| Looking Around For Mortgage Assistance
Summer saw a dramatic shift in rates for mortgages across the country, and the change was not a good one.
Statistics show that the 2007 housing slump is the worst in nearly 16 years and banks have recently determined that money for financing mortgages is harder to come by. However, for those still looking to invest in a home, there are other options available.
��In today�s banking world we have what we sometimes call barbell banking,�� said Salvatore Marranca, president and CEO of Cattaraugus County Bank. ��On one end is the mega-bank, like Bank of America that has 10 percent of every deposit in the country � a trillion dollar bank. There are 20 to 25 mega-banks who control over 80 percent of America�s money, then on the other end are community banks, of which there are about only 5,000 left.
Citi drags stocks lower
The Dow Jones industrial average tumbled more than 100 points Monday after Citigroup shook up its management and announced further mortgage-related losses. The Dow Jones industrial index (Charts) slid about 0.8 percent with less than 2-1/2 hours left in the session. The broader S&P 500 index (Charts) and the tech-fueled Nasdaq (Charts) also were down about 0.8 percent. .
(AFX UK Focus) 2007-11-12 05:11 GMT: Thomson Financial Europe AM at a glance share guide: Stocks lower, oil mixed
LONDON (Thomson Financial) - US SUMMARY: Stocks lower, oil rises
Index Change Pct change
DJIA 13044.45 -221.84 -1.67 NASDAQ 2634.20 -61.80 -2.29 S&P 500 1455.54 -19.23 -1.30
Dow Future 13047.00 -215.00 -1.62 (2014 GMT)
Nasdaq Future 2022.00 -19.75 -0.97 (0308 GMT)
S&P Future 1447.90 -7.00 -0.48 (0309 GMT)
eur-usd 1.4673 +0.0006
Light,sweet crude
Nymex for Dec 95.47 usd +1 cent
10 yr US
treasury 4.23 pct
FRIDAY'S CLOSE STOCKS: Wall Street extended its slide Friday after Wachovia Corp warned it will take quarterly loan losses due to its debt portfolio, raising investor concerns that the credit slump shows no sign of abating. The nation's fourth-largest bank said in a filing with the Securities and Exchange Commission that credit market volatility could cause a 1.1 bln usd writedown for October alone, making it the latest in a series of financial institutions to report debt-related losses.
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