Name Change

Vero Beach, Florida-based Opteum Inc., a real estate investment trust that handles residential mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae, is changing its name to Bimini Capital Management Inc.

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Investor Optimism Down Again

Investor optimism fell another five points in September, hitting a level of 68, according to a new report from the UBS/Gallup Index of Investor Optimism. The Gallup Index, which operates with a baseline score of 124, dropped for the fourth consecutive month in September.

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Nationstar: No Longer Accepting New Loans

Another company is suspending loan originations at its subprime lending platform. Reuters news agency reported Monday that Nationstar Mortgage lending platform operating under Fortress Investment Group LLC—stopped accepting new loan applications on Friday.

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IMF Says Global Markets Face Some Upheaval

Global markets are facing a protracted adjustment period because of all the turbulence in the U.S. housing market, the International Monetary Fund (IMF) said in a report on Monday. While central banks in countries have stepped in to help remedy the risk, the IMF concluded in its Global Financial Stability Report (GFSR) that credit conditions may not normalize soon, and some of the practices that have developed in the structured credit markets will have to change.

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