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April 2008
- No More Expense-Account Hookers for Deutsche Bank
  
  newser | Independent (UK) | Apr 23, 08 5:10 PM CDT
  
  In a sign of just how bad the credit crisis has become, Deutsche Bank has forbidden its employees from using expense accounts to pay for brothel visits and hotel porn, the Independent reports. It's unclear if execs have been seeking relief from subprime woes—the German giant has written down $4 billion—in fleshier pleasures, the paper adds. More »
  
  Tags
  
  credit crisis • subprime crisis • Deutsche Bank • brothel • inappropriate expenses • sex industry
- As Mortgages Melt Down, Owners Burn Up
  
  newser | Los Angeles Times | Apr 21, 08 12:11 PM CDT
  
  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 driven.” So far, the numbers are small, but they have insurers on edge. More »
  
  Tags
  
  subprime mortgages • subprime crisis • mortgage • California wildfires • arson • insurance fraud
- National City Close to $6B Cash Infusion
  
  newser | Wall Street Journal | Apr 21, 08 7:06 AM CDT
  
  Battered National City—which has seen shares plummet 78% as it's been overwhelmed by the subprime fiasco—is close to a $6 billion bailout funded by some of its largest shareholders and private equity firm Corsair Capital, reports the Wall Street Journal . The infusion for the Cleveland-based bank would be the third rescue package this month for a struggling bank that offers discounted shares to raise capital. More »
  
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  subprime crisis • JPMorgan Chase • corporate earnings • credit market chaos • National City • Fifth Third
- Maybe You Shouldn't Own a Home
  
  newser | New Republic | Apr 20, 08 3:08 PM CDT
  
  Should all Americans own their dream home? Not really, writes Joshua Riner in the New Republic —only those who can afford one. But Washington made homebuying easy, sparked the subprime crisis, and is now making things worse by buying up risky mortgages. Officials "need to replace the dream of homeownership with policies that actually increase wealth—not just the illusion of it," writes Riner. More »
  
  Tags
  
  subprime crisis • mortgage • homes • homeownership • home equity • equity
- Bush Tabs 'Problem Solver' to Head HUD
  
  newser | Washington Post | Apr 18, 08 3:15 PM CDT
  
  With the housing market in turmoil, President Bush is turning to an investment banker-turned-bureaucrat to head HUD, the Washington Post reports. Steven Preston, 47, has run the Small Business Administration since 2006 after a stint at Lehman Brothers; he succeeds Alphonso Jackson, who announced his resignation 2 weeks ago amid allegations of uethical misconduct. More »
  
  Tags
  
  George W. Bush • housing crisis • subprime crisis • Housing and Urban Development • Alphonso Jackson
- Merrill Lynch Posts Steep Q1 Loss
  
  newser | Wall Street Journal | Apr 17, 08 7:25 AM CDT
  
  Merrill Lynch today posted nearly $2 billion in losses in the first quarter, after taking another $9 billion in writeoffs, the Wall Street Journal reports. In its third straight quarterly loss, Merrill was in the red $1.96 billion, or $2.19 a share, compared to earning $2.16 billion, or $2.26 a share a year ago. The company said it will cut about 3,000 jobs. More »
  
  Tags
  
  subprime crisis • mortgage crisis • Merrill Lynch • writedowns • John Thain
- Shareholder Revolt Strips WaMu Execs of Fat Pay
  
  newser | Wall Street Journal | Apr 16, 08 1:19 PM CDT
  
  Washington Mutual shareholders got some of the blood they were out for yesterday, the Wall Street Journal reports, as the company backtracked on a pay scheme that would have shielded company executives from the subprime fallout. Board finance-committee head Mary Pugh also resigned, appeasing investors who blamed her for failing to prevent WaMu’s mortgage-related losses. More »
  
  Tags
  
  housing market • subprime crisis • shareholders • executive compensation • Washington Mutual • bonuses
- Merrill Braces for $6B-$8B in New Writedowns
  
  newser | Wall Street Journal | Apr 16, 08 10:28 AM CDT
  
  Merrill Lynch is likely to report another $6 billion to $8 billion in writedowns related to the subprime collapse tomorrow, leading to a third consecutive quarterly loss, the Wall Street Journal reports. Merrill’s chronic mortgage losses—$30 billion and counting—show just how deep the world's largest brokerage is mired in the mess, and have it slashing costs and jobs. More »
  
  Tags
  
  subprime crisis • mortgage crisis • Merrill Lynch • writedowns • John Thain • brokerage
- Housing Bill Loaded with Corporate Tax Breaks
  
  newser | New York Times | Apr 16, 08 9:54 AM CDT
  
  The bill was rushed through the Senate to come to the aid of homeowners facing foreclosure, but it turns out that some of its biggest beneficiaries are automakers, airlines and energy producers. The Senate’s housing bill is packed with billions in corporate tax cuts, the New York Times reports. With populist fervor behind the bill, lobbyists from a host of industries hit the Hill. And while the bill would help homebuilders and homebuyers, there’s little to actually prevent foreclosures. More »
  
  Tags
  
  Congress • housing market • subprime crisis • lobbyists • lobbying • stimulus package • Senate Finance Committee • housing legislation
- Housing Starts Hit 17-Year Low
  
  newser | Bloomberg | Apr 16, 08 8:45 AM CDT
  
  Foreclosures and a glut of unsold homes flooding the market were blamed for an 11.9% drop in new housing starts last month, more than twice the slide economists had predicted, reports Bloomberg. Starts are at the lowest level since March 1991, according to the Commerce Department, casting a pall over hope for a rapid economic recovery. "Home construction is probably going to continue to fall right through this year,'' says one economist. More »
  
