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Stories related to: mortgage crisis

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Stories 61 - 80 of 85

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  • January 2008

    • More Trouble Has Countrywide Teetering

      newser  |  Bloomberg  |  Jan 9, 08 1:40 PM CST

      More Trouble Has Countrywide Teetering

      After its stock plunged yesterday on rumors it might declare bankruptcy, mortgage giant Countrywide Financial was its shares fall to a 12-year low today on news that foreclosures and late payments were up last month, Bloomberg reports. The subprime collapse has forced the company to lay off thousands, and it's under investigation by two states and the federal government. More »

      Tags

      subprime mortgages  • mortgage crisis  • Countrywide Financial

    • Financials Send Stocks Sliding

      newser  |  Wall Street Journal  |  Jan 8, 08 3:40 PM CST

      Financials Send Stocks Sliding

      Stocks plunged today as financials dragged down the markets. Countrywide reeled despite releasing statements denying it was preparing to file for bankruptcy protection. "You can't really have a healthy market without healthy financials," a trader told the Wall Street Journal . The Dow was down 238.42 to 12,589.07, the Nasdaq 58.95 to 2,440.51, and the S&P 500 25.99 to 1,390.19. More »

      Tags

      stock market  • mortgage crisis

    • Bush Cops to Economic Uncertainty

      newser  |  New York Times  |  Jan 8, 08 6:00 AM CST

      Bush Cops to Economic Uncertainty

      Rising oil prices, a crashing job market, and a tenacious mortgage crisis have created “economic challenges” for the US, President Bush said in Chicago yesterday, a shift from his insistence that the economy is fundamentally strong. While acknowledging “Americans are anxious about the economy,” Bush stopped short of saying the nation is entering a recession, reports the New York Times . More »

      Tags

      George W. Bush  • US economy  • oil price  • recession  • mortgage crisis  • job market  • State of the Union Address

    • A Rocky 2008 Forecast for Consumer Tech

      newser  |  MarketWatch  |  Jan 3, 08 2:36 PM CST

      A Rocky 2008 Forecast for Consumer Tech

      As the tech industry prepares for two huge events—the Consumer Electronics Show and Macworld— MarketWatch ’s Therese Poletti takes a look at the year ahead, and has little nice to say about consumers’ continued appetite for buying. Few big products are expected to debut—“the commonly stated mantra for expectations is ‘evolutionary, not revolutionary’”—and recession fears may well be realized in 2008. More »

      Tags

      Apple  • iPhone  • mortgage crisis  • consumer electronics

  • December 2007

    • Home Prices Suffer Record Monthly Drop

      newser  |  Bloomberg  |  Dec 26, 07 12:25 PM CST

      Home Prices Suffer Record Monthly Drop

      Home prices plummeted 6.1% in October, a record year-over-year drop that exceeded forecasts. The index of prices in 20 major markets has dropped every month this year and fell 1.4% from the September figure, another record. The trend threatens overall consumer spending, making it more difficult for homeowners to dig into home equity funds, Bloomberg reports. More »

      Tags

      housing market  • mortgage crisis  • mortgage  • home prices  • home equity  • mortgage loans  • houses

    • Fed Cracks Down on Loose Lending

      newser  |  Wall Street Journal  |  Dec 18, 07 7:43 PM CST

      Fed Cracks Down on Loose Lending

      Seeking to avoid another subprime meltown, the Federal Reserve cracked down on mortgage lending today by a unanimous 5-0 vote, the Wall Street Journal reports. If approved next year, the Fed proposals will require creditors to consider borrowers' financial and credit status, but will not prohibit prepayment penalties altogether, a move sought by some consumer groups. More »

      Tags

      subprime mortgages  • Federal Reserve  • Ben Bernanke  • foreclosure  • mortgage crisis  • taxes  • borrowers  • Barney Frank  • mortgage brokers

    • Bush Mortgage Plan Arrives

      newser  |  CNN  |  Dec 6, 07 3:01 PM CST

      Bush Mortgage Plan Arrives

      The White House today released its plan to help homeowners threatened by the subprime crisis, asserting 1.2 million could be helped—but only 240,000 of 2.2 million rate resets due next year are covered, CNN reports. The five-year interest rate freeze doesn’t apply to borrowers 30 days late at the time of reset or those 60 days late at any point in the past year. More »

