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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: subprime mortgages

subprime mortgages stories: 243 news summaries

81 - 100 of 243 Stories | << Prev 1 2 3 4 5 6 7 8 9 ... 13 Next >>

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Banks Face Simpler, Tougher Times

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

Dec 26, 07 3:03 PM CST
(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... More »

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subprime mortgages • credit crisis • mortgage backed securities • banking • balance sheets

Commercial Properties Squeezed

Owners of malls and office buildings
are starting to feel the subprime pinch

Dec 26, 07 8:05 AM CST
(Newser) - Add the once-solid commercial real estate market to the list of sectors felled by the subprime mortgage contagion, as owners of malls, apartment complexes and office buildings have seen financing disappear, prices plunge and the pace of sales dwindle 50%, reports the Wall Street Journal. Lenders, burned by the... More »

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subprime mortgages • office buildings • commercial paper • real estate values • commercial real estate

OPINION

2007: Asia's Banner Year

Bloomberg praises those who fuel the region's return to economic power

Dec 24, 07 2:19 PM CST
(Newser) - Asia's economies are soaring so mightily that Bloomberg columnist William Pesek is passing out awards for Asia's big players in 2007. They range from a “Money Talks” prize, for Arab and Asian leaders who bailed out Wall Street banks, to the “Howard's End” trophy, for Australian PM Kevin... More »

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Australia • India • Thailand • Asia • subprime mortgages • US economy • Chinese economy • Kevin Rudd

Merrill Deal Yields $6.2B
in Capital

Bank sells discounted stock to investors, sells division to GE

Dec 24, 07 1:07 PM CST
(Newser) - With another quarter of massive writedowns looming, Merrill Lynch today announced a deal to raise up to $6.2 billion by selling discounted stock to two investors. Up to $5 billion will come from Temasek Holdings, Singapore's state-owned investment company. The other $1.2 billion comes from money managers Davis... More »

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Wall Street • subprime mortgages • Merrill Lynch • capital • Singapore • stock price

Americans Falling Behind on Credit Cards

Amount overdue on
US accounts surged
26% in October

Dec 23, 07 10:35 PM CST
(Newser) - It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much brighter. The value of credit card accounts at least 30 days late surged 26% in... More »

MORE ABOUT:
Bank of America • Federal Reserve • subprime mortgages • debt • credit card • Capital One • job market • default • Discover • home equity loans • refinanced mortgages • JPMorgan Chase

Squeezed Owners Seek Tax Break as Home Values Drop

Local governments feel the pinch as property taxes decline

Dec 23, 07 6:45 AM CST
(Newser) - With property values falling across much of the nation, more homeowners are asking for reassessments, looking for a break from property taxes that inflated before the subprime mortgage balloon burst, reports the New York Times. For local governments, especially in areas already suffering from high rates of foreclosure, declining property... More »

MORE ABOUT:
real estate • subprime mortgages • foreclosure • mortgage • home sales • real estate values

Banks Scuttle SIV Bailout

BoA, Citi and JP Morgan drop subprime fix over lack of interest

Dec 21, 07 3:56 PM CST
(Newser) - The three banks charged by Treasury with setting up a fund to bail out investments threatened by the subprime mess are abandoning the project, the Wall Street Journal reports. Citigroup, Bank of America and JP Morgan Chase had been working since September on the plan to rescue structured investment vehicles,... More »

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Citigroup • Bank of America • subprime mortgages • SIVs • M LEC • JPMorgan Chase

Merrill Lynch Seeking $5B Cash From Singapore

Anticipating more writedowns, Merrill becomes the latest Western financial institution to look East for help

Dec 21, 07 7:49 AM CST
(Newser) - Facing a fourth-quarter writedown of an estimated $8 billion in subprime paper, Merrill Lynch is negotiating with Singapore’s state-owned investment fund Temasek Holdings for a $5-billion cash infusion, the Wall Street Journal reports. If the deal goes through, Merrill would join several other Western financial institutions bailed out by... More »

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

SEC Probes WaMu Home Loans

Investigators focus on charges that appraisals were inflated

Dec 21, 07 4:06 AM CST
(Newser) - Washington Mutual, one of America's largest mortgage lenders and the biggest savings and loan in the nation, is under investigation by the Securities and Exchange Commission, reports the Wall Street Journal. Regulators suspect some WaMu mortgages were based on inflated appraisals. WaMu, bloodied by the subprime mortgage crisis, lost $348... More »

MORE ABOUT:
subprime mortgages • SEC • Freddie Mac • Andrew Cuomo • Fannie Mae • Washington Mutual • WaMu • Office of Thrift Supervision • First American Corp • appraisals • eAppraiseIT

Morgan Stanley CEO Feels Heat

After 'embarassing' quarter, Mack could lose his swagger—
and his job

Dec 20, 07 11:37 AM CST
(Newser) - When John Mack became Morgan Stanley’s CEO in 2005, he told the company to take more risks. “You’ve lost your swagger,” he told his traders. Now, after several questionable moves and yesterday's staggering $9.4 billion writedown, swagger isn’t looking so hot—and Mack could... More »

