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April 2008
- 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
- Critics: Senate Plan Not Enough
  
  newser | Los Angeles Times | Apr 3, 08 11:55 AM CDT
  
  The Senate’s first major step toward trying to make sense of the US mortgage mess is a needed salve to businesses caught in the chaos, but it doesn’t go far enough to help homeowners, critics say. Lawmakers contend the plan is a start toward addressing a multitude of problems resulting from a devastating housing slump, reports the Los Angeles Times. More »
  
  Tags
  
  housing crisis • subprime crisis • foreclosure • mortgage crisis • home builders
- Steal the Pipes, Ditch the House
  
  newser | Reuters | Apr 2, 08 3:04 PM CDT
  
  Rising metal prices have rendered some foreclosed homes worth less than their plumbing, and thieves are stripping the vacant abodes of copper, aluminum, and brass to fuel a lucrative overseas trade. Several states have hardened penalties for metal theft, but skyrocketing nonferrous metals prices have thieves risking steel cages for copper pipes, reports Reuters. More »
  
  Tags
  
  housing crisis • subprime crisis • foreclosure • burglary • black market • metal prices • copper
- 'Tinker Bell Market' Fallout Wallops Taxpayers
  
  newser | Washington Post | Apr 1, 08 12:00 PM CDT
  
  Although he doesn't foresee long-term catastrophe, Allan Sloan of Fortune sounds an alarm in today's Washington Post, saying he's "more nervous about the world financial system now than I've ever been in my 40 years of covering business and markets." He dissects "the collapse of a Tinker Bell financial market, one that depended heavily on borrowed money that has now vanished like pixie dust." More »
  
  Tags
  
  housing crisis • subprime crisis • Bear Stearns • mortgage crisis • Henry Paulson
- UBS Posts $12B Quarterly Loss; Chairman Steps Down
  
  newser | Bloomberg | Apr 1, 08 6:08 AM CDT
  
  UBS announced a $12.1 billion first-quarter loss and another $19 billion in writedowns as fallout from the US subprime meltdown continued to haunt the Swiss banking giant, reports Bloomberg. Chairman Marcel Ospel, who oversaw the creation of the bank in 1998 will step down. UBS says it will ask shareholders to approve up to $15.1 billion in new funding. More »
  
  Tags
  
  subprime crisis • Citigroup • Merrill Lynch • UBS
March 2008
- Lehman Is Selling $3B in Shares
  
  newser | Bloomberg | Mar 31, 08 7:25 PM CDT
  
  Lehman Brothers is selling $3 billion in new shares to allay fears after its stock dropped 42% this year, Bloomberg reports. "We still maintain that we don't need capital, but we've realized that perception is the dominant issue in today's markets,'' said CFO Erin Callan. Lehman fell up to 48% this month on rumors that it lacked cash and faced a Bear Stearns-style meltdown. More »
  
  Tags
  
  US economy • stock market • Wall Street • subprime crisis • Bear Stearns • Lehman Brothers • investment bank • weakening economy • share price • securities
- Agents Use 'Cash for Keys' to Stem Owner Vandalism
  
  newser | Wall Street Journal | Mar 28, 08 10:23 AM CDT
  
  Banks and mortgage companies are hoping a “cash for keys” policy will stem a growing problem for lenders taking possession of foreclosed homes: dispossessed homeowners trashing their houses on the way out the door. Cheaper and faster than eviction proceedings, the policy is "win-win for both parties," an agent who handles foreclosures tells the Wall Street Journal . More »
  
  Tags
  
  credit crisis • housing market • subprime crisis • foreclosure • repossessions
- Bankrupt Lender's Audit Lapses 'Mind Boggling'
  
  newser | New York Times | Mar 27, 08 8:23 AM CDT
  
  Auditors at now-bankrupt New Century Financial—once one of the nation’s largest subprime lenders and one of the earliest to fail—were accused of “mind boggling” lapses in a Justice Department report on the debacle released yesterday. Partners at accounting firm KPMG are said to have ignored “significant improper and imprudent practices” in order to keep the company’s business, the New York Times reports. More »
  