      Tags

      George W. Bush  • mortgage crisis  • Henry Paulson  • borrowers  • Moody's  • adjustable rates

  • November 2007

    • Citigroup Readies Layoffs, Round Two

      newser  |  CNBC  |  Nov 26, 07 11:01 AM CST

      Citigroup Readies Layoffs, Round Two

      Citigroup is planning "massive" new layoffs, CNBC reports, less than a year after the financial giant cut 17,000 jobs. After announcing that it may have to write down as much as  $11 billion more in mortgage losses, Citigroup has been looking for ways to cut costs, as well as searching for a new CEO and considering a breakup. Company sources say the number of layoffs could reach as high as 45,000. More »

      Tags

      mortgage crisis  • Citigroup  • layoffs

    • Freddie Mac Loses $2B, Seeks Cash

      newser  |  Bloomberg  |  Nov 20, 07 8:51 AM CST

      Freddie Mac Loses $2B, Seeks Cash

      Freddie Mac, the second-largest US mortgage lender, lost $2.02 billion this quarter, its worst quarter ever, the company said this morning. With core capital almost below its regulatory minimum, the company is looking for fast cash, hiring Goldman Sachs and Lehman Brothers to help bail it out, and “seriously considering” slashing its dividend by 50%. Shares fell 7% in pre-market trading. More »

      Tags

      subprime mortgages  • credit crisis  • mortgage crisis  • Fannie Mae  • Freddie Mac

    • How To Lose Your Home Without Missing a Payment

      newser  |  New York Times  |  Nov 18, 07 4:11 PM CST

      How To Lose Your Home Without Missing a Payment

      When landlords default on risky subprime loans, renters are the ones left out in the cold, the New York Times reports. Thousands of renters have lost their homes, usually little suspecting they were living on precariously-financed ground. “Renters are collateral damage in the mortgage crisis,” said one lawyer. In some states, more than 20% of 2007 foreclosures weren’t owner-occupied. More »

      Tags

      subprime mortgages  • foreclosure  • mortgage crisis  • housing

    • Goldman Sees $2T Credit Shortfall, Major Slowdown

      newser  |  Bloomberg  |  Nov 16, 07 10:44 AM CST

      Goldman Sees $2T Credit Shortfall, Major Slowdown

      The subprime mortgage crisis that has cost financial companies $400 billion and triggered what one banker is calling the worst housing market since the Great Depression will force a $2 trillion credit squeeze that could set off a “substantial recession” in the US, reports Bloomberg. Goldman Sachs said the economy could grow a sluggish 1.9% in 2008. More »

      Tags

      US economy  • subprime mortgages  • recession  • mortgage crisis  • Goldman Sachs  • credit

    • In Thain, Merrill Picks CEO as Risk Manager

      newser  |  Wall Street Journal  |  Nov 15, 07 4:24 AM CST

      In Thain, Merrill Picks CEO as Risk Manager

      The choice of NYSE's John Thain as Merrill Lynch's new CEO signals a focus on a new kind of manager for the financial giant, the Wall Street Journal observes: a strong risk manager. A low-key, detail-oriented veteran, Thain resembles the top execs of the firms least damaged by the subprime mortgage collapse, the paper notes: "They aren't risk-averse but they have a deep understanding of risk and have the battle scars to prove it." More »

      Tags

      mortgage crisis  • Merrill Lynch  • Goldman Sachs  • New York Stock Exchange  • John Thain

    • Why the CEO Talent Pool Is So Small

      newser  |  Wall Street Journal  |  Nov 5, 07 4:47 PM CST

      Why the CEO Talent Pool Is So Small

      With Citigroup and Merrill Lynch both suddenly searching for new CEOs, the Wall Street Journal looks at why the list of contenders for the top jobs at Wall Street's biggest firms is so short. Start with an earn-or-die corporate culture, which taints talented chief executives who fail to deliver in short order, as well as division heads who tend to be sacrificed to an unhappy board when they have a bad quarter. More »

      Tags

      subprime mortgages  • mortgage crisis  • Citigroup  • Merrill Lynch  • corporate governance  • corporate culture  • Charles Prince  • Stan O'Neal

