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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: credit market

credit market stories: 106 news summaries

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analysis

Debt Insurance Is What Crippled Wall St.

How credit-market swaps helped trigger the financial crisis

Sep 28, 08 5:47 PM CDT
(Newser) - "Financial weapons of mass destruction,” Warren Buffet called them: credit default swaps. Pioneered by JP Morgan in the 1990s, these financial instruments were bought by banks as insurance that debts would be repaid. The innovation thrived until firms like AIG started defaulting on credit swaps that insured home... More »

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Wall Street • credit market • credit crisis • financial crisis

OPINION

 Market to Congress: Time's Up 

New plans simply can't be negotiated in time

Sep 27, 08 11:50 AM CDT
(Newser) - Henry Paulson’s bailout plan isn’t perfect, writes Joe Nocera in the New York Times, but we have to enact it anyway because time has run out. “With every passing day, Congress is fiddling while Rome is burning,” says Nocera, just last week a bailout opponent.... More »

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Congress • Henry Paulson • markets • credit market • bailout • financial crisis

The GOP Plan: Less Regulation, Private Funding

Bush, Paulson, Dems reject conservative counterproposal

Sep 26, 08 8:09 AM CDT
(Newser) - When John Boehner scuppered the nearly-sealed bailout deal at yesterday's meeting, the House minority leader proposed an alternative plan: a bank-financed insurance system that would rescue individual mortgages. Under the GOP proposal, the government would not buy up the toxic mortgage-backed securities at the heart of the crisis but instead... More »

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John McCain • Ben Bernanke • Henry Paulson • John Boehner • credit market • mortgage backed securities • bailout • George W. Bush

OPINION

Hillary: Bailout Must Help Homeowners

Wants federal company to buy bad mortgages, address root causes

Sep 25, 08 7:09 AM CDT
(Newser) - As Congress debates the terms of the $700 billion bailout, Hillary Clinton warns in a Wall Street Journal op-ed that "this is not just a financial crisis; it's an economic crisis." For the New York senator, any federal action has to tackle the underlying causes of the turmoil—... More »

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Hillary Clinton • foreclosure • credit market • mortgage debt • homeowners • negative equity • bailout • financial crisis • Home Owners' Loan Corporation

OPINION

Dear Iraq: It's Time to Step Up. Sincerely, W

'Financial 9/11' calls for nation-building—at home, says Friedman

Sep 24, 08 8:57 AM CDT
(Newser) - As America faces "a financial 9/11," what does the $1 trillion bailout mean for the country's other huge expense—the war in Iraq? Thomas L. Friedman plays ventriloquist in the New York Times, imagining President Bush telling Iraqi leaders that "you are now going to have to... More »

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Iraq • recession • credit market • Thomas Friedman • bailout • Iraq exit strategy • George W. Bush

Bailout Talks
Get Stuck on Executive Pay

Senate wants to rein in excesses, but lobbyists push back

Sep 24, 08 6:08 AM CDT
(Newser) - As Washington continues to wrangle over the terms of the Wall Street bailout, one major sticking point has been executive pay packages, with many in Congress looking to punish CEOs seeking taxpayer aid. While lobbyists are pushing back hard, some kind of restraint on compensation seems unavoidable, reports the New ... More »

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executive compensation • Chris Dodd • credit market • compensation • bailout • financial crisis

Paulson
Outlines His
'Bold' Bailout

He and Bush say it's urgent to act now to stabilize markets

Sep 19, 08 10:10 AM CDT
(Newser) - Henry Paulson confirmed today that he is working on a "bold" plan to buy bad loans from banks, the Wall Street Journal reports. Such a plan would cost taxpayers “hundreds of billions of dollars,” Paulson said, but he believes it is necessary to stabilize the economy.... More »

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Henry Paulson • financial markets • Freddie Mac • Fannie Mae • credit market • mortgage backed securities • bailout • financial crisis

OPINION

Cheer Up!
Total Financial Market Meltdown Isn't All Bad

Five reasons to fiddle while Wall Street burns

Sep 18, 08 1:15 PM CDT
(Newser) - For a dedicated silver-lining hunter like Michael Lewis, there are plenty of upsides to the total collapse of the US financial system. “A lot of attractive office space seems to be opening up in midtown Manhattan, for instance,” he writes in Bloomberg. Here are five other reasons to... More »

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financial markets • Lehman Brothers • credit market • financial sector • subprime crisis

OPINION

Goodbye Cheap Money, Hello Recession

The end of easy credit marks a new era, writes Pearlstein

Sep 18, 08 10:06 AM CDT
(Newser) - On paper, the losses from the credit crisis are probably "the greatest destruction of financial wealth that the world has ever seen," writes Steven Pearlstein. But the trillions that have disappeared aren't the biggest casualty of the last year. Rather, says the Washington Post columnist, we are undergoing... More »

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finance • recession • credit market • credit crisis • financial crisis

MARKETS

 Stocks Jump at Bell 
 on Central Bank Cash 

Dow up 140

Sep 18, 08 9:05 AM CDT
(Newser) - Stocks surged at the opening bell this morning, as traders registered approval of the central banks’ move to inject $360 billion into global money markets. The Dow jumped 118 points, while the S&P and Nasdaq rose 1.6% and 2% respectively. “These joint interventions are welcomed by the... More »

