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| Home Equity Loans - Updated News |
Irwin revises strategy after first-quarter loss widens (The Indianapolis Star)
COLUMBUS » Bank holding company Irwin Financial said Wednesday it lost $22 million, or 77 cents per share, in the first quarter. It lost $10 million, or 22 cents a share, in the same period a year earlier. As a result, it is refocusing and has suspended writing home-equity loans, including second mortgages. Chairman and Chief Executive Will Miller said the company will focus on small-business ...
Credit lines are vanishing as property values plunge (The Charlotte Observer)
Countrywide Financial Corp. has suspended the home-equity credit lines of almost all its Las Vegas customers, including the $60,000 that Christopher Whipple says he needed to expand his cell-phone accessories business. "I hope this doesn't break me," the 35-year-old retailer said. His credit score was 790 out of a possible 850, putting him in the top 40 percent of borrowers. "It's going to hurt ...
Consumer borrowing up, fast-paced in March (York Daily Record)
Consumer borrowing rose in March at the fastest pace in four months, more than double the increase of the previous month.
3 arrested in mortgage scheme (Chicago Sun-Times)
Three people were arrested Friday in a purported scheme to defraud banks to obtain at least $3.5 million in home-equity loans, federal officials said.
Citigroup's $500 Billion Contraction (Time Magazine)
Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review - but only after shrinking the company by about one-fifth first
Path to retirement has pitfalls for women (USA Today)
The economic slowdown has made it harder for many people to keep up their pace of saving for retirement. But women, especially, can find it difficult in tough times to invest enough to ensure a secure retirement.
S&P Stops Rating Home Equity Loan Bonds (Financial Planning.com)
US credit rating agency Standard & Poor's said on Thursday it will not rate any more new bonds pooling home equity loans to prime and subprime borrowers because losses on some existing bond deals have been so great the agency cannot figure out how to rate the new deals.
Irwin to suspend home equity loans (The Indianapolis Star)
Columbus-based bank holding company Irwin Financial says it lost $22 million or 77 cents per share in the first quarter of 2008, and the company is refocusing.
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