Lord Browne (57) joined BP in 1966 and subsequently held a variety of Exploration and Production and Finance posts in the US, UK and Canada. He was. ...
Legislative teleconferencesFairbanks Daily News-Miner, AK - 18 hours ago1:30 pm–House Finance Committee. HB 1: Increase Amount of Base Student Allocation. HB 120: Extending Council on Domestic Violence. ...
UPDATE 1-Market Chatter -- Corporate finance press digestReuters - 15 Feb 2007John Weston CBE, Chairman, was appointed to the Board as Non-executive Chairman of iSoft Group PLC on 19 October 2005. Following the resignation of. ...
Ottawa's tax windfall bodes well for cutsGlobe and Mail, Canada - 53 minutes agoIn the November, 2006, update, Finance Minister Jim Flaherty forecast an underlying budget surplus for this current fiscal year of $7.2-billion, ...
Personal Journal UpdateWall Street Journal (subscription), NY - 17 Feb 2007Within reason, you dream big. Jeff Opdyke covers personal finance for The Wall Street Journal. Write him at lovemoney@wsj.com.
UPDATE 1-Market Chatter -- Corporate finance press digestReuters - 14 Feb 2007Gary L. Paxton has served as a director of Dollar Thrifty Automotive since October 2003, and also from November 1997 to May 2000. Mr. Paxton is... Full Bio ...
Paramount Energy Trust Announces February 2007 Distribution and ...Market Wire (press release) - 15 Feb 2007The Federal Government's Standing Committee on Finance (the "Finance Committee") initiated hearings beginning January 31, 2007 to review the proposed ...
Asia Market Update - Asian Market Update: Cautious trading ahead ...FXstreet.com The Foreign Exchange Market, Spain - 15 Feb 2007The KOSPI is little changed as declines in shares of Woori Finance were offset by gains in shares of Samsung. Chinese equities are extending sharp gains ...
UPDATE 1-Market Chatter -- Corporate finance press digestReuters - 13 Feb 2007Charles Goodyear joined the Group as Chief Financial Officer in 1999. He was appointed to the Boards of BHP Billiton Limited and BHP Billiton Plc in. ...
Reforms deadline set for JuneFiji Times, Fiji - 7 hours agoInterim Finance Minister, Mahendra Chaudhry, says Government intends to have all financial information centralised where a daily monitoring of revenue and ...
Monday, February 19, 2007
Thursday, February 15, 2007
TO DAY GET IT?
Liberian Finance Minister Antoinette Sayeh said the US commitment meant a deal to settle Liberia’s $1,5bn outstanding debt to international financial ...
US, Emirates seen getting closer to free trade pactBusiness Times Singapore, Singapore - 1 hour ago... the Emirates and the US have made some progress in the latest round of talks last week in London, the Emirates Ministry of Finance and Industry said. ...US, Emirates closer to free trade pact The News - Internationalall 4 news articles »
US to pressure Tokyo over Japan PostFinancial Times, UK - 3 hours agoMs Schwab is set to underline the US view when she addresses the Senate Finance Committee in Washington on Thursday at a time when political tensions are ...
Seoul shares close higher on finance gainsYonhap News, South Korea - 3 hours ago"Investor sentiment was boosted by overnight US stock rises," said Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities. "Foreigners bought finance ...Seoul shares close higher on finance gains Yonhap NewsSeoul shares start higher on Wall Street rallies Yonhap Newsall 10 news articles »
Undocumented immigrants enter financial mainstream in USKansas City Star, MO - 2 hours agoRajan, the U. of C. finance professor, says that the Bank of America move, while economically sensible for illegal workers already in the US, could embolden ...
Chapman and Cutler Again Ranked Most Active Bond Counsel in USYahoo! News (press release) - 19 hours agoThe firm also advises on legislative issues that impact its public finance clients and their debt-issuance. Let us know if you would like more detail about ...Chapman and Cutler Again Ranked Most Active Bond Counsel in US Black Enterpriseall 4 news articles »
US-Africa Investment Forum wants business proposals in AfricaAngolaPress, Angola - 14 hours agoHouston, US, 02/12 - Organisers of US-Africa Investment and Finance Forum that ended Friday in the US city of Houston in Texas have asked participants to ...African investment, finance confab kicks off in Houston The TideParticipants harp on African economic integration AngolaPressall 3 news articles »
US official-Azerbaijan eyes 20 bcm gas exportsReuters - 14 hours agoLord Browne (57) joined BP in 1966 and subsequently held a variety of Exploration and Production and Finance posts in the US, UK and Canada. He was. ...Deals of the day -- mergers and acquisitions Reutersall 23 news articles »
US Investment Manager Acquires Major Stake in Nikko CordialBlack Enterprise, NY - 18 hours ago... a 6.15 percent equity stake in Nikko Cordial Corp., the US firm said in its report to the Finance Ministry's Kanto Local Finance Bureau on Wednesday. ...