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subprime mortgages • CEO • Morgan Stanley • John Mack • Zoe Cruz • Saxxon Capital • Goldfish

Bear Stearns Posts First Loss

Subprime writedowns hobble 'bond shop,'  loss almost four times what analysts expected

Dec 20, 07 9:19 AM CST
(Newser) - Analysts expected Bear Stearns to post its first-ever loss today, they just expected it to be smaller. After $1.9 billion in subprime writedowns, the company posted a $6.91 loss per share, dwarfing the $1.82 analysts predicted. Executives gave up their bonuses, as revenue from debt sales and... More »

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subprime mortgages • Bear Stearns • earnings reports • quarterly reports • writedowns

Feds Investigate Bear Stearns Fund Manager

Insider-trading probe targets $2M move ahead of fund collapse

Dec 19, 07 12:00 PM CST
(Newser) - The manager of hedge funds that lost $1.6 billion when they went bankrupt in July has left Bear Stearns, and federal investigators are looking into whether he withdrew his own money before the collapse. Ralph Cioffi moved $2 million in March—before the funds tanked in the subprime collapse—... More »

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insider trading • subprime mortgages • Bear Stearns • SEC • hedge fund • Ralph Cioffi

Morgan Stanley Stuns With $9.4B in Writedowns

CEO gives up bonus in face of terrible performance

Dec 19, 07 8:10 AM CST
(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 »

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subprime mortgages • Morgan Stanley • earnings reports • John Mack • mortgage backed securities • writedowns

Fed Cracks Down on
Loose Lending

Unanimous vote marks historic shift toward regulation

Dec 18, 07 7:43 PM CST
(Newser) - 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... More »

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

Brits Hatch Secret Plan
to Bail Out Northern Rock

No good options for struggling bank

Dec 18, 07 2:05 PM CST
(Newser) - Worried that the state might be stuck nationalizing Northern Rock, Britain has worked up a contingency plan behind closed doors to divide the troubled bank among the country’s commercial banks. A private buyout is still preferable, the Guardian reports, but some now fear the main bidders will back out,... More »

MORE ABOUT:
Richard Branson • Gordon Brown • subprime mortgages • Virgin • credit crisis • Britain • Northern Rock • Alistair Darling

Credit, Economy Bring
M&A Action to a Crawl

After a golden year for LBOs, experts see a chilling of a once-hot market

Dec 18, 07 11:40 AM CST
(Newser) - The slowing economy and financing costs that have more than doubled since June because of the subprime collapse could ice the pace of mergers and acquisitions in 2008, Bloomberg reports. After a record $3.9 trillion in deals in 2007, analysts predict transaction value could plummet 20%. "The mega-LBO... More »

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Bank of America • Goldman Sachs • subprime mortgages • mergers and acquisitions • LBOs • JPMorgan Chase

Nov. Housing Starts Fall 3.7%

And permits for new homes fall to 14-year low

Dec 18, 07 10:30 AM CST
(Newser) - Housing starts fell less than expected in November, but fall they did, extending the worst housing slump since 1991. Starts fell 3.7% and, according to one analyst, probably won’t turn around until the third quarter of next year. Permits issued, which give a picture of future construction, fell... More »

MORE ABOUT:
housing market • subprime mortgages • mortgage • Toll Brothers • housing starts • housing crisis

Goldman
Earnings Hit Record

Firm soars on trading, M&A, shorting subprime as others falter

Dec 18, 07 9:25 AM CST
(Newser) - Still sitting pretty above the subprime fray, Goldman Sachs trumped estimates today and reported a 2% jump in profits in the fourth quarter, breaking the annual profit record for the fourth straight year. Goldman shorted subprime mortgages, profiting from the disaster that sank competitors, and in the quarter actually boosted... More »

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Goldman Sachs • subprime mortgages • earnings reports • investment banks

Fed Plans to Tighten Mortgage Lending Rules

Proposals will rein in subprime lenders

Dec 18, 07 8:49 AM CST
(Newser) - Stricter rules will face mortgage lenders if a Federal Reserve proposal unveiled today moves forward. The Fed wants to prohibit or limit prepayment penalties, force lenders to make sure borrowers set aside money for taxes and insurance, require lenders to verify income, and prohibit lenders from giving borrowers unaffordable loans,... More »

MORE ABOUT:
Federal Reserve • subprime mortgages • foreclosure • mortgage • borrowers

Senate Votes
to Aid At-Risk Homeowners

Bill, approved 93-1, would allow feds to back refinanced loans

Dec 14, 07 4:44 PM CST
(Newser) - In an attempt to quell the ongoing housing crisis, the Senate approved a bill today that would allow the Federal Housing Administration to back refinanced loans for the thousands in danger of defaulting on mortgages. The bill, which passed 93-1, also repositions the FHA as an attractive alternative to subprime... More »

MORE ABOUT:
Charles Schumer • Senate • Harry Reid • subprime mortgages • Federal Housing Administration • refinanced mortgages • housing crisis

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