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MORTGAGE ALERT
FORCLOSURES AT AN ALLTIME HIGH, INTEREST RATES STILL NEAR RECORD LOWS. Refinance today for a low fixed rate! How do you buy in todays mortgage market with no or little money down? FHA Loans is the answer with 97% financing still available. call a mortgage expert today at 212-231-0062.
At least 100 mortgage companies have sought buyers or halted lending since the start of 2006, according to data compiled by Bloomberg. A record number of Americans faced foreclosures in the second quarter, the Mortgage Bankers Association in Washington reported last week.
The worst U.S. housing slump in 16 years may lead mortgage companies to eliminate almost 100,000 jobs, more than double the number already cut this year.
As many as 20 percent of the nation's real estate loan officers and mortgage brokers will be fired, according to Josh Rosner, managing director at the New York investment research firm Graham Fisher & Co. That's in addition to the 10 percent reduction from December to July that thinned their ranks to 450,000 as investors stopped buying mortgages and lenders curtailed financing to avoid rising subprime defaults.
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HSBC Closes Indirect Channels
325 employees impacted by closing
November 18, 2008
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| HSBC's mortgage unit will no longer accept business from mortgage brokers and mortgage banking correspondents. More than 300 employees are impacted by the move.
HSBC Mortgage Corp. closed its indirect lending channels, according to a statement today from spokeswoman Kate Durham. The closure was effective immediately.
Today was the last day to register a new loan, according to a senior management announcement. Registered loans must be locked by Dec. 2 and funded by Jan. 20, 2009.
"Unprecedented market conditions have made it necessary for HSBC Mortgage Corporation (USA) to cease Wholesale/Correspondent origination operations effective immediately," the announcement stated.
The closing impacts 225 employees in Depew, N.Y., and 100 more spread across the country, Durham said. HSBC will attempt to find alternative positions inside the company whenever possible.
She explained that the mortgage unit will now focus on the retail sales channel. Loans will continue to be originated through HSBC's 460 bank branches.
"HSBC Mortgage Corporation (USA) truly appreciates the business and support of our brokers over the years," the announcement said. "On behalf of HSBC Mortgage Corporation (USA) we would like to thank you for the relationship we have enjoyed with you in the past and wish you the best for the future."
In September 2007, HSBC shut down its subprime wholesale lending subsidiary, Decision One Mortgage. That closing resulted in around 750 layoffs.
HSBC reported third-quarter impairment charges on its U.S. consumer loans of $4.3 billion, rising $0.7 billion from the second quarter.
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Mortgage people in politics. Political contributions by
mortgage companies. Coverage of political support
by lenders and executives. GSE lobbying and issues.
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| Treasury Secretary to Hit Ground Running
Tim Geithner nominated by Obama
November 25, 2008
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| President-elect Obama's choice for U.S. Treasury secretary has already worked under three prior presidents and has the support of the Bush administration. He has been involved in the creation of major bailout programs and is well suited to oversee the massive packages.
The Obama transition team announced yesterday that Timothy F. Geithner was named secretary of the Treasury. Geithner must be confirmed by the U.S. Senate, though there is no indication that his nomination won't sail through the legislative body.
Geithner is currently president and chief executive officer of the Federal Reserve Bank of New York, a post he filled in November 2003, according to a fed biography. He previously worked at the Treasury starting in 1988 -- where he served under three administrations and five Treasury secretaries.
The Dartmouth-graduate was a director of Policy Development and Review Department at the International Monetary Fund from 2001 until 2003. Geithner serves as chairman of the G-10's committee on payment and settlement systems of the Bank for International Settlements.
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Fed photo of
Timothy Geithner
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"He has played a key role in formulating the nation's monetary policy," Obama said of Geithner's work at the fed. "Tim Geithner offers not just extensive experience shaping economic policy and managing financial markets, but an unparalleled understanding of our current economic crisis, in all of its depth, complexity and urgency."
The president-elect said Geithner will hit the ground running on his first day and added that his extensive international experience makes him well suited for this the new job. He characterized the nominee as an honest broker who is respected on both sides of the isle.
The new secretary will oversee the massive $700 billion Troubled Asset Relief Program. Funds from that program, originally designed to acquire troubled mortgage assets, have been redirected to direct capital investments in financial institutions.
At a press conference today, current Treasury Secretary Henry M. Paulson Jr. explained that Geithner has been involved in each of the major actions recently taken by the Bush administration, positioning him well to step in and take the reins.
Obama also said former Clinton Treasury Secretary Lawrence Summers was named director of the National Economic Council.
"The news this past week, including this morning's news about Citigroup, has made it even more clear that we are facing an economic crisis of historic proportions," Obama stated. "I have assembled an economic team with the vision and expertise to stabilize our economy, create jobs, and get America back on track."
Related:
Obama Treasury Secretary
President-elect Obama's top cabinet priority is U.S. Treasury secretary. The new administration faces tumultuous financial markets but has a massive fund with which to deal with them.
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