Refinance Mortgage Application Volume Higher This Period - 2007-03-14
The volume of mortgage applications surged 2.8% for the week ending March 9, according to a weekly survey conducted by the Mortgage Bankers Association. The number of refinance mortgage applications jumped 3.5%, while purchase application volume expanded 2.2%. Refinancing volume accounted for 46.2% of total applications, up from 46.1% a week earlier.
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Mortgage Woes Weigh On GM - 2007-03-14
After dramatically overhauling its North American division, General Motors pulled itself out of the red in the fourth quarter, registering a $950 million profit. But subprime mortgage exposure at its former finance subsidiary, GMAC, pushed the company’s results well below Wall Street estimates. The world's largest automaker declared that continued cost-cutting measures and gains in emerging markets drove its net income to $950 million.
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