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stock market • NASDAQ • Federal Reserve • Dow Jones • stocks • central bank • credit market • S&P 500

WaMu Gets OK to Raise Capital as It Seeks Sale

Investor OKs share dilution as beleaguered bank looks for suitors

Sep 18, 08 7:00 AM CDT
(Newser) - Washington Mutual is attempting to raise capital or sell itself, the Wall Street Journal reports, and it got a big boost in that effort yesterday from TPG. The private equity firm, which sunk $7 billion into WaMu in April, waived a clause that would have effectively prevented the thrift... More »

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private equity • credit market • Washington Mutual • financial sector

 World Markets 
 Mixed: 'Fasten 
 Your Seatbelts' 

US turmoil continues to roil world's market; central banks act to insure liquidity

Sep 18, 08 5:34 AM CDT
(Newser) - A huge cash injection into global money markets by central banks and the buyout of British lender HBOS by Lloyds-TSB eased some investor worries and pushed European stocks slightly higher today, reports the New York Times. But concerns about the ongoing crisis in the US continued to batter Asian stocks... More »

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Asian markets • credit market • European markets • London markets • banking industry

 Stocks Plunging, 
 Russia Closes Market 

Micex falls 10%

Sep 17, 08 12:49 PM CDT
(Newser) - Russia shut down trading for the second day in a row after the benchmark Micex index plummeted 10%, Bloomberg reports. The Finance Ministry announced that it was pouring $44 billion into Russia’s three top banks, Sberbank, VTB, and Gazprombank. But foreign investors have pulled $35 billion from Russia’s... More »

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Russia • stocks • global economy • credit market • Micex

ANALYSIS

 Why AIG Got a Bailout 
 (and Lehman Didn't) 

Credit default business dooms, saves giant

Sep 17, 08 7:40 AM CDT
(Newser) - The Federal Reserve seemed to draw a hard line against bailouts with Lehman Bros., but just days later it stepped over that line to save AIG. Why?  First, says Time: Size. Its implosion would have been "as close to an extinction-level event" as we've been since the Depression. But... More »

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Federal Reserve • Lehman Brothers • AIG • credit market • default • bailout • financial crisis

OPINION

Wall Street Rumbling Means Little on Main Street

Financial meltdown has small effect on 'real economy': Kaletsky

Sep 15, 08 9:29 AM CDT
(Newser) - Fannie and Freddie have been nationalized, Lehman has collapsed, Merrill Lynch has been bought out—an economic disaster, right? Not really, Anatole Kaletsky writes in the Times of London: The US economy is actually showing signs of improvement. More than ever, "there is no contradiction between expecting a recovery,... More »

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Merrill Lynch • financial markets • Lehman Brothers • Freddie Mac • Fannie Mae • credit market • investment banks • real economy

Tough Times Ground
Hedge Fund High-Fliers

Specialized investment industry dragged back to earth by shaky market

Sep 12, 08 12:41 PM CDT
(Newser) - The recent market turmoil has taken a good deal of the shine off of hedge funds, as managers are unable to reproduce their heretofore exemplary results in poor market conditions, the New York Times reports. The average hedge fund lost 4% this year, the worst overall results in the industry’... More »

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finance • hedge fund • investment • credit market • endowment • pension funds • investment banks • hedge funds

Rent-to-Own Leases Help
Fill Up Condos

In slow market, some developers offer test drives to renters

Sep 2, 08 9:04 PM CDT
(Newser) - The credit crisis landed the housing market on shaky ground, but condo developers are attracting cash-strapped buyers by offering them rent-to-own leases, the Boston Globe reports. The deal allows would-be homeowners to rebuild their credit and test out conditions, while developers make money on properties that otherwise would be... More »

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housing market • rent • real estate development • credit market

Morgan Stanley Cuts Off Home Equity Lines

Thousands whose homes' value has fallen see credit frozen

Aug 6, 08 2:07 PM CDT
(Newser) - Morgan Stanley has told thousands of its home-equity credit clients they can no longer draw on the lines, Bloomberg reports. Most had property values that had fallen, and were frozen to cut back on risk, a source said. A Morgan Stanley spokesman confirmed that “a segment of clients” had... More »

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Morgan Stanley • credit market • home equity • home equity loans

Credit Crunch Squeezes Student Loans

As private funds dry up, families look to feds to pay for college tuition

Jul 23, 08 3:04 PM CDT
(Newser) - The slump in the credit markets has shrunk capital available to brokers of student loans, complicating the already-difficult task of financing a college education. The Boston Globe relates the story of one Massachusetts family, the Ferragutos, who received word this year from the state’s education finance agency informing them... More »

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student loans • college • credit market • credit crisis • private lenders • college tuition • Stafford loan

OPINION

Public Silence Greets Wall St. Blunders

Small savers are suffering, but giving financiers a free ride

Jul 19, 08 3:10 PM CDT
(Newser) - America's financiers have driven the country into crisis with stunning recklessness, James Grant writes in the Wall Street Journal, but public anger seems strangely dormant. Populist politicians railed against Wall Street during past financial crises, Grant notes, but today's politicians appear largely uninterested in taking aim at the easy target. More »

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Wall Street • Federal Reserve • finance • financial markets • credit market • credit crisis • financial institutions • subprime crisis • financial crisis

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