    • Same Missteps Felled 2 Wall Street Stars

      newser  |  Financial Times (UK)  |  Nov 5, 07 12:20 PM CST

      Same Missteps Felled 2 Wall Street Stars

      With the CEOs of two financial giants making their exits within a week of each other, the Financial Times looks at the similarities in the undoing of Citigroup's Chuck Prince and Merrill Lynch's Stan O'Neal. Both struggled unsuccessfully to change corporate cultures, making enemies along the way, and both invested heavily in mortgage-related securities. Their key mistake, adds the the New York Times, was siting on them even as they tanked. More »

      Tags

      subprime mortgages  • mortgage crisis  • Citigroup  • Merrill Lynch  • banking  • CEOs

    • Citigroup Worries Hit World Markets

      newser  |  Reuters  |  Nov 5, 07 6:56 AM CST

      Citigroup Worries Hit World Markets

      Asian and European stock indexes declined today, and US futures dropped sharply as news of Citigroup's projected $11 billion writedown triggered fears that the subprime mortgage crisis will continue to roil markets. Japan’s Nikkei stock index closed 1.5% down, a 7-week low, and Hong Kong's Hang Seng index fell 5.01%, AP reports. UK, German, and French indexes were all off in midday trading. More »

      Tags

      credit crisis  • mortgage crisis  • Citigroup  • stocks  • Nikkei 225 Stock Average

    • Rubin Named Chairman of Citigroup

      newser  |  Wall Street Journal  |  Nov 4, 07 6:00 PM CST

      Rubin Named Chairman of Citigroup

      Citigroup CEO and Chairman Charles Prince resigned today, clearing the way for former US Treasury Secretary Robert Rubin to be named chairman, the Wall Street Journal reports. Sir Win Bischoff was named interim chief executive. Citigroup also plans to report $8-$11 billion in mortgage-related writedowns, on top of the $2.2 billion in third-quarter losses that helped sink Prince's leadership. More »

      Tags

      credit crisis  • Wall Street  • mortgage crisis  • Citigroup  • SEC  • Charles Prince  • Robert Rubin

    • Prince to Resign From Citigroup

      newser  |  Wall Street Journal  |  Nov 2, 07 7:36 PM CDT

      Prince to Resign From Citigroup

      Growing pressure on Citigroup Inc. is prompting CEO Charles Prince to end his four-year rein this weekend. Bleak third-quarter earnings and an SEC probe of Citigroup's accounts have amped up existing frustration at the financial services company. Prince has "stepped up and done the right thing without forcing the board to act," once source told the Wall Street Journal . More »

      Tags

      Wall Street  • mortgage crisis  • Citigroup  • Time Warner  • Charles Prince  • Robert Rubin

    • Merrill Hedging Prompts Inquiry

      newser  |  Wall Street Journal  |  Nov 2, 07 7:55 AM CDT

      Merrill Hedging Prompts Inquiry

      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 is looking into whether the deals were made to move risky securities off Merrill's balance sheet temporarily.   More »

      Tags

      credit crisis  • mortgage crisis  • SEC  • hedge fund  • Merrill Lynch  • mortgage backed securities

  • October 2007

    • Bank Superfund Wins Backers, Detractors

      newser  |  Wall Street Journal  |  Oct 17, 07 6:45 AM CDT

      Bank Superfund Wins Backers, Detractors

      A planned superfund of $80 to $100 billion to alleviate the subprime lending crisis is gaining ground, though some potential investors remain skeptical. Yesterday, Wachovia Corp. came on board; Fidelity and Federated Investors have already agreed to chip in. The trio of banks leading the fund—Citigroup, JP Morgan Chase, and Bank of America—aim to invest less than half the target number, the Wall Street Journal reports. More »

      Tags

      mortgage crisis

    • $100B Bank Fund Shows Paulson's Touch

      newser  |  New York Times  |  Oct 16, 07 7:29 AM CDT

      $100B Bank Fund Shows Paulson's Touch

      This weekend's bank deal to establish a $100-billion "superconduit" fund to buy back  shaky mortgage securities showed the hand—and the strategy—of Hank Paulson, the New York Times reports. Though the treasury secretary has said for months he's confident  investors can handle the mortgage credit crisis themselves, he has also pushed harder than expected to help them invent new strategies to do so. More »

      Tags

      credit crisis  • mortgage crisis  • Henry Paulson

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