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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: subprime mortgages

subprime mortgages stories: 243 news summaries

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OPINION

The Markets
Have Evened Out When ...

Analyst gives four
signs of sanity to scan your tea leaves for

Oct 6, 08 9:14 AM CDT
(Newser) - The main thing ailing the credit markets is a crisis of information, writes L. Gordon Crovitz in the Wall Street Journal, so it’ll probably end when we have some. Things may be looking up when…
  • Prices are discovered: Right now, there’s no demand for mortgage-backed
... More »

MORE ABOUT:
subprime mortgages • financial markets • market • credit market • short selling • subprime crisis

BofA Settles Loan Lawsuits With $8.4B Aid to Borrowers

400,000 homeowners who borrowed from Countrywide could see relief

Oct 6, 08 9:12 AM CDT
(Newser) - Some 400,000 borrowers with subprime and adjustable-rate mortgages from Countrywide Financial are in line to receive a share of an $8.4-billion settlement in a suit over deceptive loan practices, reports the Wall Street Journal. The deal between Bank of America, which acquired Countrywide July 1, and several... More »

MORE ABOUT:
Bank of America • subprime mortgages • foreclosure • Countrywide Financial • attorneys general

 Prosperity Gospel 
 Blamed for Subprime Hell 

Belief that God bestows riches may have duped faithful into dodgy mortgages

Oct 4, 08 8:14 AM CDT
(Newser) - A fast-growing strain of Pentecostalism may have made its followers victims of the credit crisis by preaching that God's hand was behind dubious mortgages, Time reports. "Prosperity Gospel" preaches that God will "make way" for the poor to gain wealth, making believers easy prey for greedy mortgage brokers,... More »

MORE ABOUT:
Christianity • subprime mortgages • foreclosure • housing crisis • Pentecostals • Protestantism

OPINION

GOP Is Brilliant at Blaming the Victim: Frank

Conservatives can't admit deregulation has failed, says Frank

Oct 1, 08 1:22 PM CDT
(Newser) - Even in a financial crisis obviously precipitated by an orgy of deregulation, writes Wall Street Journal columnist Thomas Frank, the right has done a spectacular job deflecting blame. Looking to point the finger at something other than "unbridled pecuniary motives," conservatives have targeted Democrat-friendly Fannie Mae and Freddie... More »

MORE ABOUT:
subprime mortgages • credit market • mortgage backed securities • conservatives • deregulation

OPINION

 Housing Meltdown
 Not a Racial Issue 

Conservative commentators have chosen the wrong scapegoat

Sep 27, 08 4:15 PM CDT
(Newser) - Some conservative commentators have bypassed greedy Wall Street firms, reckless lenders, and a government asleep at the wheel to blame minorities for the credit crisis, Cynthia Tucker observes in the Atlanta Journal-Constitution. This a misguided move for many reasons, she writes. For starters, the affirmative action lending programs they... More »

MORE ABOUT:
subprime mortgages • affirmative action • Neil Cavuto • credit crisis • minorities • subprime crisis

OPINION

What Killed Bear, Lehman Is What the World Needs

Subprime loans bring relief to millions worldwide

Sep 21, 08 12:44 PM CDT
(Newser) - Sure, subprime loans toppled two pillars of American investment banking, gutted the world’s largest insurer, and plunged the entire US financial system into a tailspin. But they are exactly what the world needs today, Daniel Gross argues in Slate. “Far from the madding, depressed crowds of Wall Street,... More »

MORE ABOUT:
subprime mortgages • interest rate • loan • microfinance • consumer credit • banks

Freddie CEO Dismissed Bad Omens for Years

Execs charge Syron was warned
of disaster

Aug 5, 08 4:34 AM CDT
(Newser) - The CEO of Freddie Mac disregarded several warnings from inside the company that the mortgage giant faced imminent disaster. More than two dozen current and former high-ranking employees told the New York Times that Richard Syron dismissed repeated recommendations from as early as 2004 to limit its exposure to bad... More »

MORE ABOUT:
subprime mortgages • housing • Freddie Mac • mortgage loans • mortgage debt • Richard Syron • loan • financial crisis

ANALYSIS

 Financial Faith Is 
 Crisis' Top Casualty 

One year in, credit crunch has upset all expectations about modern markets

Aug 4, 08 2:35 PM CDT
(Newser) - Last summer, central banks injected hundreds of billions of dollars into the financial system, desperate to restore liquidity to battered markets. But by then the credit crunch was on—and after 12 months, it shows no signs of abating. The Financial Times looks at how risky US mortgages set off... More »

MORE ABOUT:
Wall Street • subprime mortgages • financial markets • global economy • credit crisis • mortgage backed securities • subprime crisis • financial crisis

ANALYSIS

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

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

Jul 23, 08 5:56 AM CDT
(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 »

MORE ABOUT:
subprime mortgages • Wachovia • recession • credit crisis • Washington Mutual • mortgage backed securities • quarterly results • financial crisis

OPINION

Fannie/Freddie: It's Bad, but It Could Be Worse

Regulation helped stave off real disaster, writes Krugman

Jul 14, 08 8:32 AM CDT
(Newser) - The government's move to shore up Fannie Mae and Freddie Mac has led to new fears about the state of the American economy—but don't worry too much, writes Paul Krugman in the New York Times. Fannie and Freddie are problematic institutions, but compared to the actions of big banks... More »

MORE ABOUT:
subprime mortgages • mortgage • Freddie Mac • Fannie Mae • regulation • economy • financial crisis

