Mortgage and Financial News From 2008-5-8 Page 7

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• State Street Subprime Damages May Surpass Reserve (Update1) (Bloomberg.com)

  May 8 (Bloomberg) -- State Street Corp. , the largest money manager for institutions, may have to pay more than 12 times the $625 million it set aside for damages from lawsuits over losses from subprime-mortgage investments made for pension funds.
  2008-05-08 10:44:19

• Canada's Dollar Falls as Housing Starts Decline During April (Bloomberg.com)

  May 8 (Bloomberg) -- The Canadian dollar fell for a second day after a report showed new-home starts declined last month more than analysts forecast.
  2008-05-08 11:02:23

• US Government insurance for about $300 billion in troubled mortgages will boost US economy, housing market, lumber ... (India Daily)

  Differences between the White House and Democrats in Congress over proposed housing-market legislation is being resolved secretly. Both sides are eager to pass the measures to boost the US economy now.
  2008-05-08 11:19:50

• Horror budget 'leads to horror rates' (The Courier Mail)

  THE Rudd Government must deliver on its promise of a tough budget or homebuyers face even higher mortgage rates, a leading economist said.
  2008-05-08 11:22:00

• Bank leaves rates at 5 percent (Reuters.co.uk)

  LONDON (Reuters) - The Bank of England kept interest rates at 5.0 percent on Thursday but analysts say a slowing economy will force it to cut borrowing costs next month, even though inflation is heading higher.
  2008-05-08 11:26:54

• Cautiously optimistic, ECB leaves rates unchanged (International Herald Tribune)

  The British central bank also left its key rate on hold at 5 percent Thursday, after cutting it in April by a quarter percentage point.
  2008-05-08 11:30:13

• European Bank Stays Course on Rates (NYTimes.com via Yahoo! Finance)

  The Bank of England and the European Central Bank left their interest rates unchanged on Thursday, as they sought to balance slowing growth with inflationary pressures.
  2008-05-08 11:37:19

• Housing-rescue bill: 'Something for everyone' - CNN Money

  NEW YORK (CNNMoney.com) -- The House on Wednesday will begin debate on a housing package that would let the government back loans for homeowners at risk of foreclosure - a move many Republicans have opposed and which the White House has threatened to ...
  2008-05-07 02:33:00

• Interhyp AG Q1 2008: Mortgage volume reaches EUR 1.263 billion, 12 ... - TradingMarkets.com

  (Munich, 7 May 2008) In a persistently difficult market with a decline of 12 percent in new residential mortgage business compared to the first quarter of 2007, Interhyp - Germany's largest independent mortgage provider - was still able to succeed ...
  2008-05-06 09:37:00

• Banking and Financial (Mondaq)

  The FRB proposed rules regarding credit cards and overdraft services. The proposals would amend Regulations AA (Unfair Acts or Practices), Z (Truth in Lending) and DD (Truth in Savings). The unfair acts or practices proposal is a joint proposal of the FRB, OTS and NCUA.
  2008-05-08 05:23:09

• Banking and Financial (Mondaq)

  A federal district court in Iowa allowed class action claims to proceed against a financial services company for alleged breaches of fiduciary duty under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), resulting from the company encouraging retirement plan participants to roll over their 401(k) plan assets into IRAs invested in the company's proprietary mutual funds.
  2008-05-08 05:23:20

• Canadian Tire first quarter gross operating revenue up 5.0%; net earnings rise 19.8%; adjusted net earnings down 4.9% (CNW Group via Yahoo! Finance)

  Canadian Tire Corporation, Limited today reported a 5.0 per cent increase in gross operating revenue for the first quarter of 2008.
  2008-05-08 06:28:00

• Bulletin board (Old Colony Memorial & Plymouth Bulletin)

  Check out classes, fundraisers, groups, volunteer opportunities and more.
  2008-05-08 07:36:04

• Northern Rock investors start legal action (Reuters.co.uk)

  LONDON (Reuters) - Britain's government "deliberately rigged" compensation terms for shareholders in nationalised bank Northern Rock, a group of investors said on Thursday as they started legal action for a review of the terms.
  2008-05-08 07:56:54

• UPDATE: Bank Of England Leaves Interest Rate Unchanged At 5% (The Forex Market)

  LONDON (Dow Jones) -- The Bank of England left its key interest rate unchanged at 5% Thursday as inflation fears persuaded it to take a wait-and-see approach after making three rate cuts since December.
  2008-05-08 08:12:50

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