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Mortgage News for Tuesday - July 20, 2004

More Mortgage News
• US housing starts tumble to lowest for a year
• Home prices set new record in state
• Attorney Accused Of Mortgage Fraud
• United Bank reports modest rise in profits
• Wells Fargo Q2 net profits up over year ago
• Buying own home just a 'pipe dream'
• AccessBanc: New 5 Year Fix-Pay Adjustable Rate Mortgages
• Demand from first-time home buyers and empty-nesters fuels the condo market
• First Horizon reorganizes
• RBC Mortgage and Victoria Homes Sign Interest Rate Lock Agreement
• Abandoned Homes Give Neighborhoods A Run-Down Look
• June 'big month' for county home sales
• Wachovia to buy SouthTrust for $14.3B
• Cendant near sale of mortgage unit
Mortgage News
Wells Fargo Q2 net profits up over year ago - 2004-07-20
Wells Fargo & Co. today posted double-digit increases in net profits for the second quarter because of higher fee income and better loan quality.

Wells Fargo sold $3.5 billion of mostly mortgage-backed securities and $10.5 billion in adjustable-rate mortgages both with yields below 4 percent, replacing most with higher rate securities and ARMs. It also repurchased $2.4 billion of long-term debt at 6.2 percent.
Read the full story at Pioneer Press
 
Buying own home just a 'pipe dream' - 2004-07-20
Home owning is quickly becoming a pipe dream for thousands of local young people, SDLP leader Mark Durkan has warned.

Mr Durkan has branded the lack of available and affordable housing in Londonderry and across the North West a "disgrace".

The former Deputy First Minister warned that first time buyers - particularly younger people - were being hammered by soaring house prices and mortgage repayments.
Read the full story at Belfast Telegraph
 






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