  Tags
  
  credit crisis • subprime crisis • bankruptcy • Justice Department • Enron • Arthur Anderson
- No 'Reward' For Borrowers, Lenders: McCain
  
  newser | New York Times | Mar 25, 08 4:20 PM CDT
  
  John McCain said today he opposes government action to bail out homeowners having trouble with their mortgages, the New York Times reports. McCain—who will receive Nancy Reagan's endorsement today—differentiated himself from both Democratic candidates, who have called for federal intervention, saying: “It is not the duty of government to bail out and reward those who act irresponsibly." More »
  
  Tags
  
  John McCain • subprime crisis • mortgage crisis • mortgage • mortgage backed securities • monetary policy • Nancy Reagan
- Bad Credit News Means Good Tidings for Analysts
  
  newser | Guardian (UK) | Mar 24, 08 5:01 PM CDT
  
  The Bear Stearns crisis was bad news for many, but it was good news—or at least good business—for financial analysts at London-based Breaking Views. The credit crunch is increasing demand for the company’s financial insights, offered online and, through various partnerships, in print. Breaking Views is seizing the moment, courting more newspapers and offering free online columns, the Guardian reports. More »
  
  Tags
  
  credit crisis • subprime crisis • economy • Bear Stearns • Wall Street Journal • finance • online news • Financial Times • Economist
- Boomers Move Back Home
  
  newser | Associated Press | Mar 24, 08 3:06 PM CDT
  
  Young people have long fled recessionary job markets by moving back home, but the current crisis has a new demographic scurrying there: the middle-aged. "This is not like, 'OK, my son just graduated from college and needs to move back in' type of thing," says one financial planner, who has seen more adult children leaning on parents for everything from rent to groceries. More »
  
  Tags
  
  US economy • recession • subprime crisis • unemployment • parents • housing • Generation X • baby boomers
- JPMorgan Boosts Bear Stearns Offer to $10/Share
  
  newser | Wall Street Journal | Mar 24, 08 9:38 AM CDT
  
  JPMorgan will quintuple its takeover offer for Bear Stearns, setting a new $10-per-share price today after a weekend of tense renegotiations. Bear shareholders had objected to the proposed $2 deal, saying the bank-saving bid was a heist. JPMorgan is also buying 95 million more shares of the bank, which will give it 39.5% ownership and improved odds of getting the deal accepted, the Wall Street Journal reports. More »
  
  Tags
  
  subprime crisis • Bear Stearns • JPMorgan Chase
- JPMorgan in Talks to Boost Bear Stearns Bid
  
  newser | New York Times | Mar 24, 08 4:00 AM CDT
  
  JPMorgan Chase was in negotiations last night to quintuple its bid for Bear Stearns following a storm of angry protests by Bear shareholders over the initial bargain-basement deal for the investment banking giant, reports the New York Times . Under the new deal, JPMorgan Chase would pay $1 billion—$10 a share, up from the initial offer of $2 a share, which represented just one-fifteenth of Bear’s market price. More »
  
  Tags
  
  Federal Reserve • subprime crisis • Bear Stearns • JPMorgan Chase • Treasury Department • credit market chaos • Department of the Treasury
- Cramer: the Bear Has Been Tamed
  
  newser | New York | Mar 21, 08 11:11 AM CDT
  
  We've hit bottom, Jim Cramer proclaims. Bear Stearns' collapse may have been apocalyptic in scale, but it at least woke up a complacent Fed and Treasury secretary, the bombastic market guru writes in New York today. “We’ve been through dozens of false bottoms,” he says, but now Bernanke and Paulson are “basically saying they will do anything to save the system.” More »
  
