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NEWS ABOUT: subprime crisis

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Rubin Named Chairman of Citigroup

Prince out; company to report $8-11B more in writedowns

(Newser) - Citigroup CEO and Chairman Charles Prince resigned today, clearing the way for former US Treasury Secretary Robert Rubin to be named chairman, the Wall Street Journal reports. Sir Win Bischoff was named interim chief executive. Citigroup also plans to report $8-$11 billion in mortgage-related writedowns, on top of the $2.... More »

Prince to Resign From Citigroup

CEO takes 'very unusual move' after bleak third quarter earnings and SEC probe

(Newser) - Growing pressure on Citigroup Inc. is prompting CEO Charles Prince to end his four-year rein this weekend. Bleak third-quarter earnings and an SEC probe of Citigroup's accounts have amped up existing frustration at the financial services company. Prince has "stepped up and done the right thing without forcing the... More »

Merrill Hedging Prompts Inquiry

SEC seeks info on delayed mortgage reckoning

(Newser) - Merrill Lynch, still reeling from an $8.4 billion write-down on mortgage-related losses last month, has been making deals with hedge funds that may have been calculated to keep further losses out of investors' view, the Wall Street Journal reports. The move has attracted the attention of the SEC, which... More »

Bank Superfund Wins Backers, Detractors

Euro banks, Wall Street biggies still on fence on bailout pool

(Newser) - A planned superfund of $80 to $100 billion to alleviate the subprime lending crisis is gaining ground, though some potential investors remain skeptical. Yesterday, Wachovia Corp. came on board; Fidelity and Federated Investors have already agreed to chip in. The trio of banks leading the fund—Citigroup, JP Morgan Chase,... More »

$100B Bank Fund Shows Paulson's Touch

Treasury sec works behind scenes to shore up mortgage market

(Newser) - This weekend's bank deal to establish a $100-billion "superconduit" fund to buy back  shaky mortgage securities showed the hand—and the strategy—of Hank Paulson, the New York Times reports. Though the treasury secretary has said for months he's confident  investors can handle the mortgage credit crisis themselves, he... More »

Online Ad Sales Rocket Upward

Second quarter increase of 25+% quiets fears that mortage crisis would dampen growth

(Newser) - Despite concerns that the mortgage crisis would hurt online advertising sales, the industry is doing better than ever, with second quarter sales up 25% from last year to $5.1 billion, according to a new report. The first quarter saw $4.9 billion, and the $10 billion total for the... More »

Largest US Homebuilder Posts Biggest Losses Ever

Lennar stock drops after worse-than-expected earnings report

(Newser) - The atrophied housing market has sent America’s largest homebuilder into even more of tailspin than expected. Lennar announced today it lost $513.9 million last quarter, or $3.25 per share—the worst losses in its 53-year history. Lennar says home discounting and the dismal mortgage situation will force... More »

Demand for Mortgages Rises as Rates Fall

Interest charge lowest since May, with Fed likely to cut further

(Newser) - Applications for home loans increased for the second week in a row as interest rates on both fixed and adjustable-rate mortgages fell, according to a survey by the Mortgage Banker's Association. Indices tracking applications for both purchases and refinancing showed a 5.5% increase over last week and a 12.... More »

Tightening Credit Markets Squeeze Banks

$140B in commercial paper is coming due, and forecast is fuzzy

(Newser) - Almost $140 billion in commercial paper has matured and is up for renewal by next week, and banks need to attract buyers to pay it off. The yield on the short-term loans, which are entangled in the subprime mortgage crisis, is skyrocketing. "This could be a pivotal seven to... More »

Countrywide Will Slash up to 12,000 Jobs

(Newser) - Troubled mortgage lender Countrywide announced today that it would cut up to 12,000 jobs–or some 20% of its total workforce–over the next three months. The Wall Street Journal reports that, as the subprime debacle rocks the housing market and the lending industry, Countrywide expects to issue 25%... More »

Housing Sales Plunge In March

Oversupply and tightened lending hit hard in already-weak market

(Newser) - 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 ... More »

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