Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

NEWS ABOUT: subprime mortgages

Stories 141 - 160 | << Prev   Next >>

Switch to grid view »

Abu Dhabi Bails Out Citigroup With $7.5B Deal

Cash infusion for 4.9% stake will make it Citi's largest shareholder

(Newser) - Staggered by the weight of subprime mortgage losses and with its stock trading at its lowest level since 2002, embattled Citigroup last night announced a $7.5 billion cash infusion from the government of Abu Dhabi, the Wall Street Journal reports. The deal strengthens Citi’s capital base and investor... More »

Citigroup Faces Pressure to Help Troubled Borrowers

Fallout mounts from $45B mortgage portfolio

(Newser) - The subprime collapse has Citigroup beset on two sides: Besides dealing with a $45 billion portfolio of 280,000 subprime mortgages it acquired in September, Citi is facing pressure from influential consumer advocacy groups to provide relief to troubled borrowers, the Journal reports. Activists are calling for the lender to... More »

Small Hedge Fund Scores 1,000% Return

Shorting subprime securities may be most profitable bet of all time

(Newser) - A small Californian hedge fund bet against subprime-linked securities and earned its investors a cool 1,000% profit this year, making Lahde Capital one of the world's best-performing funds of all times, the Financial Times reports. In all, hedge funds that shorted subprime loans appear to have made the single... More »

Subprime Nightmare to Get Worse

With rates about to reset higher, expect more foreclosures

(Newser) - The subprime mortgage crisis is only just beginning, new data suggests. Hundreds of billions of dollars in subprime adjustable-rate mortgages are due to reset to higher rates in the year ahead, reports the Wall Street Journal. Analysts say this means the steep rise in defaults and foreclosures this year may... More »

Greenspan Has 'No Particular Regrets'

Former FED chair calls housing crisis 'a global phenomenon'

(Newser) - The US housing market crisis is not the result of Federal Reserve policies but part of a global phenomenon, former Fed chair Alan Greenspan says. "I have no particular regrets," he said yesterday in Oslo. "The housing bubble is not a reflection of what we did, as... More »

$1.5B Bailout Gives Hope to Reeling Bond Insurers

(Newser) - A quiet infusion of $1.5 billion from two European banks will help bond insurer CIFG maintain its AAA credit rating, the Wall Street Journal reports. The move keeps at bay a crisis in the bond market that could cost investors $200 billion and might provide a bailout blueprint for... More »

Arnie Teams With 4 Lenders to Hold Off Foreclosures

Governator brokers deal to keep subprime mortgage at inital rates

(Newser) - Four big lenders in California have agreed to extend low-interest mortgage rates to homeowners on the brink of foreclosure, the San Francisco Chronicle reports. The lenders worked with Gov. Schwarzenegger on the deal, which will apply to subprime borrowers who have made payments on time so far but will be... More »

Subprime Woes Hit New York Law Firms

For the first time since 2001, lawyers are being let go

(Newser) - The continuing mortgage crisis and tightening credit markets are claiming a new batch of victims: Lawyers. Layoffs at Clifford Chance, the world's highest-grossing law firm, have started, Bloomberg reports, and up to 5% of salaried associated at New York law firms may get the ax as work on mergers, acquisitions... More »

Freddie Mac Loses $2B, Seeks Cash

No. 2 mortgage lender's capital is close to regulatory minimum

(Newser) - 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 “... More »

Northern Rock Plummets 40% as Britain Seeks Buyer

Bank crisis spells political trouble

(Newser) - In Britain the meltdown of Northern Rock has expanded into a full-out political crisis. The bank's stock plummeted 40% this morning to trade at less than a dollar a share, the Financial Times reports. The collapse of Northern Rock spells serious trouble for Alistair Darling, the chancellor, who is desperate... More »

Goldman Sits High and Dry in Credit Crunch

Wall Street envies lone investment firm that got it right

(Newser) - When Goldman Sachs reported $2.85 billion in third-quarter profits, it sounded like an “I told you so.” As most financials reported credit-crunch pratfalls, Goldman alone had read the signs and gone the right way on mortgages. “You’d have to give them an A-plus,” said... More »

How To Lose Your Home Without Missing a Payment

Renters out in the cold in mortgage crisis

(Newser) - 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.... More »

Banks' Borrowing Rates Climb

(Newser) - Financial institutions are paying more to borrow money than the average company for the first time in over a decade, reports Bloomberg, as investors fear the $50 billion in subprime losses the big banks have reported so far is just the tip of the iceberg. “We've only seen the... More »

Goldman Sees $2T Credit Shortfall, Major Slowdown

Nobel winner, investment firm warn of growing risk

(Newser) - 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... More »

House Votes to Tighten Controls on Lenders

But Senate deadlock could keep bill tied up for months

(Newser) - The House has passed a bill intended to protect mortgage borrowers by imposing stricter regulations on lenders. But it's unlikely it will become law before the new year, given the Senate's problem passing a less controversial bill that also aims to mitigate the subprime lending crisis. The House measure bars... More »

E*Trade Stock in $2B Free Fall

59% of value wiped out after analyst warns of subprime woes

(Newser) - Online brokerage pioneer E*Trade has been caught in the subprime mortgage crisis. Its shares fell 59% yesterday, wiping out $2.2 billion of its market value, reports the Wall Street Journal. Although its core business is discount brokerage, it is also a bank and has $12.4 billion in home... More »

Mortgage Rates Drop to 5-Month Low

Analysts attribute dip to slackening economy

(Newser) - Rates for 30-year fixed mortgages have slipped for the third week in a row. The dip to 6.24% is the lowest level since May. Mortgage rates have been falling across the board over the last week, which analysts attribute to the slackening economy. The drop follows the Fed's cut... More »

Bernanke Sees Q4 Slowdown

Fed chief sees economy as 'resilient' but growth slow through this quarter

(Newser) - Economic growth will slow "noticeably" through the end of the year and into 2008, Fed chief Ben Bernanke said in prepared testimony for a congressional panel today. Bernanke called the economy "resilient," but said the housing slump will intensify before it's over, the Wall Street Journal reports.... More »

Wall Street Bonuses In for a Fall

Extra pay could drop in half for some senior bond traders

(Newser) - Wall Street's multi-million-dollar bonuses are likely to take a hit for the first time in five years, with extra pay dropping in half for some senior sellers of mortgage-backed securities, according to the Wall Street Journal. Traders in stocks and commodities are expected to do better than those working with... More »

Calif. Budget Falls Prey to Housing Crisis

Governator orders across-the-board cuts as deficit nears $10B

(Newser) - With the housing crisis laying waste to California’s coffers, Arnold Schwarzenegger yesterday ordered all state agencies to cut budgets by 10%, the LA Times reports. “We are among a handful of states that has a lot of exposure to the housing crash,” said an economist. Property, sales,... More »

Stories 141 - 160 | << Prev   Next >>
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne