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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: credit market

credit market stories: 106 news summaries

1 - 20 of 106 Stories | 1 2 3 4 5 6 Next >>

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Russian Banks Foreclose
on Pigs, Lingerie

As defaults soar, banks stuck with weird collateral

Oct 26, 09 6:21 AM CDT
(Newser) - With loan defaults soaring, Russia’s banks have had to seize a lot of collateral lately—and we’re not talking about houses. By year’s end, 20% of Russian loans could be non-performing, by Moody’s estimate. In order to recoup those losses, the banks have accepted controlling stakes... More »

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Russia • bank • credit market • banking • collateral • financial crisis

Simmons Bankruptcy: Study in Private Equity Run Amok

Buyout firms profited as mattress maker saw its debt skyrocket

Oct 5, 09 7:30 AM CDT
(Newser) - The mattress company Simmons will be filing for bankruptcy protection soon, wiping out bondholders and jeopardizing more jobs at a company that's already fired a quarter of its work force. While Simmons watched its debts balloon nearly tenfold since 1991, a string of private equity firms bought and sold the... More »

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private equity • bankruptcy • Thomas H. Lee Partners • credit market • buyout firms • mattress

 Recession 
 Woes Penalize 
 NFL Franchises 

Overall revenues up, but some franchises lose value for the first time in a decade

Sep 3, 09 1:55 PM CDT
(Newser) - Tight credit and the recession-driven scarcity of buyers and investors slashed the value of eight NFL teams this year, Forbes reports. It’s the first time in a decade that even one team has seen a decline. Though the average team value held steady at $1 billion, Oakland led... More »

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NFL • Dallas Cowboys • investors • Oakland Raiders • football • franchise • recession • credit market • team • value

(Newser) - A fractured, polarized credit market is splitting America’s companies into the recovering and the desperate, the Wall Street Journal reports. For the mostly big companies with easy access to credit, the recovery is in full swing, but for the mostly small companies that can’t borrow, things seem... More »

MORE ABOUT:
recession • recovery • credit market

(Newser) - Many credit card users are getting to the register only to discover that their cards have been canceled—without a word of warning, the Wall Street Journal reports. With credit tightening, many issuers give only a cursory rationale for the drops, and then only by mail weeks later. And... More »

MORE ABOUT:
credit card • credit market • credit crisis • customer service

Feds Probe Shady Market
for Derivatives

Banks may have unfair edge in information on
credit-default swaps

Jul 14, 09 9:33 AM CDT
(Newser) - The Justice Department is probing the market for credit-default swaps, the largely unregulated derivatives that contributed to the financial crisis, Bloomberg reports. Justice is investigating whether big banks have unfair access to price information through their ownership of a private company that provides data to investors. The Obama administration wants... More »

MORE ABOUT:
Department of Justice • derivatives market • Lehman Brothers • credit market • regulation • bank regulation • banks • financial crisis • credit default swap

 Turnaround? Don't Get 
 Too Giddy Just Yet 

Further decline still possible, they warn

Apr 10, 09 6:39 AM CDT
(Newser) - Signs of an economic recovery seem to be sprouting all around, but plenty of skeptics warn against starting the celebration too early, reports the New York Times. Wall Street has been on the upswing the last two months as the credit market begins to thaw and low interest rates... More »

MORE ABOUT:
stock market • recession • unemployment • credit market • interest rates

Fed Bailout Spawns More 'Zombie' Banks

Fed lifelines preserve banks that, frankly, are better off dead

Feb 26, 09 9:40 AM CST
(Newser) - The Federal Reserve’s aggressive lending to banks has helped avert financial collapse, but it may have created some monsters as well, the Wall Street Journal reports. A research paper from the University of Chicago suggests that while federal aid has succeeded some in thawing frozen credit markets, it has... More »

MORE ABOUT:
Ben Bernanke • Federal Reserve • credit market • mortgage backed securities • credit market chaos • toxic assets • Term Securities Lending Facility

Analysis

Credit Crunch Pinches Entire Lending System

Undercapitalized banks stand to benefit from $1T infusion

Feb 20, 09 12:35 PM CST
(Newser) - Banks aren’t lending, and to change that the government is propping up not just the banks but also the vast, largely unseen financial system that fuels them, the New York Times reports. Banks rarely keep the loans they make anymore; instead, debt is packaged into securities and sold,... More »

MORE ABOUT:
Federal Reserve • credit market • securities • mortgage backed securities • financial sector • Obama administration • banking industry • Timothy Geithner • TALF

OPINION

 Don't Be Afraid of the 'F' Word 


Jan 31, 09 10:07 AM CST
(Newser) - Foreclosures have gotten a bad rap lately, with politicians desperate to prevent them. But foreclosures actually represent one of the best paths to recovery, writes real-estate consultant Ramsey Su in the Wall Street Journal. The people facing foreclosure would be much better served walking away from the negative-equity McMansions... More »

MORE ABOUT:
housing market • foreclosure • mortgage • credit market • mortgage defaults

ANALYSIS

Pfizer Deal's $22.5B in Loans Hasn't Unlocked Credit

$22.5B loan in deal to acquire Wyeth comes at 7-9% interest, and lenders can walk

Jan 27, 09 9:11 AM CST
(Newser) - Think Pfizer’s $68 billion deal to buy Wyeth, financed in part with $22.5 billion in loans, means credit markets have thawed? Think again, the Wall Street Journal reports. Pfizer’s lenders—including JPMorgan, Bank of America, Goldman, and Citigroup—are charging high interest (7%-9%, with loans due in... More »

