Washington Mutual-owned Long Beach Mortgage announced yesterday that its underwriting guidelines are changing, effective Monday, January 8. Following the lead of a host of other sub-prime lenders including large-players Fremont and New Century, Long Beach is hoping to avoid the fate of sub-prime lenders Ownit, Sebring Capital, and Mortgage Lenders Network. All three closed their [...]

In observance of President Ford’s death, the NYSE, NASDAQ and the Federal Reserve Board are closed today. This marks the first time that markets are closed for four consecutive days since the days following the attacks on September 11, 2001. Despite the closures, the Federal Reserve’s regional banks will continue to operate as usual so [...]