April 12, 2000 |
The nation's largest home loan financier announced guidelines Tuesday to fight predatory practices in the exploding mortgage market for buyers with low incomes and poor credit. In a letter to mortgage lenders, Fannie Mae--a public company chartered by the government that buys one of four home loans made by banks--said it would refuse to purchase most mortgages with upfront fees of more than 5% of the loan amount.
March 29, 2007 |
New Century Financial Corp., short on cash and battling a wave of defaults by borrowers, said it wouldn't sell any mortgages to Freddie Mac, the second-biggest provider of money for U.S. home loans. The Irvine-based company also said it signed agreements with Idaho, Iowa, Michigan and Wyoming to stop lending, according to a regulatory filing Wednesday. New Century has been told by more than a dozen states to halt operations after consumers complained that their loans weren't funded.
January 3, 2009 |
Private investors closed a deal Friday to buy Pasadena's IndyMac Bank from regulators, promising to make the 33-branch thrift a "healthy banking institution" again. How exactly do they plan to accomplish that? So far, no one's saying. IndyMac collapsed July 11, 2008, the victim of an ill-fated strategy of using high-interest deposits to fund mortgage loans to borrowers who often weren't asked to document their earnings or assets.
January 19, 1990 |
Alexander Julian is making a very exclusive line of baby clothes for one child--his own. Seven-month-old Will not only gets his togs custom made in the Julian workrooms in New York, he gets his diapers delivered by chauffeur. Nothing is too good for this little tyke, not even sending the nasty nappies all the way to Connecticut, where the all-cotton non-disposables are organically cleaned and then returned . . . by daddy's chauffeur, naturally.
February 27, 2003 |
In a perfectly logical world, a group of executives whose company had tanked on their watch would be wary of claiming that the enterprise could barely survive any longer without them.
January 25, 2008 |
Stocks scored their second straight big advance Thursday after economic figures suggested the job market was holding up and lawmakers agreed on a stimulus package. The Dow Jones industrials climbed more than 100 points, bringing their two-day gain to more than 400 points. Although stocks fluctuated throughout the session, trading was decidedly more calm than on Wednesday, when stock prices executed a stunning turnaround that transformed a sharp sell-off into big gains.
September 9, 1996 |
The recent drop in sales of Mac products raises a question: Does Apple still command the loyalty of the most creative, enterprising software authors? I'll answer the question, but first consider the role that independent software companies play in your computing experience. By any yardstick, the Mac paradigm--icon-based controls, plug-and-play peripherals and WYSIWYG (what you see is what you get) screen images, to name a few significant contributions--molded personal computing.
September 2, 1994 |
A new comedy, "The Wives," which opens next week at the Ventura Court Theatre in Studio City, is directed by television personality Charles Nelson Reilly. Reilly is probably best-known as a celebrity game-show contestant on programs such as "The Match Game" and "Hollywood Squares." His zany comic style makes it easy to forget that he also is an accomplished, award-winning actor and director. Born in New York, Reilly studied acting with Uta Hagen.
December 23, 2008 |
When the government seized IndyMac Bank in July, many of its investors and customers wondered why regulators hadn't intervened sooner to prevent one of the costliest bank failures in U.S. history. An answer came Monday when the Treasury Department's inspector general said a government official had allowed the Pasadena mortgage lender to alter its financial statements in a way that delayed disclosure of the extent of its problems.
April 27, 1998 |
Two straight quarters of profit for Apple. Stock price hovering near the company's 52-week high. Who would have predicted it six months ago? Mac loyalists got even better news last week: Apple announced that strong sales of new G3 machines modestly increased the total number of computers sold compared with the same period last year. This may mean that the company is finally stemming the tide of defections to Windows, at least among the publishers and graphics pros that the G3s are designed for.