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NEWS ABOUT: mortgage backed securities

Could-Have-Been-Worse News Now Cheers Wall Street

A year into crisis, analysts redefine once-shocking news as not so bad

(Newser) - Yesterday's announcements of multibillion-dollar losses at Wachovia and Washington Mutual were only the latest poundings since the credit crisis took hold a year ago. Yet Wall Street, its expectations at rock bottom, cheered the reports because they could have been worse. Shares in WaMu, which posted a $3.3 billion... More »

UBS Cuts 5,500 Jobs, Sells Off $15B in Assets

Swiss bank prepares to lay off over 2,000 investment bankers

(Newser) - UBS will cut 5,500 jobs, slightly fewer than expected, by the middle of 2009 as part of a major restructuring effort, the troubled Swiss bank said today in announcing an $11-billion first-quarter loss. Some 2,600 of the layoffs will be among investment bankers, mostly in London and New... More »

No 'Reward' For Borrowers, Lenders: McCain

GOP candidate blasts risky mortgages, nixes government bailout

(Newser) - John McCain said today he opposes government action to bail out homeowners having trouble with their mortgages, the New York Times reports. McCain—who will receive Nancy Reagan's endorsement today—differentiated himself from both Democratic candidates, who have called for federal intervention, saying: “It is not the duty of... More »

Investors Urge Reluctant Fed to Buy Mortgage Debt

Critics say plan would put too much risk on taxpayers

(Newser) - The best way for the Fed to help reverse the sagging economy is for it to buy some of the $6 trillion in outstanding mortgage-backed securities that have Wall Street so nervous, investors say. The move would ease the credit crunch but put taxpayers at risk. It’s an option... More »

Hotline for At-Risk Loans Not So Helpful

Subprime victims find Hope Now Alliance doesn't live up to billing

(Newser) - A hotline aimed at helping distressed mortgage borrowers is frequently overwhelmed by caller volume and rarely able to provide substantive aid, MSNBC reports. The Hope Now Alliance—a group of lenders and community groups heavily promoted by President Bush—is designed to improve lender-borrower communication and modify mortgages, most commonly... More »

Feds Outline New, Tougher Credit Rules

Paulson pushes stricter standards for mortgage lenders

(Newser) - A panel led by Treasury Secretary Henry Paulson is seeking a major overhaul of rules affecting mortgage lenders and a credit market decimated by risky subprime loans and loose oversight, the Wall Street Journal reports. Among panel recommendations to be released today:
  • Strengthen mortgage lender and broker oversight
  • Establish licensing
... More »

As Margin Calls Mount, Carlyle Holds 'Crisis Talks'

Private equity giant's subsidiary imperiled

(Newser) - The Carlyle Group is holding emergency talks with lenders to try to save its drowning Carlyle Capital division, the Washington Post reports. Creditors have decided that Carlyle’s portfolio of traditionally safe mortgage-backed securities holdings isn’t good enough in the current market, and they're demanding $400 million more in... More »

FBI Probes Countrywide for Fraud

Feds seek evidence that subprime lender lied about quality of loans

(Newser) - The FBI has launched a securities fraud investigation against subprime mortgage lender Countrywide Financial for allegedly lying to investors about its financial status and the quality of its mortgage loans, reports the Wall Street Journal. The probe could extend to Wall Street firms that helped package more than $100 billion... More »

Goldman Analysts Warn of Next Crisis

Commercial real estate outlook even worse than subprime situation

(Newser) - Commercial real estate could be the next victim of the current economic downturn, and if it is, expect it to cause another full-fledged crisis, the Wall Street Journal reports. Commercial real estate values could fall as much as 26% over the next 2 years, Goldman Sachs analysts predict, leading to... More »

Shakeup May Signal E*Trade's Availability

New chairman could steer struggling brokerage toward buyer

(Newser) - E*Trade Financial, stung by mortgage- and mortgage-backed securities market losses, is adding CEO to chairman Donald Layton's duties. The company may be dolling itself up for a possible sale by polishing its tarnished image, the Wall Street Journal reports. Since Layton, 57, became chairman in November, the brokerage has rebounded... More »