E Canada Now
US wants to redirect IMF funds to ease Liberia debtReuters South Africa, South Africa - 4 hours agoLiberian Finance Minister Antoinette Sayeh said the US commitment meant a deal to settle Liberia's $1.5 billion outstanding debt to international financial ...Liberia: Proof of Friendship: US Waivers Of Liberia's $391M Debt AllAfrica.comLiberia: US Cancels Liberia's Debt, But Billions Pending AllAfrica.comUS agrees to cancel Liberia's debt Independent Online
US, Emirates seen getting closer to free trade pactBusiness Times Singapore, Singapore - 1 hour ago... the Emirates and the US have made some progress in the latest round of talks last week in London, the Emirates Ministry of Finance and Industry said. ...US, Emirates closer to free trade pact The News - Internationalall 4 news articles »
US to pressure Tokyo over Japan PostFinancial Times, UK - 3 hours agoMs Schwab is set to underline the US view when she addresses the Senate Finance Committee in Washington on Thursday at a time when political tensions are ...
Seoul shares close higher on finance gainsYonhap News, South Korea - 3 hours ago"Investor sentiment was boosted by overnight US stock rises," said Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities. "Foreigners bought finance ...Seoul shares close higher on finance gains Yonhap NewsSeoul shares start higher on Wall Street rallies Yonhap Newsall 10 news articles »
Undocumented immigrants enter financial mainstream in USKansas City Star, MO - 2 hours agoRajan, the U. of C. finance professor, says that the Bank of America move, while economically sensible for illegal workers already in the US, could embolden ...
Chapman and Cutler Again Ranked Most Active Bond Counsel in USYahoo! News (press release) - 19 hours agoThe firm also advises on legislative issues that impact its public finance clients and their debt-issuance. Let us know if you would like more detail about ...Chapman and Cutler Again Ranked Most Active Bond Counsel in US Black Enterpriseall 4 news articles »
US-Africa Investment Forum wants business proposals in AfricaAngolaPress, Angola - 14 hours agoHouston, US, 02/12 - Organisers of US-Africa Investment and Finance Forum that ended Friday in the US city of Houston in Texas have asked participants to ...African investment, finance confab kicks off in Houston The TideParticipants harp on African economic integration AngolaPressall 3 news articles »
US official-Azerbaijan eyes 20 bcm gas exportsReuters - 14 hours agoLord Browne (57) joined BP in 1966 and subsequently held a variety of Exploration and Production and Finance posts in the US, UK and Canada. He was. ...Deals of the day -- mergers and acquisitions Reutersall 23 news articles »
US Investment Manager Acquires Major Stake in Nikko CordialBlack Enterprise, NY - 18 hours ago... a 6.15 percent equity stake in Nikko Cordial Corp., the US firm said in its report to the Finance Ministry's Kanto Local Finance Bureau on Wednesday. ...
E Canada Now
US wants to redirect IMF funds to ease Liberia debtReuters South Africa, South Africa - 4 hours agoLiberian Finance Minister Antoinette Sayeh said the US commitment meant a deal to settle Liberia's $1.5 billion outstanding debt to international financial ...Liberia: Proof of Friendship: US Waivers Of Liberia's $391M Debt AllAfrica.comLiberia: US Cancels Liberia's Debt, But Billions Pending AllAfrica.comUS agrees to cancel Liberia's debt Independent Online
Sunday, February 11, 2007
La Home
Two real estate agents, a lender and a couple who closed on their first home last month offer tips on what to consider before making what's normally the biggest purchase of one's life.
* Consider a first-time home buyer class. Dustin May, 23, and Heidi Myogeto, 22, found a class through the Minnesota Home Ownership Center's Home Stretch program. The class covered topics such as affording a house, shopping for a loan and repairing a credit score.
* Save your documents. Keep your most recent pay stub, W-2, bank and retirement account statements for the loan-approval process. The mortgage originator will pull your credit report to provide a snapshot of your outstanding debts. Be wary if a lender offers you a loan without checking these out.
