via news.cnet.com
Thursday, September 15, 2011
Mortgage default warnings surged in August - Yahoo! Finance
LOS ANGELES (AP) -- Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures.
The number of U.S. homes that received an initial default notice -- the first step in the foreclosure process -- jumped 33 percent in August from July, foreclosure listing firm RealtyTrac Inc. said Thursday.
The increase represents a nine-month high and the biggest monthly gain in four years. The spike signals banks are starting to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures.
"This is really the first time we've seen a significant increase in the number of new foreclosure actions," said Rick Sharga, a senior vice president at RealtyTrac. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here.
UPDATE 4-Oil up over $114, equity rally supports | Reuters
LONDON, Sept 15 (Reuters) - Oil traded at over $114 on Thursday, up over $2, buoyed by a rally in European equities, a weaker dollar, and an improvement in risk appetite after euro zone leaders reiterated their commitment to keeping Greece afloat.
Brent crude LCOc1 for October, which expires today, was up $2.12 cents at $114.52 by 1012 GMT. The November contract LCOc2 was up $2.15 cents at $111.80. U.S. crude CLc1 was up 30 cents to $89.21 a barrel.
Volatility in Brent has been accentuated by the imminent expiry of the October contract, with the liquidity all in the November contract, but analysts and traders have expressed surprise that oil has rallied so strongly given recent bearish newsflow.
"With the euro debt crisis back on centre stage, one thing is sure to follow: volatility," said Thorbjorn Bak Jensen, oil analyst at Global Risk Management.
via reuters.com
Top 10 College Towns for Buying Foreclosures - DailyFinance
For real estate buyers who have the cash and credit to take advantage of historically low mortgage rates, there is one market type that tends to be more resilient than others: the college town.Established, big-name universities, with their steady and ever-replenishing supplies of new students, faculty and administrators, virtually guarantee tenants and future buyers. Additionally, more retirees are choosing to move to college towns for the cultural amenities.
via dailyfinance.com
UBS Has $2 Billion Trading Loss; Man Arrested in London - Businessweek
Sept. 15 (Bloomberg) -- UBS AG, Switzerland’s biggest bank, said it may be unprofitable in the third quarter after a $2 billion loss from unauthorized trading at its investment bank.
London police arrested Kweku Adoboli, a UBS employee, in connection with the loss, according to a person with knowledge of the matter who declined to be identified. City of London police and UBS declined to identify the man.
UBS management aims to “get to the bottom of the matter as quickly as possible, and will spare no effort to establish exactly what has happened,” the bank’s group executive board, led by Chief Executive Officer Oswald Gruebel, said in a memo to employees today. “While the news is distressing, it will not change the fundamental strength of our firm.”
via businessweek.com
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