Buffett Moves Into Insuring Muni Bonds

Company will aid local governments, profit from credit crunch

(Newser) - Billionaire Warren Buffett is riding to the rescue of the municipal bond market—and taking advantage of an opportunity afforded by the credit crunch—by launching a municipal bond insurer, reports the Wall Street Journal. Berkshire Hathaway Assurance, which opens today in New York state, should make it cheaper for... More »

Banks Face Simpler, Tougher Times

Effect of subprime crisis on bottom line shows no signs of abating

(Newser) - Investors waiting for the big banks to turn it around after 2007’s subprime debacle might be waiting a long time, the Wall Street Journal warns. The credit crunch has unraveled a complicated modern banking model that gave big firms nearly total balance sheet flexibility. “It was a different... More »

Morgan Stanley Stuns With $9.4B in Writedowns

CEO gives up bonus in face of terrible performance

(Newser) - Morgan Stanley, the nation's second-largest investment bank, lost $3.59 billion this quarter, its first loss ever, after taking a whopping $9.4 billion in writedowns on mortgage-backed securities. CEO John Mack, who promised to give up his 2007 bonus as penance for the losses, also announced a $5-billion cash... More »

Mortgage Crisis Rivals S&L, Tech Busts

Complex implosion could take far longer to untangle, experts say

(Newser) - How does the current mortgage debacle measure up to the savings-and-loan meltdown of the 1980s and the tech crash of 2000? Losses look manageable, the Wall Street Journal reports in a detailed analysis of how this crisis differs from other crashes, and how likely it is to spin the economy... More »

Citigroup Faces Pressure to Help Troubled Borrowers

Fallout mounts from $45B mortgage portfolio

(Newser) - The subprime collapse has Citigroup beset on two sides: Besides dealing with a $45 billion portfolio of 280,000 subprime mortgages it acquired in September, Citi is facing pressure from influential consumer advocacy groups to provide relief to troubled borrowers, the Journal reports. Activists are calling for the lender to... More »

$1.5B Bailout Gives Hope to Reeling Bond Insurers

(Newser) - A quiet infusion of $1.5 billion from two European banks will help bond insurer CIFG maintain its AAA credit rating, the Wall Street Journal reports. The move keeps at bay a crisis in the bond market that could cost investors $200 billion and might provide a bailout blueprint for... More »

House Votes to Tighten Controls on Lenders

But Senate deadlock could keep bill tied up for months

(Newser) - The House has passed a bill intended to protect mortgage borrowers by imposing stricter regulations on lenders. But it's unlikely it will become law before the new year, given the Senate's problem passing a less controversial bill that also aims to mitigate the subprime lending crisis. The House measure bars... More »

Big Banks Settle on Superfund Terms

Paulson says fund will help, but analysts bearish on its prospects

(Newser) - The country’s top three banks have finalized agreements for the $75 billion superfund they hope will cushion further blows to the credit market, reports the NY Times. After nearly two months of haggling, Bank of America, Citigroup, and JPMorgan Chase agreed to simpler conditions than outlined in the fund’... More »

Wall Street Bonuses In for a Fall

Extra pay could drop in half for some senior bond traders

(Newser) - Wall Street's multi-million-dollar bonuses are likely to take a hit for the first time in five years, with extra pay dropping in half for some senior sellers of mortgage-backed securities, according to the Wall Street Journal. Traders in stocks and commodities are expected to do better than those working with... More »

Merrill Hedging Prompts Inquiry

SEC seeks info on delayed mortgage reckoning

(Newser) - Merrill Lynch, still reeling from an $8.4 billion write-down on mortgage-related losses last month, has been making deals with hedge funds that may have been calculated to keep further losses out of investors' view, the Wall Street Journal reports. The move has attracted the attention of the SEC, which... More »

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