It wouldn't hurt to check your credit report for free at www.annualcreditreport.com before you start the loan process to make sure there aren't mistakes that could hurt your chances of qualifying.
It's standard to be pre-approved for a loan before starting the home-search process. Just because you are pre-approved by one lender doesn't mean you must get a mortgage through that company.
* Play house. As soon as May and Myogeto decided to look for a house, they began banking $2,000 a month into a savings account. That gave them a taste of how their spending would change once they were homeowners. "I haven't seen the inside of a bar since New Year's," said Myogeto, who said they've curbed going out to eat.
* Don't buy too much house. Dan Hughes, a loan officer at Summit Mortgage Corp. in Plymouth, Minn., said borrowers can qualify for a home loan that would take up more than half their pay. That usually translates to "much bigger payments than
* Consider a first-time home buyer class. Dustin May, 23, and Heidi Myogeto, 22, found a class through the Minnesota Home Ownership Center's Home Stretch program. The class covered topics such as affording a house, shopping for a loan and repairing a credit score.
* Save your documents. Keep your most recent pay stub, W-2, bank and retirement account statements for the loan-approval process. The mortgage originator will pull your credit report to provide a snapshot of your outstanding debts. Be wary if a lender offers you a loan without checking these out.
It wouldn't hurt to check your credit report for free at www.annualcreditreport.com before you start the loan process to make sure there aren't mistakes that could hurt your chances of qualifying.
It's standard to be pre-approved for a loan before starting the home-search process. Just because you are pre-approved by one lender doesn't mean you must get a mortgage through that company.
* Play house. As soon as May and Myogeto decided to look for a house, they began banking $2,000 a month into a savings account. That gave them a taste of how their spending would change once they were homeowners. "I haven't seen the inside of a bar since New Year's," said Myogeto, who said they've curbed going out to eat.
* Don't buy too much house. Dan Hughes, a loan officer at Summit Mortgage Corp. in Plymouth, Minn., said borrowers can qualify for a home loan that would take up more than half their pay. That usually translates to "much bigger payments than
GREAT MORTGAGE DEALS
The recent decline in rates has been relatively small, and there is still concern that the slump will worsen in the spring when more homes come on the market. But the low rates, real estate and mortgage brokers say, have still provided a significant boost to their business, which had dropped significantly from 2005, the best year for home sales in history.
Lower rates get “them off the fence,” said Tom Carlson, an agent at Pacific Union GMAC Real Estate in San Francisco. “There’s a sense of urgency that mortgage rates probably will rise.”
The national average for a 30-year fixed-rate mortgage is now 6.04 percent, after peaking at 6.8 percent in late June, according to Bankrate. (These rates are averages for what consumers can expect to pay nationally for conventional home loans.)
Mortgage applications, while they are some distance from their peak during the housing boom a year ago, surged 30 percent in early December from their summer lows as buyers took advantage of falling prices and low rates to buy homes before the holidays.
Daniel and Marcie Quaroni were part of that surge. Last month, the couple agreed to pay $560,000 for a four-bedroom colonial with cathedral ceilings in Waltham, Mass., near Boston; they have a 30-year mortgage at a fixed rate of 5.88 percent. The young couple had fruitlessly searched for a house in the summer only to realize they could not afford to buy the kind of home they wanted.
Now, however, they have enough money left over to spend nearly $15,000 on improvements like a new air-conditioner, gas stove, granite tile and a new coat of paint.
“You’re talking about a couple of hundred dollars a month” in savings with lower rates, said Mr. Quaroni, a 28-year-old software engineer. “That definitely impacts the bottom line. It’s basically like we’re getting free heat.”
For their cheaper home loans, the Quaronis and other home buyers can thank bond investors, including Asian central banks and hedge funds, who have been lending billions of dollars to the federal government. Mortgage rates are closely tied to the yield on the 10-year Treasury note. After a bout of inflation worries pushed it above 5 percent last summer, the yield on the 10-year note fell to as low as 4.424 percent last month amid hopes that the Federal Reserve would need to cut interest rates this year.
“It’s low long-term interest rates that are helping to provide the safety net for housing,” said Delores A. Conway, director of the Casden Real Estate Economics Forecast at the University of Southern California.
Yesterday, however, the vice chairman of the Federal Reserve, Donald L. Kohn, dispelled some of the hopes for a rate cut by saying that inflation remained a worry even as lower energy prices help reduce its threat.
