Friday, August 3, 2007

Pack of cards falling away

US Mortgage lender closing down

After Bears and sterns next in line. Are we linked to American market read on for more. Today new job creation figures from America came and they start at 1400 hours our time. See the fall. http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/stockmarket/3/default.stm After all day fluctuating its just down hill. So if it is happening there now. It will be here tomorrow.

Posted by deepak @ 08:07 PM (358 views)
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7 thoughts on “Pack of cards falling away

  • So this may be a stupid question, but if I had a house with a mortgage through this company and it goes into receivership, who owns the house. Could it be auctioned off to recover the companies debt?

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  • “American Home’s problems suggest the housing slump is widening because it is not a sub-prime lender.”

    Sounds a bit worrying !!!

    Does this mean we can expect mainstream banks and building societies to start going bust here in 2 years time as well?? Start thinking about the safety of your savings (for those of you fortunate enough to have any)

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  • Ouch, Dow Jones fell nearly 300 points (2%) in the last 2 hours of trading, making a 6% drop in the past 14 days. I suspect there will be fun and games with the FTSE on Monday – although we said that last week. Even so, I doubt that many city traders and fund managers will be enjoying the weekend.

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  • Goldman Sachs

    As of 3:00 PM EST
    $179.91USD

    Price Change
    Down7.55

    Percent Change
    Down4.03%

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  • Nash,

    It is a Legal Interest, a charge and it is equivalent to a legal estate. It is attached to the land and therefore passes with the land along with the right to foreclose and repossess (well ok apart from an Equitable Mortgage which is a different beast altogether generally not on the title officially and protected by deeds (very uncommon now because most transactions are registered) and one that no one in their right mind would enter).

    Simple really, it only took me about 8 years to properly understand that as Land Law is in the main badly taught in universities.

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  • Blindleadtheblind says:

    Nash. The ammount of money owed on the mortgage can be called in by the receivers or whoever underwrites the debt. While you owe money the house is not yours but the mortgage companies. You would be given the option to raise the ammount with a different lender unless you had the cash on hand to settle, but the problem with a credit crunch is that there may be no lender willing to give you the money and ‘your’ house would be sold off to recoup the debt owed.

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