Skip to: Content
Skip to: Site Navigation
Skip to: Search
THURSDAY, NOVEMBER 26, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter

NEWS ABOUT: subprime mortgages

subprime mortgages stories: 243 news summaries

61 - 80 of 243 Stories | << Prev 1 2 3 4 5 6 7 8 ... 13 Next >>

Switch to grid view »

Bernanke Backs Quick Bailout

Fast, temporary stimulus would buoy flagging economy, Fed chief tells Congress

Jan 17, 08 10:50 AM CST
(Newser) - The country needs a federal stimulus package ASAP, Federal Reserve Chairman Ben Bernanke told the House Budget Committee today, advocating immediate legislation designed “so its effects on aggregate spending are felt as much as possible within the next 12 months.” But he said the package should be “... More »

MORE ABOUT:
Congress • inflation • Ben Bernanke • Federal Reserve • subprime mortgages • recession • budget deficit • House Budget Committee • economic stimulus package • financial crisis

Merrill: $9.8B Loss on $11.5B Writedown

Brokerage's first-ever full-year loss blamed on subprime woes

Jan 17, 08 6:31 AM CST
(Newser) - Merrill Lynch reported a fourth-quarter loss of  $9.8 billion, or $12.01 a share, nearly triple the per-share loss most analysts predicted, reports Bloomberg. It was the second straight losing quarter for the nation’s largest broker, and capped the company’s first full-year loss since 1989. Merrill said... More »

MORE ABOUT:
subprime mortgages • Merrill Lynch • corporate earnings

For Hurting US Companies, World Supplies Band-Aid

In economic sea change, 'we need the money,' one US Rep. says

Jan 16, 08 12:02 PM CST
(Newser) - The subprime collapse has US financial institutions in uncharted waters—asking for help from foreign investors and governments, the Wall Street Journal reports. Citigroup, Merrill Lynch, and Morgan Stanley all have recently sought bailouts, a dramatic switch from a tradition that saw US banks coming to the “rescue of... More »

MORE ABOUT:
China • Saudi Arabia • Japan • Citigroup • subprime mortgages • Morgan Stanley • Merrill Lynch • Singapore • Abu Dhabi • Kuwait • sovereign wealth funds

JP Morgan Profit Drops 34% in Q4

$1.3B in subprime writedowns hit earnings at third-largest bank

Jan 16, 08 7:03 AM CST
(Newser) - Subprime mortgage writedowns of $1.3 billion cut deeply into better-than-expected revenue gains at JP Morgan Chase in the fourth quarter, leaving the nation’s third-largest bank with net income of $2.97 billion, or 86 cents per share, a 34% drop from a year ago, reports Bloomberg. The writedown... More »

MORE ABOUT:
subprime mortgages • corporate earnings • JPMorgan Chase

Merrill Hauls in $6.6B Lifeline

Recapitalization plans move forward as firm struggles to shake subprime debacle

Jan 15, 08 6:05 AM CST
(Newser) - Merrill Lynch has reached into the deep pockets of foreign investors once again, pulling in a $6.6-billion lifeline today from a consortium of investors that include Japan’s Mizuho Financial Group and the Kuwait Investment Authority, the Wall Street Journal reports. In December, Merrill received a $5-billion cash infusion... More »

MORE ABOUT:
Wall Street • subprime mortgages • Merrill Lynch

Citi Takes $9.83B Loss,
$18B in Writedowns

Record Q4 loss offset by $14.5B cash infusion from Singapore, Kuwait

Jan 15, 08 6:03 AM CST
(Newser) - Citigroup announced $18 billion in writedowns and a $9.83-billion fourth-quarter loss today as a relentless torrent of mortgage defaults has brought the banking giant to its knees. The $1.99-per-share loss is the largest in Citi’s 196-year history, Bloomberg reports. Citi, struggling to recapitalize, also reported US and... More »

MORE ABOUT:
Citigroup • subprime mortgages • corporate earnings • subprime crisis

China May Scuttle
$2B Citigroup Bailout

Sources say China's government is standing in the way of the deal

Jan 14, 08 7:28 AM CST
(Newser) - On the eve of Citigroup’s fourth-quarter earnings announcement, the Chinese government appears to have raised objections to China Development Bank's purchase of a $2 billion stake in the struggling financial giant, reports the Wall Street Journal. The proposed deal, reported by the Journal over the weekend, is part of... More »

MORE ABOUT:
China • Citigroup • subprime mortgages • China Development Bank • financial crisis

Investigators Ask: Did Banks Withhold Info?

Banks hid risk of bundled 'exception' loans, insiders say

Jan 12, 08 4:35 PM CST
(Newser) - Prosecutors are probing Wall Street banks to see if they ever revealed the risky nature of certain subprime mortgage investments, the New York Times reports. Industry experts are accusing the banks of turning high-risk loans, called exceptions, into investments without divulging details to investors and credit-rating agencies. One probe, led... More »

MORE ABOUT:
Wall Street • subprime mortgages • Andrew Cuomo • home loans • New York Attorney General • subprime crisis

BofA May
Buy Ailing Countrywide

Talks between bank and troubled mortgage giant well advanced

Jan 10, 08 3:21 PM CST
(Newser) - Bank of America is in advanced talks to buy troubled Countrywide, the Wall Street Journal reports. The Charlotte-based bank could be on the brink of acquiring the US' largest mortgage lender, whose market value has plummeted to $3 billion—about 2 months' profit for BofA—as foreclosures continue to dent... More »

MORE ABOUT:
Bank of America • bankruptcy • subprime mortgages • LaSalle Bank • Countrywide

