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Stories related to: subprime crisis

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  • February 2008

    • Feds Brace for a Wave of Bank Failures

      newser  |  Wall Street Journal  |  Feb 26, 08 7:13 AM CST

      Feds Brace for a Wave of Bank Failures

      Federal regulators are gearing up for as many as 100 bank failures in the next year—the most since the savings and loan crisis that saw more than 1,000 S&Ls go belly up in the ’80s and ’90s—as the subprime contagion continues to decimate the health of US financial institutions, reports the Wall Street Journal today. More »

      Tags

      credit crisis  • housing crisis  • subprime crisis  • bank failure  • FDIC

    • Markets Drop as KKR Unit Delays Payment

      newser  |  Wall Street Journal  |  Feb 20, 08 7:21 AM CST

      Markets Drop as KKR Unit Delays Payment

      Asian stocks slumped today after reports in the Financial Times that a struggling arm of private equity heavyweight Kohlberg Kravis Roberts. missed a second payment on billions of dollars of commercial debt just 6 months after two of its founders poured $270 million into the company. Investors cashed out as fears of a global credit meltdown flared, reports the Wall Street Journal.  More »

      Tags

      stock market  • subprime mortgages  • subprime crisis  • private equity  • Asian markets  • KKR  • Kohlberg Kravis Roberts  • Henry Kravis  • commercial paper

    • Fed Quietly Loans Billions to US Banks

      newser  |  Financial Times (UK)  |  Feb 19, 08 11:10 AM CST

      Fed Quietly Loans Billions to US Banks

      US banks, struggling with liquidity and hesitant to lend to each other in the wake of the subprime crisis, have hit up the Fed for nearly $50 billion, the Financial Times reports. The loans, issued under a 2-month-old program that, one analyst says, lets them "borrow money against all sort of dodgy collateral,” are fueling fears that the banking crisis is deeper than previously believed. More »

      Tags

      US economy  • Federal Reserve  • subprime crisis  • banking  • liquidity

    • Credit Suisse Cuts Profits $1B on Trader Errors

      newser  |  Bloomberg  |  Feb 19, 08 6:58 AM CST

      Credit Suisse Cuts Profits $1B on Trader Errors

      Credit Suisse share prices plummeted 10% today after the bank announced that some traders had overvalued asset-backed securities, prompting the bank to take a $2.85 billion writedown and drop first-quarter profit projections by $1 billion, Bloomberg reports. Switzerland’s second-largest bank suspended the traders and said it would review 2007 earnings. Markets, already skeptical about the health of the financial industry, reacted negatively. More »

    • Gore to Investors: Ditch Guzzlers

      newser  |  Associated Press  |  Feb 15, 08 7:36 AM CST

      Gore to Investors: Ditch Guzzlers

      Nobel prize-winner Al Gore yesterday urged financial leaders at a United Nations conference in Manhattan to unload their investments in businesses reliant on carbon-intensive energy. Gore likened such investments to the subprime mortgage market, warning that "the assumption you can safely invest" in business models that assume carbon is free is "about to go splat," AP reports. More »

      Tags

      United Nations  • New York  • Wall Street  • subprime crisis  • carbon emissions  • Al Gore  • Nobel Prize

    • Bernanke Suggests Rate Cuts Ahead

      newser  |  Wall Street Journal  |  Feb 14, 08 9:20 AM CST

      Bernanke Suggests Rate Cuts Ahead

      Federal Reserve Chairman Ben Bernanke signaled today that further interest rate cuts might be necessary, citing continuing fallout from the credit and housing market collapses, reports the Wall Street Journal . Bernanke told the Senate Banking Committee he expected "a period of sluggish growth, followed by a somewhat stronger pace of growth starting later this year as the effects of monetary and fiscal stimulus begin to be felt." More »

      Tags

      US economy  • Federal Reserve  • recession  • credit crisis  • Ben Bernanke  • subprime crisis  • interest rate  • interest rate cut  • Senate Banking Committee

    • Credit Crunch Extends to Student Loans

      newser  |  Wall Street Journal  |  Feb 13, 08 8:27 AM CST

      Credit Crunch Extends to Student Loans

      A huge new group of borrowers—from students to museums to local governments—are about to find their credit drying up, as the subprime meltdown that has already cost banks $100 billion continues to spread, reports the Wall Street Journal.   In the last few days, investors have backed away from buying something called auction-rate bonds, which in turn caused the Michigan's student loan authority to stop making loans yesterday. More »

      Tags

      subprime crisis  • credit market  • borrowers  • student loans  • Carnegie Mellon University

    • Warren Buffett Chides Banks for Role in Market Mayhem

      newser  |  Daily Telegraph (UK)  |  Feb 7, 08 2:42 AM CST

      Warren Buffett Chides Banks for Role in Market Mayhem

      Billionaire Warren Buffett thumbed his nose at eminent investment banks today, claiming they caused their own demise in the subprime mortgage meltdown. "It's a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end," Buffett said. More »

