Downbeat RBS earns cloud outlook for banking sector; markets wonder when will recovery comeLONDON — A downbeat report from the Royal Bank of Scotland PLC on Friday clouded a week of earnings updates that started with suggestions that the country’s lenders were over the worst of the financial crisis — almost exactly two years after the credit squeeze took hold. Royal Bank of Scotland posts wider 1st-half net loss of $1.7 billion, CEO calls results ‘poor’LONDON — The Royal Bank of Scotland posted a wider first-half net loss Friday, as bad debts jumped to 7.5 billion pounds ($12.6 billion) and sluggish activity in its retail and corporate businesses wiped out strong gains in investment banking. Royal Bank of Scotland posts wider first-half loss of $1.7 billion, CEO calls numbers ‘poor’LONDON — The Royal Bank of Scotland posted a wider first-half net loss Friday, as bad debts jumped to 7.5 billion pounds ($12.6 billion) and sluggish activity in its retail and corporate businesses wiped out strong gains in investment banking. Royal Bank of Scotland posts 1st-half net loss of $1.7 billion; makes progress on restructureLONDON — The Royal Bank of Scotland posted a wider first-half net loss Friday, as bad debts jumped to 7.5 billion pounds ($12.6 billion) and sluggish activity in its retail and corporate businesses wiped out strong gains in investment banking. Royal Bank of Scotland posts wider H1 net loss of $1.7 billion, makes progress on restructureLONDON — The Royal Bank of Scotland posted a wider first-half net loss Friday, as bad debts jumped to 7.5 billion pounds ($12.6 billion) and sluggish activity in its retail and corporate businesses wiped out strong gains in investment banking. Former Fla. judge linked to stripper pleads guilty to bank fraud by false mortgage applicationTAMPA, Fla. — A former Florida appeals court judge who resigned amid controversy over his financial and personal relationship with a stripper has pleaded guilty to bank fraud. Tips for borrowers with mortgage problems who need to deal with loan servicersWASHINGTON — Having trouble paying your mortgage? To find out if you qualify for a loan modification, you’ll have to work with a loan servicer — the company that collects your mortgage payments. AP IMPACT: Mortgage middlemen to profit from gov’t housing bailout despite checkered pastWASHINGTON — Billions of dollars the government is spending to help financially pressed homeowners avert foreclosure are passing through — and enriching — companies accused of preying on the people they’re supposed to help, an Associated Press investigation has found. Report finds only 9 pct of homeowners getting help; 10 mortgage companies haven’t helped anyWASHINGTON — The government’s $50 billion program to ease the mortgage crisis is helping only a tiny fraction of struggling homeowners, and a list released Tuesday showed which lenders are laggards. Can shame boost Obama administration’s effort to stem foreclosure crisis?WASHINGTON — The Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes to foreclosure. Housing begins to reverse 3-year recession in every US region, but 2nd half looks rockyIt was — note the past tense — the worst housing recession anyone but survivors of the Great Depression can remember. Genworth shares fall after 2nd-quarter loss; CEO optimistic about market improvementsNEW YORK — Genworth Financial Inc. shares slipped on Friday, a day after the insurer reported worse-than-expected second-quarter results as it was hit by losses in its U.S. mortgage insurance division and investment portfolio. Federal authorities create mortgage fraud task force in ConnecticutNEW HAVEN, Conn. — Federal authorities are creating a mortgage fraud task force in Connecticut to investigate schemes that contributed to the economic crisis and emerging crime trends associated with the growing tide of foreclosures. Oregon governor signs bills to reduce foreclosures, verify mortgage originators’ backgroundsSALEM, Ore. — Gov. Ted Kulongoski signed two new consumer protection bills Thursday, including one aimed at reducing the number of home foreclosures in Oregon. Federal Housing Administration launches new program to lower payments for troubled borrowersWASHINGTON — Loans backed by the Federal Housing Administration will be eligible for payment reductions similar to the Obama administration’s loan modification program, the government will announce Thursday. House acts to protect unemployment, mortgage and highway programs during recessWASHINGTON — The House has taken emergency