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National City Reports Fourth-Quarter Net Loss
National City Corporation reported a net loss for the fourth quarter 2007 of $333 million versus net income for the fourth quarter 2006 of $842 million. The loss resulted from a large provision for credit losses, losses on mortgage loans held for sale, charges related to Visa, Inc. indemnification obligations, and severance charges associated with employment reductions during the quarter. In addition, the company recorded a charge of $181 million representing the impairment of goodwill associated with the mortgage business.
Net income for the full year in 2007 was $314 million versus $2.3 billion for the full year 2006. The 2006 results included a $622 million after-tax gain on the sale of the company's former First Franklin mortgage origination and servicing platform in the fourth quarter. More>>
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Bankrate: Mortgage Rates Fall Sharply on Housing and Economic Worries
NEW YORK, Oct. 25 /PRNewswire-FirstCall/ -- Mortgage rates dropped notably this week, with the average conforming 30-year fixed mortgage rate now 6.31 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.34 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing, plunged from 6.17 percent to 6.00 percent. The average jumbo 30-year fixed rate retreated to 7.04 percent. Adjustable mortgage rates declined as well, with the average one-year ARM down to 6.09 percent, and the average 5/1 ARM falling to 6.12 percent.
More jitters about the housing market and its effect on the economy drove mortgage rates lower. Bank earnings brought a renewed focus to mortgage delinquencies and concerns about the credit markets helped drive investors into the safe haven of long-term government bonds. More>>
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Inside China’s stocks frenzy
The Chinese markets are starting the year poised between greed and fear after a stunning performance that brought gains of up to 160%, a correction of 18% in the last quarter and a punch-drunk end to 2007. Roughly speaking – there are at least 11 stock indexes to calculate in Shanghai and the southern metropolis of Shenzhen – at the peak in 2007, Chinese equities had gone up five times in value since the market touched its nadir in 2005.
Some investors became fabulously wealthy. Yet many made nothing. The market is far from transparent. The Chinese state is a far-from-invisible hand. Global interest rates, currencies, inflation, credit, liquidity and growth will all affect what comes next.
But in China there is an overwhelming sense that events in the outside world really do not matter much. More>>
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