Mortgage and Financial News From 2008-5-27 Page 9

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• UK to ask Adair Turner to restore FSA reputation - Reuters

  LONDON, May 27 (Reuters) - Adair Turner is set to be named chairman of Britain's Financial Services Authority within weeks, taking the helm a year after the near-collapse of mortgage bank Northern Rock, the biggest crisis since the watchdog's ...
  2008-05-27 04:44:00

• US home prices tumble a record 14.1 pct in 1Q (Park Hills Daily Journal)

  NEW YORK (AP) — U.S. home prices dropped at the sharpest rate in two decades during the first quarter, a closely watched index showed Tuesday, a somber indication that the housing slump continues to deepen.
  2008-05-27 09:39:07

• Fed's Yellen Says House Prices Will "Continue To Decline" Into 2009 (Nasdaq)

  (RTTNews) - San Francisco Federal Reserve President Janet Yellen spoke Tuesday, discussing the series of events which led to the credit crunch, which she labeled "one of the most significant economic shocks in our memories†one that is seriously affecting the U.S. outlook."
  2008-05-27 09:39:11

• MPs bid to hide second home expenses with £23,000 'no questions asked' grant (Daily Mail)

  MPs could seek to avoid future embarrassment over expenses by awarding themselves an automatic lump sum of £23,000 a year to pay for a second home, it has been reported.
  2008-05-27 09:47:19

• Home Sales Unexpectedly Rise In April (KCTV 5 Kansas City)

  April sales of new homes rose for the first time in six months, but the pace remains near the lowest level in 17 years.
  2008-05-27 10:02:14

• April Home Sales Post Unexpected Increase (WCVB Boston)

  New home sales rose in April for the first time in six months, but activity remains near the lowest level in 17 years.
  2008-05-27 10:05:47

• Keens criticised after expenses revelations (Wandsworth Guardian)

  Two Labour MPs have drawn criticism after using expenses to help pay for a second home despite living only 30 minutes from Parliament.
  2008-05-27 10:11:14

• (AFX UK Focus) 2008-05-27 17:52 Mexican investments plentiful on US side of border (Interactive Investor)

  McALLEN, Texas (AP) - While poor Mexicans cross the border to take advantage of higher wages and a social safety net, their wealthy countrymen are seizing on the slowing U.S. economy to achieve their own American corporate dream.
  2008-05-27 10:23:59

• Rate increases sought for homeowners insurance - Los Angeles Times

  After dropping in recent years, the cost of insuring your home may be about to climb. California's three biggest insurers, covering more than half of insured homes, have requests for rate hikes pending with Insurance Commissioner Steve Poizner. How ...
  2008-05-26 11:50:00

• Mortgage approvals down 40 per cent on tighter lending - Times Online

  Mortgage approvals for home purchases in April were nearly 40 per cent lower year on year despite rising slightly from a record low in March, new figures show. Some 38,704 home loans for house purchase were approved last month, up from 35,546 in ...
  2008-05-27 03:25:00

• S&P/Case Shiller Home Price Index Reveals Largest Drop In 20-Year History (INO News)

  (RTTNews) - Home prices plunged at a record pace in the first quarter, data released on Tuesday showed. The S&P/Case-Shiller national home-price index - a closely-watched gauge of housing prices - revealed a 14.4 percent decline from last year.
  2008-05-27 07:38:13

• Pound Falls Against Major Currencies as Housing Market Slumps (Bloomberg.com)

  May 27 (Bloomberg) -- The pound fell against the major currencies as evidence the housing-market slowdown in the U.K. is deepening sapped demand.
  2008-05-27 07:50:55

• Stocks Rise as Oil Prices Drop (BusinessWeek)

  Investors shrug off a plunge in home prices plunge across the U.S. as oil prices fall
  2008-05-27 07:57:33

• UK-Odd Summary (Reuters via Yahoo! News)

  Bid for freefall record threatened by rogue balloon
  2008-05-27 08:03:03

• Mixed news on US property sector (BBC News)

  New home sales rose in April, the government says, but a separate survey indicates price falls are getting worse.
  2008-05-27 08:23:34

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