ANALYSIS

Fannie/Freddie Troubles Signal Sea Change in Gov't Role

Feds now effectively the only lender in town

Jul 14, 08 6:54 AM CDT
(Newser) - The teetering of Fannie Mae and Freddie Mac has underscored a major shift in US finance, writes Peter S. Goodman in the New York Times—once simply another guarantor, the government has effectively become the only lender in town "for millions of Americans engaged in the largest transactions of... More »

MORE ABOUT:
subprime mortgages • Alan Greenspan • credit crisis • regulation • loan • free markets • economy • government backing • financial crisis

 Fed to Crack Down on Subprime Loans 

Also plans to extend low-cost overnight loan program for banks

Jul 8, 08 8:26 AM CDT
(Newser) - The Federal Reserve will issue new rules next week restricting subprime lending and other exotic loans aimed at borrowers with weak credit, Ben Bernanke said today. He said the Fed is also considering extending the overnight low-cost loan program, which helps big banks in need of quick cash, a sign... More »

MORE ABOUT:
Ben Bernanke • Federal Reserve • subprime mortgages • Freddie Mac • Fannie Mae • subprime crisis • predatory lending • overnight loan window • financial crisis

Rise in Renters Wiping Out Gains in Homeownership

Effects of subprime crisis evident as percentage of owners drops

Jun 21, 08 7:29 AM CDT
(Newser) - Americans are shifting from being homeowners to renters in rising numbers, the New York Times reports, all but wiping out gains made during the boom. The percentage of homes headed by homeowners dropped from 69.1% to 67.8% this year, which sounds modest, but is, in fact, the biggest... More »

MORE ABOUT:
housing market • subprime mortgages • mortgage • home sales • property • rent • homeownership

 Embattled AIG CEO Steps Down 

Board replaces Sullivan with Citi exec Willumstad

Jun 15, 08 3:43 PM CDT
(Newser) - Martin Sullivan has stepped down as AIG's CEO, and the company's board named chairman Maurice Willumstad his successor, insiders tell the Wall Street Journal. The insurance giant's stock has plummeted more than 50% since October due to subprime writedowns, and Sullivan is still embroiled in legal battles with his former... More »

MORE ABOUT:
insurance companies • subprime mortgages • CEO • AIG • subprime crisis • American International Group • Martin Sullivan • insurance industry • financial crisis

As Mortgages Melt Down, Owners Burn Up

Debt-motivated arson another facet of US subprime crisis

Apr 21, 08 12:11 PM CDT
(Newser) - US homeowners are literally burning down their homes instead of paying their subprime mortgages. Last year saw a dramatic nationwide jump in apparently debt-motivated arson, the Los Angeles Times reports. “I'm busier now than a one-armed paper hanger,” said one investigator. “What is happening is terrifically economically... More »

MORE ABOUT:
subprime mortgages • mortgage • arson • California wildfires • subprime crisis • insurance fraud

Paydays That Make Even Wall Streeters Blush

Top hedge-fund guru earned $3.7B in 2007 as income gap widens

Apr 16, 08 11:16 AM CDT
(Newser) - Some Wall Street hedge-fund managers earned billions betting against the market last year, with the top of the class, John Paulson, shaking loose $3.7 billion, the New York Times reports. With the US median family income at $60,500, the booty embarrassed even some of his Wall Street peers.... More »

MORE ABOUT:
Wall Street • executive compensation • subprime mortgages • hedge fund • James Simons • George Soros • John Paulson

 More Fed Help
 on the Way for
 Homeowners 

More FHA-insured mortgages to be available for strapped consumers

Apr 9, 08 3:15 AM CDT
(Newser) - Homeowners struggling to avoid foreclosure are about to get a boost from the Federal Housing Administration. The FHA commissioner is expected to announce plans to expand an aid program that will allow borrowers saddled with negative equity to write down part of their mortgages and refinance their homes with cheaper... More »

MORE ABOUT:
subprime mortgages • foreclosure • Federal Housing Administration • credit crisis • homeowners • subprime crisis • Brian Montgomery

 Bush Readies Mortgage Bailout 

Aid plan would back new loans for homeowners in 'upside-down' mortgages

Mar 29, 08 6:48 AM CDT
(Newser) - Homeowners facing foreclosure could soon be getting a helping hand from the Bush administration, the Washington Post reports. Details are being finalized on a plan that would see portions of loans forgiven for people who now owe the bank more money than their house is worth. The remainder would be... More »

MORE ABOUT:
Ben Bernanke • subprime mortgages • Henry Paulson • foreclosure • mortgage • loans • Federal Housing Administration • Hope Now Alliance • housing crisis • negative equity • George W. Bush

ANALYSIS

Crisis Is More
of Confidence Than Credit

Times scribe connects dots from housing boom to Bear Stearns

Mar 19, 08 11:39 AM CDT
(Newser) - The credit crisis that’s roiled financial markets has its genesis in the housing boom that began in 1998, David Leonhardt writes in the New York Times. The boom led lenders to create new financing options—including subprime loans—as investors saw potential for huge returns. Low interest rates encouraged... More »

MORE ABOUT:
Ben Bernanke • subprime mortgages • Bear Stearns • home sales • home loans • credit crisis • financial crisis

MARKETS

 Stocks Rally After Big Losses 

Dow gains for the second straight day

Mar 13, 08 4:01 PM CDT
(Newser) - Stocks rallied in the afternoon to recover big early losses, buoyed by a prediction from Standard & Poors that the end was in sight for banks' subprime writedowns. The Dow—at one point down more than 230 points—finished up 35.5 points to close at 12,145.74, MarketWatch... More »

MORE ABOUT:
Carlyle Group • Dow Jones • subprime mortgages • Nasdaq • writedowns • S&P 500 • Carlyle Capital

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