| Stocks Continue To Get Clobbered
Stocks were stuck in deep-loss territory in late trading, with nary an attempt to recover. At 3:03 p.m. EST, the NYSE composite had plunged 2.8%, the Nasdaq 2.5%, the S&P 500 2.4% and the Dow 2.2%. Volume was higher on both exchanges, but especially so for the NYSE. The one-two punch of that stunning loss from Citigroup (C) and fresh signs that the economy is slowing was more than the market could bear. The market seems to sense that damage from the subprime mortgage fiasco hasn't yet been totaled. A few stocks fought the fierce head winds. Container maker Greif (GEF) added 1.01 to 63.39, and may be building a base-on-base pattern. Farm-equipment maker CNH Global (CNH) was up 0.57 to 63.98 in double-paced trade. The stock, benefiting from high prices for grains and cotton, is above its 10-week moving average.
Bankrate Unveils New Retirement Calculators
NEW YORK, Oct. 15 /PRNewswire-FirstCall/ -- Bankrate, Inc. (NASDAQ: RATE) today published a new suite of 15 calculators as part of its recently launched Retirement Channel. Bankrate's calculators have been designed to help consumers evaluate and plan their retirement savings. The new calculators, which are free to consumers, enable users to compute net worth, monthly savings schedule, 401(k) contributions, early withdrawal from retirement accounts, required minimum distributions, retirement income and more. To view the full listing of retirement calculators go to http://www.bankrate.com/brm/calculators/retirement.asp. "The enhanced calculator offering takes the guess-work out of assessing retirement savings," said Thomas R. Evans, President and CEO of Bankrate, Inc. "Bankrate provides consumers with the tools they need to stay ahead of the retirement planning curve," Mr.
First Commercial Lender in Calyx Network, Silver Hill(R) Makes Program ...
MIAMI, Nov. 7 /PRNewswire/ -- Silver Hill Financial, LLC (www.silverhillfinancial.com), a leading national real estate lender specializing in small-balance commercial loans, is the first commercial lender integrated into the Calyx Network. Silver Hill Financial(R) is now included in the lender category of Calyx's Point(R) loan origination system (LOS) software, the country's leading LOS according to Wholesale Access' Mortgage Broker Study. This milestone is important to mortgage professionals because the integration makes it more convenient to submit commercial loans through a common origination platform. In addition, Silver Hill's inclusion in Point enables an easier transition from residential to small-commercial lending. "Silver Hill is excited to join Calyx in further bridging the gap between residential and small-balance commercial lending," said Joanna Schwartz, Managing Director of Silver Hill(R).
Economic stimulus a big break for home buyers
You could get a big break on your mortgage from the economic stimulus package announced Thursday. Besides its core purpose of providing tax refunds, the tentative package - which still has several hurdles to clear - essentially rewrites the definition of "jumbo" loan, raising the cap from its current $417,000 to as high as $729,750 in high-cost areas for one year. That would mean home buyers who need the high-ticket mortgages this area requires could qualify for the benefits now limited to non-jumbo, or conforming, loans: an interest rate that's roughly a full percentage point lower. On a $650,000, 30-year fixed-rate mortgage, the savings could be $417 a month, according to California Sen. Barbara Boxer's office. "This is exactly what we need for California," said David Crane, Gov.
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