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NEWS ABOUT: subprime mortgages

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Battered Bear Tries to Act Bullish

Wall Street's anxieties force Bear Stearns to make major changes

(Newser) - The securities firm Bear Stearns will oust its stocks and bonds trading chief, the WSJ reports, and soften its emphasis on short-term trades. The extraordinary moves come in the wake of Friday's market sell-off, partly triggered by investor concern about Bear Stearns after the collapse of two of its mortgage-bond... More »

Chinese Markets Surge to Record High

Investors fight off anxiety over US subprime woes

(Newser) - China’s securities markets recovered from Wednesday’s Pan-Asian slump and then some, surging to their third new record this week in today's trading. The Shanghai Composite Index climbed 3.5% and the Shenzhen gained 2.3% after the codependent Nikkei and Hang Seng tumbled Wednesday on concerns about the... More »

American Home Mortgage Closes Its Doors

ARM specialist's efforts can't hold off fallout from worsening crisis

(Newser) - The battered mortgage-lending industry will suffer another blow today as American Home Mortgage shuts down, making it the latest company to go under as home loans go bad across the country. AHM's troubles were common knowledge, the Times reports, but the speed of its downfall was unexpected. “We have... More »

Banks Tighten Credit Squeeze

Lenders 'raising rates like crazy'

(Newser) - Lenders are cutting credit, tightening standards or raising interest rates to a broader range of borrowers beyond those with weak credit records who qualify for subprime loans, the Wall Street Journal reports. Panic is spreading to a category of mortgages between subprime and prime that often involves borrowers who don't... More »

Dow Surges After Asian Bleeding, Roller-Coaster Day

(Newser) - Wall Street is dizzy after mixed signals threw traders into buy mode despite an abundance of bearish indicators today, making for one of the most volatile days in weeks. The Dow finished up 150.38 points at 13362.37, even after Asian markets plummeted across the board last night, a... More »

Subprime Woes Rock Another Bear Stearns Fund

Withdrawals blocked, rumors swirl as market slips further

(Newser) - Bear Stearns has blocked withdrawals from a mortgage investment fund amid Wall Street jitters over the crisis in high-risk subprime mortgages, the Wall Street Journal reports. Two Bear Stearns hedge funds heavily invested in subprime mortgages collapsed in June, and now another fund, which has only a tiny fraction of... More »

US Economy Surpasses Forecasts

Second-quarter growth rate higher than expected

(Newser) - Sumbrime-lending and housing-market woes didn't hold back the rest of the economy in the second quarter, as overall growth exceeded expectations and hit a 3.4% projected annual rate, the government said today. Economists pointed to the expanding global economy, which drives demand for exports, as well as greater business... More »

Dow Tumbles Over 300 Points

Stocks slide on subprime worries, Nasdaq and S&P see huge losses

(Newser) - The Dow Jones lost 2.25% of its value today, after continuing subprime concerns, poorer-than-expected housing numbers, and a dearth of positive earnings reports scared traders off from recent rallies. The index was down 311.50 to 13473.57, though at one point its losses surpassed its worst close this... More »

5 Reasons to Think Bearish

Despite record growth, Wall Street has plenty of cause for concern, Business Week says

(Newser) - Wall Street is giddy with low unemployment, optimistic earnings predictions, and a resilient economy, but BusinessWeek lists five things for investors to worry about.
  1. Volatility in earnings, especially tech companies
  2. Consumer spending, as gas prices take their toll
  3. Inflation, which could prompt the fed to raise interest rates
  4. Subprime aftereffects,
... More »

Bear Stearns Funds Nearly Wiped Out

Wall Street avoids subprime blues, but outlook bearish

(Newser) - Bear Stearns told clients yesterday that two of its hedge funds backed heavily by subprime mortgages were close to valueless. The investment bank is putting up $1.6 billion in rescue financing, as Wall Street looks to dump other bonds that have been hit by the subprime downturn as quickly... More »

New Flood of Foreclosures Looms

Adjustable borrowers face up to 35% spikes in mortgage payments

(Newser) - When adjustable-rate mortgages are increased this year, hundreds of thousands of subprime borrowers  could lose their homes, triggering a precipitous drop in the housing market, CNNMoney reports. The threat is the latest in the emerging subprime loan crisis. Heartland industrial areas, as well as once-hot markets in California, Nevada and... More »

Brokers Faulted in Subprime Mortgage Mess

Key sellers are poorly supervised, often unethical

(Newser) - With the mortgage industry in full scandal mode, the Wall Street Journal takes a look at the role of brokers. Contractors for the large lenders, brokers stand accused of issuing loans that borrowers “didn’t understand, couldn’t afford or were otherwise ill-suited for.” They issue about three-quarters... More »

Bad US Loans Sink London Hedge Fund

Subprime mortgage crisis ripples through world market

(Newser) -  A London hedge fund is the latest casualty of the US subprime mortgage crisis that has already hit American investment companies, the Financial Times reports. After losing 53% of its value, Caliber Global Investment will sell its assets and try to repay $900 million to investors over the next... More »

SEC Opens Subprime Probe

Cox announces investigations into CDOs in wake of Bear Sterns tremors

(Newser) - The feds are investigating the controversial bundles of financial services that have recently shaken the market and sparked a spate of leveraged buyouts, the Journal reports. SEC chief Christopher Cox told a congressional panel yesterday that "about 12 investigations" were under way into CDOs, shared debt packages reliant on... More »

Consumer Confidence, New Home Sales Slump

Grim economic indicators continue to stack up

(Newser) - Indicating that the topsy-turvy economy probably won't be righting itself anytime soon, consumer confidence dropped in May, as did new home sales, a signal that the reeling housing market has yet to hit bottom. The Fed will likely take up consumer worries at a 2-day meeting that starts tomorrow, Bloomberg... More »

Home Sales Plunge to 4-Year Low

Inventory glut, rising mortgage rates bode ill for quick rebound

(Newser) - Sales of existing homes fell again last month, while the number of homes languishing on the market hit a 15-year high. The median price sank to $223,700, the AP reports, and thanks in part to the woes of the subprime mortgage sector, overall sales were 10.3% below last... More »

Hedge Fund Crisis Could Be 'Tip of Iceberg'

Suprime selloff, Bear Sterns collapse will test markets' elasticity

(Newser) - The near-collapse of a $20 billion pair of hedge funds has left Wall Street jittery, though not yet in panic mode, the Journal reports. Speculation about the fate of the Bear Stearns funds rippled through yesterday's markets, where stocks and bonds dipped widely; news that banks were struggling to unload... More »

Morgan Stanley 2nd Quarter Wallops Rivals

Profits spike 40% as subprime slump smacks rest of sector

(Newser) - Morgan Stanley released far better-than-expected earnings figures today, with net income up over 40% in the last quarter. Riding strong fixed-income sales and trading figures, profits rose to $2.58 billion, up from $1.84 billion last year. That's a far cry from rivals Goldman Sachs and Bear Stearns, whose... More »

Outlook Bearish for Bear Sterns Hedge Funds

Managers scramble after creditors nix bailout plan

(Newser) - Two major Bear Stearns hedge funds that once controlled more than $20 billion in assets are on the brink of collapse after disastrous losses in securities backed by subprimes. The Journal reports a bailout plan that would have kept the funds afloat fractured last night, and the consequences could ripple... More »

Home Foreclosures Hit Record

A dreary real estate market is fueling an all-time high rate of foreclosures

(Newser) - Home foreclosures hit a record high in first-quarter 2007 as more subprime borrowers failed to make their mortgage payments. The number of mortgages entering foreclosure spiked four basis points to 0.58% and over 2.4% of subprime mortgage holders defaulted, up from 2% last quarter, according to a report... More »

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