  Tags
  
  housing market • subprime crisis • foreclosure • construction • Commerce Department • new construction
- JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns
  
  newser | Wall Street Journal | Apr 16, 08 7:18 AM CDT
  
  JPMorgan Chase, battling $5.1 billion in subprime writeoffs and deteriorating consumer credit, reported first quarter profits fell 50%, reports the Wall Street Journal. CEO Jamie Dimon warned the outlook for the remainder of 2008 was likely as grim. Morgan—the 3rd-largest US bank—said profits dropped to $2.37 billion, or 68 cents a share, down from $4.79 billion, or $1.34 a year earlier. More »
  
  Tags
  
  subprime crisis • JPMorgan Chase • corporate earnings • earnings reports • writedowns • James Dimon
- Manufacturing's Unemployed Find Work at the Hospital
  
  newser | Wall Street Journal | Apr 15, 08 2:41 PM CDT
  
  American communities once reliant on the manufacturing industry are increasingly being supported by the growing healthcare sector, the Wall Street Journal reports. Over the past 10 years, the former paper-mill town of Bangor, Maine, lost 3,700 factory jobs—but gained 3,500 healthcare jobs, a hopeful sign for an economy teetering on the brink of recession. More »
  
  Tags
  
  credit crisis • health care • subprime crisis • manufacturing • health care industry • Maine
- March Foreclosures Up 57% Over Last Year; Worst Coming
  
  newser | Reuters | Apr 15, 08 6:55 AM CDT
  
  Bank repossessions skyrocketed 129% over the 12-month period ending in March, and foreclosure filings rose 57% over the previous year, RealtyTrac announced today. March foreclosure notices rose 5%, after a 4% decline in February. All this “is ongoing fallout from people overextending themselves and using highly toxic loan products,” said a RealtyTrac VP. And it hasn't peaked yet. More »
  
  Tags
  
  housing crisis • subprime crisis • economy • foreclosure • real estate • auction • economic indicators
- Senate Passes Housing Aid Bill
  
  newser | Reuters | Apr 10, 08 3:02 PM CDT
  
  The Senate approved a $15 billion measure to address the housing slump today, including $6 billion in total tax breaks to homebuilding firms and a $7,000 tax credit for buyers of foreclosed homes. Though it passed by an 84-12 margin, opposition from President Bush and the House could yet sink the measure, Reuters reports. More »
  
  Tags
  
  Senate • housing market • housing crisis • subprime crisis • House of Representatives • foreclosure • legislation • Chris Dodd • housing legislation • tax credit
- Congress Cashes In on Subprime Lobby
  
  newser | Politico | Apr 9, 08 1:34 PM CDT
  
  The subprime crisis isn’t bad for everyone: congressmen and lobbying firms are doing great, Politico reports. Industries caught in the crunch have drastically scaled up their campaign contributions, and dozens of new lobbying firms have sprung up to cash in. Securities and investment PACs, for example, have already given more in 2008 than they gave throughout the midterm elections in 2006. More »
  
  Tags
  
  subprime crisis • lobbyists • lobbying • stimulus package • housing industry • housing legislation
- More Fed Help on the Way for Homeowners
  
  newser | Wall Street Journal | Apr 9, 08 3:15 AM CDT
  
  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 FHA-insured loans, reports the Wall Street Journal. More »
  
  Tags
  
  subprime mortgages • credit crisis • subprime crisis • foreclosure • homeowners • Federal Housing Administration
- House Could Be Dead Giveaway
  
  newser | Minneapolis Star Tribune | Apr 6, 08 11:20 AM CDT
  
  If Bob Fanning dies in the next decade, the buyer of his Wisconsin home—listed at $498,900—will get a half-million dollar payday. That’s because the 69-year-old plans to make the new owner the beneficiary of a 10-year life-insurance policy, a carrot he hopes will sweeten the deal in a tough real-estate market, the Minneapolis Star Tribune reports. More »
  
  Tags
  
  housing crisis • subprime crisis • Wisconsin • real estate values • homeownership • life insurance
- Plastic Surgeons Feel Subprime Pain
  
  newser | Los Angeles Times | Apr 5, 08 2:55 PM CDT
  
  The subprime crisis has hit Goldy Anthony hard; she can’t even afford her bi-monthly trips to the plastic surgeon anymore. “I would rather have Botox than go out to dinner, but it’s just gotten so bad,” says Anthony, who works in Los Angeles' slumping mortgage business. Woes like hers are hurting Beverly Hills plastic surgeons, who are losing would-be face-lift-ees. More »
  
  Tags
  
  subprime crisis • consumer spending • luxury goods • plastic surgery
- Vulture Investors Circle Wall Street
  
  newser | New York Times | Apr 4, 08 12:58 PM CDT
  
  Like shoppers stalking deals at Filene’s Basement, savvy Wall Street vulture investors are swooping in to find deals among the carcasses of companies and investments felled by the subprime contagion, reports the New York Times . They're betting big—Blackstone Group just raised $10.9 billion from investors to buy distressed real estate—that many companies had to unload good investments in all the chaos. More »
  
  Tags
  
  credit crisis • Wall Street • subprime crisis • investing • credit market chaos
- UBS Girds for Battle With Group Led by Ex-President
  
  newser | Wall Street Journal | Apr 4, 08 12:07 PM CDT
  
  UBS, one of the banks hardest hit by the subprime collapse with $37.7 billion in writedowns, is under attack from an investor group led by one of its former presidents, reports the Wall Street Journal . The group wants the Swiss banking giant to spin off its investment bank, blaming it for the bank's woes. More »
  
  Tags
  
  subprime crisis • shareholders • banking • UBS • credit market chaos

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