Citi, Merrill Look Overseas for More Cash

Big Banks could announce $25 billion in additional losses next week

Jan 10, 08 7:23 AM CST
(Newser) - Merrill Lynch and Citigroup, which have already tapped foreign investors for billions of dollars to help bail them out of the subprime debacle, are headed back to the well, reports the Wall Street Journal. Merrill is seeking some $4 billion more, Citi up to $10 billion—all expected to come... More »

MORE ABOUT:
Citigroup • subprime mortgages • Merrill Lynch

More Trouble Has Countrywide Teetering

Mortgage lender sees stock dive again as foreclosures rise

Jan 9, 08 1:40 PM CST
(Newser) - 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... More »

MORE ABOUT:
subprime mortgages • Countrywide Financial • subprime crisis

Bear Stearns CEO Will
Step Down

Add Cayne to
roster of victims of subprime collapse

Jan 8, 08 7:11 AM CST
(Newser) - Add Bear Sterns CEO Jimmy Cayne's to the list of rolling heads in the subprime mortgage market collapse, reports the Wall Street Journal. Cayne, 73, has been the target of board and shareholder angst over the 53% drop in the bank’s stock last year—the largest of any of... More »

MORE ABOUT:
subprime mortgages • Bear Stearns • James Cayne

Paulson Calls for More Housing Relief

Treasury secretary suggests aid for prime-rate borrowers

Jan 7, 08 9:17 PM CST
(Newser) - Treasury Secretary Henry Paulson advised the mortgage industry today to give help to millions of financially stressed homeowners whose mortgages are set to rise. His comments signal that the Bush administration is starting to push lenders to expand relief beyond subprime borrowers to homeowners with other adjustable-rate loans, reports the... More »

MORE ABOUT:
Bush administration • subprime mortgages • Henry Paulson • US economy • home loans • Treasury Department • default • adjustable rates • borrowers • housing crisis

UK To Introduce Sweeping
Bank Reforms

Darling announces regulatory shift after Northern Rock fiasco

Jan 4, 08 10:51 AM CST
(Newser) - Britain's chancellor will offer sweeping new powers to that country's equivalent of the SEC to intervene in the event of a banking crisis. In an interview with the Financial Times, Alistair Darling presented a set of triggers that would allow the Financial Services Authority to step in and protect assets... More »

MORE ABOUT:
United Kingdom • subprime mortgages • bank • Northern Rock • Alistair Darling • Financial Services Authority • financial crisis

In Turnabout, '07 Mess Hurt Brokers More

Complex securities backfired on insiders, not Joe Investor

Jan 2, 08 6:03 PM CST
(Newser) - Ordinary investors did fairly well in 2007, but their brokers and other big financial players lost their shirts in the subprime collapse. How did that happen? The New York Times observes that “parallel markets” have developed in recent years, with stocks and bonds available to most, and specialized, acronym-heavy... More »

MORE ABOUT:
subprime mortgages • investment banks

Subprime Lender Lobbying Foiled Safeguards

Ameriquest's budget to woo local, national officials: $20M+

Dec 31, 07 10:59 AM CST
(Newser) - Subprime giant Ameriquest spent more than $20 million on political donations from 2002 to 2006 to successfully lobby against lending restrictions meant to protect borrowers, reports the Wall Street Journal. Though the company spent millions at the national level, its focus was local, where regulators were cracking down on... More »

MORE ABOUT:
Citigroup • subprime mortgages • Wells Fargo • Countrywide Financial • borrowers • Ameriquest Mortgage • Roland Arnall

New Home Sales Hit 12-Year Low

Decline tops even worst estimate

Dec 28, 07 11:00 AM CST
(Newser) - New home sales fell much farther than expected in November, hitting their lowest point since 1995, Bloomberg reports, and the slide only likely to get worse. Sales fell to an annual pace of 647,000, a 9% drop from October’s revised-down 711,000 rate. Prices are falling, but buyers... More »

MORE ABOUT:
housing market • subprime mortgages • home sales • home loans • credit crisis • housing crisis

In Need of Cash, Banks Looking to Sell

It's a buyers market as banks unload 'everything from branches to entire units'

Dec 28, 07 7:48 AM CST
(Newser) - Still in need of cash, as subprime writedowns continue to maul bottom lines, US and European banks are selling off or shuttering non-critical assets. They've already sold stakes to foreign investors and borrowed from central banks; now it's time for the yard sale, as the Wall Street Journal puts it.... More »

MORE ABOUT:
Citigroup • subprime mortgages • Morgan Stanley • UBS • Merrill Lynch • HSBC

Contemporary Art Scores for Auction Houses

Sales swelled 36% in 2007; some fear houses too invested in the new

Dec 27, 07 11:39 AM CST
(Newser) - Contemporary art has been very good to Sotheby’s, fueling a 46% boost in sales for the world’s second-largest auctioneer this year over last, Bloomberg says. A crop of new collectors from the US, Russia and Asia brought new records for artists like Francis Bacon and Jeff Koons, for... More »

MORE ABOUT:
contemporary art • London • art • subprime mortgages • Sotheby's • Christie's • Francis Bacon • Vincent Van Gogh • art auction • Jeff Koons • impressionist art

Student Lender Sallie Mae Plans $2.5B Stock Sale

Embattled stock drops 6.5% as investors fret

Dec 27, 07 7:37 AM CST
(Newser) - With a credit rating bordering on junk-bond status, embattled student loan provider Sallie Mae plans a public stock offering to raise $2.5 billion, reports the Wall Street Journal. The company will use $2 billion to buy back its own stock futures, which have lost value recently following a failed... More »

MORE ABOUT:
private equity • Sallie Mae • subprime mortgages • SLM Corp

61 - 80 of 243 Stories | << Prev 1 2 3 4 5 6 7 8 ... 13 Next >>


from our news partners