  Tags
  
  Ben Bernanke • subprime crisis • Bear Stearns • Henry Paulson • JPMorgan Chase • bear market • Jim Cramer
- Mortgage Meltdown Hits Small Builders
  
  newser | Wall Street Journal | Mar 21, 08 3:00 AM CDT
  
  The housing market collapse that's sending homeowners into foreclosure is starting to hit small- and medium-size builders left with developments they're unable to sell, the Wall Street Journal reports. Buyers are canceling contracts and builders are missing mortgage payments on often highly leveraged projects. Small regional banks, in turn, could be the next victims. More »
  
  Tags
  
  housing market • subprime crisis • foreclosure • mortgage crisis • mortgage • banking • bankruptcy • construction • small businesses • homebuilders • residential building
- Northern Rock: Post Mortem of a Spectacular Fall
  
  newser | Bloomberg | Mar 20, 08 1:49 PM CDT
  
  The collapse of Northern Rock, Britains third-largest lender, was "the messiest banking crisis in the Western world resulting from the global credit crunch,'' a UK lawmaker tells Bloomberg in a post mortem of the disaster. “They really screwed it up,” said one analyst of the bank’s hard-charging and ambitious management team. "They should have had other levers to pull." Unable to save itself or attract a buyer, the bank sarcastically called Northern Wreck was taken over by the government last month. More »
  
  Tags
  
  credit crisis • subprime crisis • Northern Rock • Bank of England • bank failure • CDO • Adam Applegarth
- Bernanke's Home Is Case in Slump's Point
  
  newser | Bloomberg | Mar 20, 08 12:51 PM CDT
  
  Federal Reserve boss Ben Bernanke’s own home illustrates the very crisis his organization must fight—in the midst of a national housing slump, it’s worth roughly the same as when he bought it in 2004, Bloomberg reports. Values peaked just after that; the fact that his Capitol Hill pad is still worth about $839,000 suggests the downturn is reaching the country’s richest neighborhoods. More »
  
  Tags
  
  Ben Bernanke • housing crisis • subprime crisis • Capitol Hill • home values
- Will Lehman Be the Crunch's Next Victim?
  
  newser | MarketWatch | Mar 18, 08 4:52 AM CDT
  
  After a collapse of confidence sank Bear Stearns last week, some traders are betting that Lehman Brothers will be the next victim of the credit crunch. Its stock went on a rollercoaster ride yesterday—plunging 40% at one point and closing down 19%, the biggest fall since the firm went public. But analysts, wary of giving vultures more reasons to circle, are watching what they say about the brokerage firm, Marketwatch reports. More »
  
  Tags
  
  Wall Street • subprime crisis • Bear Stearns • Lehman Brothers • financial markets • brokerage
- State Budgets Caught in Economy's Freefall
  
  newser | New York Times | Mar 17, 08 12:38 PM CDT
  
  Politicians from New York to California are wringing their hands, wondering whether to cut spending or raise taxes. As the economy barrels towards recession, income and sales taxes are coming in well below expectations, and about half the states in the country are facing budget shortfalls, the New York Times reports. In many places, health care and education are on the chopping block. More »
  
  Tags
  
  California • recession • health care • subprime crisis • economy • education • Arnold Schwarzenegger • state governments • US states • state sales tax • state spending • budget shortfall
- Investors Ask: Who's Next?
  
  newser | Financial Times (UK) | Mar 17, 08 6:54 AM CDT
  
  Wall Street, reeling over JP Morgan’s bargain-basement purchase of Bear Stearns, is anxiously watching to see “who’s next” to succumb to the continuing credit squeeze, reports the Financial Times. As investment banks prepare to release first quarter results this week—led by Goldman Sachs and Lehman Brothers tomorrow—the mood is grim. “Short-sellers could have a field day with bank stocks this week,” said one banker. More »
  
  Tags
  
  Wall Street • subprime crisis • Bear Stearns • Citigroup • JPMorgan Chase • Goldman Sachs • Lehman Brothers

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