measures to keep federal programs supporting unemployment benefits, mortgage loans and highway projects from going broke while Congress is on vacation next month. House acts to shore up funds for highway, unemployment, mortgage programsWASHINGTON — The House took emergency steps Wednesday to keep vital federal programs from going broke while Congress is absent next month, removing the threat that people would lose their unemployment checks or chances to get a low-interest housing loan while lawmakers are on vacation. Congress acts to keep highway, unemployment, mortgage programs from running dryWASHINGTON — The House, doing some billion-dollar housekeeping before it leaves for the August recess, is taking up legislation to keep recession-hit federal programs that support highway projects, state unemployment insurance and mortgage loans from running dry. Feds charge 41 in Fla. mortgage fraud schemes involving $40 million in 6 different casesMIAMI — Federal prosecutors say 41 people have been charged in the latest round of South Florida mortgage fraud schemes. Loan official: Sens. Conrad and Dodd informed they were getting VIP home loan dealsWASHINGTON — Two influential Senate committee chairmen were told they were getting special VIP deals when they applied for mortgages, an official who handled their loans told Congress in closed-door testimony. Democratic Sens. Christopher Dodd and Kent Conrad had denied knowing they were getting discounts when they negotiated their loan terms. Meltdown 101: Why is it taking so long for government housing aid to make a big difference?WASHINGTON — Speaking at a high school in Mesa, Ariz., about a month after taking office, President Barack Obama launched an effort to keep as many as 9 million homeowners out of foreclosure in a major federal effort to stabilize the U.S. housing market. AP IMPACT: Loan official says Dodd, Conrad were told they were getting VIP home loan dealsWASHINGTON — Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation’s largest lenders, the official who handled their loans has told Congress in secret testimony. GAO: Obama housing plan could fall short of goal to help up to 4 million homeownersWASHINGTON — The Obama administration’s effort to persuade mortgage companies to lower payments for up to 4 million homeowners could fall short of its goal, according to congressional investigators. Fed proposal aims to make it easier for Americans to understand mortgage termsWASHINGTON — The Federal Reserve on Thursday approved proposals designed to make it easier for Americans with mortgages, or shopping for them, to better understand how the loans work. US home sales expected to show third consecutive monthly increase in JuneWASHINGTON — A real estate trade group’s report is expected to show that sales of previously occupied homes inched up in June, a third straight monthly increase. Deutsche Post second quarter net profit falls 71 percent to euro66 million; sales fall 17 pctFRANKFURT — German mail and logistics company Deutsche Post DHL AG said Thursday its second quarter net profit fell 71 percent on weaker sales and one-time effects related to the insolvency of department store operator Arcandor AG, a close business partner. Bernanke resists Obama plan to create consumer-products agency, strip Fed of some oversightWASHINGTON — Ben Bernanke put himself at odds with the Obama administration Wednesday by resisting its plan to create a consumer protection agency for risky financial products. The Federal Reserve chief said those responsibilities should stay with the central bank. Foreclosed Ohio homeowner leaves collection of nearly 100 cats behind, along with a messAKRON, Ohio — When an Ohio man vacated his foreclosed home near Akron, he left behind nearly 100 cats and a stench. Rescuers have been chasing cats in the Lakemore house for two weeks, and there are still some felines left. Cats were found in the heating ducts, under furniture and mattresses and in dressers, closets and cabinets. Bernanke arrives at Senate to defend Fed’s actions to rescue US economy, aid recoveryWASHINGTON — Federal Reserve Chairman Ben Bernanke ran into more tough questions Wednesday on Capitol Hill about the central bank’s extraordinary actions to rescue the economy and its ability to take on even more responsibility. NJ woman’s bake sale let’s her have her cake and home too; she’s had 500 orders and countingTEANECK, N.J. — A New Jersey woman’s bake sale has helped her forestall foreclosure. |
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