Three Colorado mortgage brokers have settled claims of deceptive advertising, according to an announcement from the Colorado attorney general. The firms ran newspaper advertisements for option adjustable-rate mortgage programs with low teaser rates. The state claims that disclosures of true interest rates and other loan terms were either buried in the fine print or not included at all. (more…)
HSBC Mortgage Corp. closed its indirect lending channels, according to a statement from spokeswoman Kate Durham. The closure was effective on Nov. 28. "Unprecedented market conditions have made it necessary for HSBC Mortgage Corporation (USA) to cease Wholesale/Correspondent origination operations effective immediately," a senior management announcement stated. (more…)
A commodities trader is alleged to have manipulated his options book to hide losses, which cost the Bank of Montreal at least C$327 million . David Lee, 36, a former natural-gas trader at the bank, pleaded guilty last week to criminal charges and is now…(read more) (more…)
The U.S. housing market is expected to give further proof of a long, slow-motion decline with the release of the housing starts & permits report from the Department of Commerce on Wednesday. The starts index could potentially fall to levels not seen…(read more) (more…)