MORE ABOUT:
Citigroup • Bank of America • Goldman Sachs • pharmaceutical companies • Pfizer • credit market • Wyeth • JPMorgan Chase • credit rating

OPINION

25 People Responsible
for the Crisis

Greenspan, King, and Clinton all played a role, the Guardian writes

Jan 26, 09 3:25 PM CST
(Newser) - The current recession is a wholly man-made phenomenon, the Guardian reminds us, and they’ve got the names of those responsible. Here are four from their list of 25:
  • Alan Greenspan: Fed chair for 19 years, Greenspan kept interest rates low as the housing bubble developed, backed subprime lending
... More »

MORE ABOUT:
Bill Clinton • Alan Greenspan • credit market • Bank of England • Standard and Poor • Mervyn King • George W. Bush • Phil Gramm • financial crisis • recession depression

Paulson, Bernanke Defend Bailout Before House

Money for Detroit isn't the 'purpose' of the bailout: Paulson

Nov 18, 08 11:00 AM CST
(AP) - Treasury Secretary Henry Paulson told Congress today he opposes tapping a $700 billion taxpayer-funded bailout pool to help struggling US automakers. Paulson and Federal Reserve Chair Ben Bernanke were on Capitol Hill defending their management of the bailout program, just a week after the Bush administration abandoned the original strategy... More »

MORE ABOUT:
Ben Bernanke • Henry Paulson • House Financial Services Committee • credit market • bailout • Troubled Asset Relief Program • financial crisis

 Treasury Shifts Focus to Consumer Credit

Will alleviate consumer credit instead

Nov 12, 08 11:26 AM CST
(Newser) - The Treasury will spend its remaining bailout funds on consumer credit rescue programs, Henry Paulson announced today, scrapping his original plan of buying illiquid mortgage-related assets from financial institutions. The freeze on consumer credit, he said, is “creating a heavy burden on the American people and reducing the number... More »

MORE ABOUT:
Henry Paulson • credit market • bailout • consumer credit • Troubled Asset Relief Program

Feds Aim to Push Bailout Beyond Traditional Banks

Finance-related firms working with Treasury, which also has eye on Obama transition

Nov 7, 08 11:19 AM CST
(Newser) - After taking ownership stakes in banks totaling $250 billion, the Treasury is preparing to broaden rescue efforts to include companies outside the banking sector, the Washington Post reports. Hundreds of billions of the $700 billion bailout package could go to relieve some institutions that, though not chartered as banks, borrow... More »

MORE ABOUT:
Henry Paulson • Treasury Department • credit market • bailout • GMAC • credit market chaos • financial crisis • President Obama

MARKETS

 Dow Rally Ends Dreadful Month 


Oct 31, 08 3:39 PM CDT
(Newser) - Stocks rallied today despite a slew of poor economic reports as investors instead focused on falling rates in the credit markets, MarketWatch reports. Though the Dow was up 11.3% for the week, October ended as the worst month since 1987. The Dow rose 144.32 to close at 9,... More »

MORE ABOUT:
Dow Jones • consumer confidence • Nasdaq • consumer spending • credit market • S&P 500 • Libor

Banks to Use Half Their Bailout Bucks to Pay Dividends

Critics: Cash was meant to spark lending

Oct 30, 08 5:59 AM CDT
(Newser) - At least half the $163 billion banks are getting from the Treasury Department to shore up balance sheets and spur lending will be paid to shareholders as dividends over the next 3 years, reports the Washington Post. That’s raised the ire of members of Congress and some economists, who... More »

MORE ABOUT:
credit market • bailout • dividend • banking industry • financial crisis

OPINION

You Got Your Bailout, Where Are Our Loans?

Treasury trying to consolidate banking industry, not fix credit

Oct 25, 08 12:54 PM CDT
(Newser) - When the Treasury was pushing its $700 billion bailout, it assured us that once banks had cash, they’d start lending. “I don’t know about you,” writes Joe Nocera in the New York Times, “but I’m starting to feel as if we’ve been... More »

MORE ABOUT:
Henry Paulson • Treasury Department • credit market • bailout • JPMorgan Chase • financial crisis

Fed Pledges $600B to Keep Money-Market Funds Afloat

Will partner with JPMorgan, lend money to help cover redemptions

Oct 21, 08 11:17 AM CDT
(Newser) - The Federal Reserve today unveiled a $600 billion program to finance the purchase of assets from money-market mutual funds, Bloomberg reports. JPMorgan will oversee five special units, which will use money borrowed from the Fed to buy CDs, bank notes, and commercial paper nearing maturity. The program is the Fed’... More »

MORE ABOUT:
Ben Bernanke • Federal Reserve • mutual funds • credit market • commercial paper • financial crisis • money-market funds

OPINION

Just Like Mattress-Stuffers, Banks Hoard Bailout Cash

Recovery a long way off

Oct 21, 08 10:00 AM CDT
(Newser) - Wall Street may be cheering for the bailout, but Andrew Ross Sorkin knows what the banks are really doing with our $250 billion: “They have stuffed it under their mattresses like the rest of us,” he writes in the New York Times. Consumers will find it almost... More »

MORE ABOUT:
Henry Paulson • bank • credit market • banking • bailout • financial crisis

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