“Despite the recent favorable price data, I believe it is still too early to relax our concerns about whether the run-up in price pressures in the spring and summer of last year is truly unwinding,” he said at a speech before the Atlanta Rotary Club.
There are also some who are skeptical about a soft landing for housing, noting that sales are still far lower than a year ago and that the number of homes on the market will take more than seven months to sell off. They note that many sellers took their homes off the market late last year after being unable to sell at their desired price. Many of those properties could flood back on the market in the spring, which is the busiest part of the sales year.
While still low, yields and interest rates have been inching back up of late. Since early December, for instance, the yield on the 10-year Treasury has risen from 4.42 percent to 4.65 percent yesterday, after recent reports suggested that the economy was growing faster than earlier thought. The rate on the 30-year conventional mortgage climbed back to 6.04 percent, from 5.8 percent.
Mortgage applications have fallen since peaking in early December, though at least some of that is probably a function of a seasonal slowdown during the holidays.
Ms. Conway and many other economists do not expect yields and rates to rise significantly from current levels in the coming 12 months.
Still, a sustained climb in interest rates could hit some parts of the housing market harder than others. The East and West Coasts and the Southwest remain vulnerable because a surge of new construction has left them with a big inventory of homes for sale.
Lower rates get “them off the fence,” said Tom Carlson, an agent at Pacific Union GMAC Real Estate in San Francisco. “There’s a sense of urgency that mortgage rates probably will rise.”
The national average for a 30-year fixed-rate mortgage is now 6.04 percent, after peaking at 6.8 percent in late June, according to Bankrate. (These rates are averages for what consumers can expect to pay nationally for conventional home loans.)
Mortgage applications, while they are some distance from their peak during the housing boom a year ago, surged 30 percent in early December from their summer lows as buyers took advantage of falling prices and low rates to buy homes before the holidays.
Daniel and Marcie Quaroni were part of that surge. Last month, the couple agreed to pay $560,000 for a four-bedroom colonial with cathedral ceilings in Waltham, Mass., near Boston; they have a 30-year mortgage at a fixed rate of 5.88 percent. The young couple had fruitlessly searched for a house in the summer only to realize they could not afford to buy the kind of home they wanted.
Now, however, they have enough money left over to spend nearly $15,000 on improvements like a new air-conditioner, gas stove, granite tile and a new coat of paint.
“You’re talking about a couple of hundred dollars a month” in savings with lower rates, said Mr. Quaroni, a 28-year-old software engineer. “That definitely impacts the bottom line. It’s basically like we’re getting free heat.”
For their cheaper home loans, the Quaronis and other home buyers can thank bond investors, including Asian central banks and hedge funds, who have been lending billions of dollars to the federal government. Mortgage rates are closely tied to the yield on the 10-year Treasury note. After a bout of inflation worries pushed it above 5 percent last summer, the yield on the 10-year note fell to as low as 4.424 percent last month amid hopes that the Federal Reserve would need to cut interest rates this year.
“It’s low long-term interest rates that are helping to provide the safety net for housing,” said Delores A. Conway, director of the Casden Real Estate Economics Forecast at the University of Southern California.
Yesterday, however, the vice chairman of the Federal Reserve, Donald L. Kohn, dispelled some of the hopes for a rate cut by saying that inflation remained a worry even as lower energy prices help reduce its threat.
“Despite the recent favorable price data, I believe it is still too early to relax our concerns about whether the run-up in price pressures in the spring and summer of last year is truly unwinding,” he said at a speech before the Atlanta Rotary Club.
There are also some who are skeptical about a soft landing for housing, noting that sales are still far lower than a year ago and that the number of homes on the market will take more than seven months to sell off. They note that many sellers took their homes off the market late last year after being unable to sell at their desired price. Many of those properties could flood back on the market in the spring, which is the busiest part of the sales year.
While still low, yields and interest rates have been inching back up of late. Since early December, for instance, the yield on the 10-year Treasury has risen from 4.42 percent to 4.65 percent yesterday, after recent reports suggested that the economy was growing faster than earlier thought. The rate on the 30-year conventional mortgage climbed back to 6.04 percent, from 5.8 percent.
Mortgage applications have fallen since peaking in early December, though at least some of that is probably a function of a seasonal slowdown during the holidays.
Ms. Conway and many other economists do not expect yields and rates to rise significantly from current levels in the coming 12 months.
Still, a sustained climb in interest rates could hit some parts of the housing market harder than others. The East and West Coasts and the Southwest remain vulnerable because a surge of new construction has left them with a big inventory of homes for sale.
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