      Tags

      subprime crisis  • US dollar  • Warren Buffett  • investment bankers

    • Feds Eye UBS as Subprime Probe Widens

      newser  |  Wall Street Journal  |  Feb 2, 08 12:06 PM CST

      Feds Eye UBS as Subprime Probe Widens

      US criminal prosecutors investigating the subprime mortgage mess want to find out if UBS deliberately misled investors, the Wall Street Journal reports. The Swiss banking giant may have put mortgage bonds on its books at high prices despite knowing their valuations had plummeted. There are multiple probes into the mortgage crisis; until now most of them have involved civil authorities. More »

      Tags

      subprime mortgages  • FBI  • subprime crisis  • SEC  • Merrill Lynch  • UBS

    • State Lenders Choke Bush's Fight Against Foreclosures

      newser  |  Bloomberg  |  Feb 1, 08 7:18 PM CST

      State Lenders Choke Bush's Fight Against Foreclosures

      President Bush’s goal of helping subprime borrowers by offering tax-exempt bonds is meeting resistance from state lenders, Bloomberg reports. Risk-averse state housing agencies are already turning down over half the applicants to their own programs intended to help those affected by the crisis, due mainly to applicants’ existing financial woes. The agencies’ caution could cripple Bush’s scheme to fight foreclosures. More »

      Tags

      George W. Bush  • housing market  • housing crisis  • subprime crisis  • mortgage crisis  • borrowers  • mortgage debt  • housing agencies

  • January 2008

    • Economic Growth Slowed to a Crawl in Q4

      newser  |  Bloomberg  |  Jan 30, 08 9:02 AM CST

      Economic Growth Slowed to a Crawl in Q4

      Economic growth braked so violently in the fourth quarter of 2007 that it wiped out a stellar third quarter, dragging annual growth to a 5-year low. Last quarter’s 0.6% GDP growth—after 4.9% pace in Q3—was just half what analysts expected, as the housing component plummeted 24%, its biggest fall since 1981. One key inflation gauge also saw a big 2.7% increase, Bloomberg reports. More »

      Tags

      Federal Reserve  • recession  • Ben Bernanke  • housing crisis  • subprime crisis  • GDP

    • FBI Targets 14 Firms in Subprime Fraud Probe

      newser  |  Wall Street Journal  |  Jan 30, 08 6:26 AM CST

      FBI Targets 14 Firms in Subprime Fraud Probe

      The FBI is investigating 14 companies linked to the subprime mortgage crisis, the Wall Street Journal reports. The bureau is pursuing allegations including accounting fraud  and insider trading, said a bureau spokesman. An investigation into the complex secondary mortgage market could implicate major firms that have lost billions of investor dollars on mortgage securities, according to an agent. The companies were not named. More »

      Tags

      FBI  • business  • subprime crisis  • mortgage  • bank  • insider trading  • financial institutions

    • Subprime Woes Cost UBS Record $4B Loss

      newser  |  Wall Street Journal  |  Jan 30, 08 5:59 AM CST

      Subprime Woes Cost UBS Record $4B Loss

      Hit hard by the subprime mortgage crisis, UBS AG announced it will write down an additional $4 billion in bad investments and post a $4.03 billion loss for 2007, a record for the company and significantly more than the Swiss banking giant predicted in December, reports the Wall Street Journal . Analysts warn that more writedowns could be coming. More »

      Tags

      subprime mortgages  • subprime crisis  • corporate earnings  • UBS

    • Another Head Rolls at Merrill Lynch

      newser  |  Bloomberg  |  Jan 28, 08 3:55 PM CST

      Another Head Rolls at Merrill Lynch

      Merrill Lynch co-president Ahmass Fakahany will step down after subprime mortgages led to a $9.8 billion fourth-quarter loss, the firm said today. Fakahany is at least the third exec from Stan O'Neal's team to leave since John Thain took over as CEO, reports Bloomberg. Thain replaced O'Neal in October following almost-as-horrifying third-quarter losses. More »

      Tags

      subprime mortgages  • subprime crisis  • Merrill Lynch  • John Thain  • Stan O'Neal

    • World Money Chief Calls for Global Action

      newser  |  Financial Times (UK)  |  Jan 28, 08 10:55 AM CST

      World Money Chief Calls for Global Action

      With a global recession looming, the head of the IMF has warned bankers meeting in Davos, Switzerland, that lower interest rates alone won’t avert a crisis, the Financial Times reports. Dominique Strauss-Kahn called on governments to follow the US in easing fiscal policies, reversing a quarter-century of emphasis on tight spending. IMF forecasts due this week show a “serious slowdown” globally, he said. More »

      Tags

      recession  • subprime crisis  • interest rate cut  • International Monetary Fund  • IMF  • John Thain  • Davos  • Dominique Strauss Kahn

  • April 2007

    • Housing Sales Plunge In March

      newser  |  Wall Street Journal  |  Apr 25, 07 12:15 PM CDT

      Housing Sales Plunge In March

      Sales of previously occupied homes fell 8.4 percent in March, marking the biggest monthly drop since 1989 and ending hopes for a spring rebound. The new National Association of Realtors numbers reflect an oversupply of homes, lenders subdued by the sub-prime crisis, and bad winter weather, the Wall Street Journal speculates. More »

      Tags

      housing market  • business  • subprime crisis  • housing  • National Association of Realtors

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