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Subprime Collapse

Started by D Lim; Last updated Feb 29, 08 6:23 AM CST by Imperator | View history

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Subprime Collapse

From the housing market to hedge funds, as the subprime market goes belly up, America's thirst for cheap cash is coming back to haunt speculators

Stories

Stories 301 - 320 of 530

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January 2008
- Bush May Again Push Tax Breaks
  
  Wall Street Journal | Jan 9, 08 12:13 PM CST
  
  (Newser) - Tax relief for individuals and businesses are on the table as President Bush seeks to address recession fears, the Wall Street Journal reports. A rebate of $500 for individuals is under consideration, sources said, as is a plan to allow businesses to deduct investment in equipment. Bush is expected to present the plan during his State of the Union address Jan. 28. More »
- Pending Home Sales Take Giant Plunge
  
  Bloomberg | Jan 8, 08 12:25 PM CST
  
  (Newser) - Pending home sales fell 2.6% in November from a revised 3.7% October gain, Bloomberg reports, far outstripping the 0.7% fall analysts predicted after an originally reported 0.6% October gain. The figures support Henry Paulson’s gloomy outlook on the housing market. “There is no evidence it is bottoming,” the treasury secretary said today, reiterating his call for government help for all mortgage holders, not just subprime borrowers. More »
- Bear Stearns CEO Will Step Down
  
  Wall Street Journal | Jan 8, 08 7:11 AM CST
  
  (Newser) - Add Bear Sterns CEO Jimmy Cayne's to the list of rolling heads in the subprime mortgage market collapse, reports the Wall Street Journal . Cayne, 73, has been the target of board and shareholder angst over the 53% drop in the bank’s stock last year—the largest of any of the big securities firms. He began informing directors yesterday of his decision. More »
- Paulson Calls for More Housing Relief
  
  Wall Street Journal | Jan 7, 08 9:17 PM CST
  
  (Newser) - Treasury Secretary Henry Paulson advised the mortgage industry today to give help to millions of financially stressed homeowners whose mortgages are set to rise. His comments signal that the Bush administration is starting to push lenders to expand relief beyond subprime borrowers to homeowners with other adjustable-rate loans, reports the Wall Street Journal . More »
- UK To Introduce Sweeping Bank Reforms
  
  Financial Times (UK) | Jan 4, 08 10:51 AM CST
  
  (Newser) - Britain's chancellor will offer sweeping new powers to that country's equivalent of the SEC to intervene in the event of a banking crisis. In an interview with the Financial Times , Alistair Darling presented a set of triggers that would allow the Financial Services Authority to step in and protect assets from a foundering bank like Northern Rock to avoid depositors panicking More »
- A Rocky 2008 Forecast for Consumer Tech
  
  MarketWatch | Jan 3, 08 2:36 PM CST
  
  (Newser) - As the tech industry prepares for two huge events—the Consumer Electronics Show and Macworld— MarketWatch ’s Therese Poletti takes a look at the year ahead, and has little nice to say about consumers’ continued appetite for buying. Few big products are expected to debut—“the commonly stated mantra for expectations is ‘evolutionary, not revolutionary’”—and recession fears may well be realized in 2008. More »
- Fed Remains Open to More Rate Cuts
  
  Wall Street Journal | Jan 2, 08 7:33 PM CST
  
  (Newser) - Fed officials will consider deeper rate cuts and a "substantial further easing of policy" if the turmoil in the credit and housing markets continues, according to minutes of last month's meeting. Officials displayed surprise at the extent of the housing crisis and acknowledged that market strains "could persist for quite some time," the Wall Street Journal reports. More »
- In Turnabout, '07 Mess Hurt Brokers More
  
  New York Times | Jan 2, 08 6:03 PM CST
  
  (Newser) - Ordinary investors did fairly well in 2007, but their brokers and other big financial players lost their shirts in the subprime collapse. How did that happen? The New York Times observes that “parallel markets” have developed in recent years, with stocks and bonds available to most, and specialized, acronym-heavy securities like CDOs, MBSs and SIVs available only to favored insiders. More »
- PHH Deal Collapses After Banks Back Off
  
  Bloomberg | Jan 2, 08 7:27 AM CST
  
  (Newser) - The $1.8 billion sale of mortgage and auto-leasing company PHH to General Electric and the Blackstone Group is off the table, after Blackstone was snubbed by banks it had lined up for its share of financing, Bloomberg reports. The deal is the latest private-equity buyout felled by the subprime contagion. More »
December 2007
- Declines in Home Prices Could Triple
  
  Times (UK) | Dec 31, 07 5:00 PM CST
  
  (Newser) - A top economist says the US is in danger of slipping into a lengthy recession, the Times of London reports. Robert Shiller, who co-developed the index that measures home prices, says losses from the housing recession could triple over the next few years. “This is a much bigger issue than subprime,” Shiller says. “We are talking trillions of dollars’ worth of losses.” More »
- Home Resales See Small Surprise Rise
  
  Bloomberg | Dec 31, 07 12:48 PM CST
  
  (Newser) - Existing-home sales rose unexpectedly in November, although not enough to suggest that the economy is over the housing slump, Bloomberg reports. Resales rose 0.4% to an annual rate of 5 million, up from October’s record-low pace, but the year-over-year figure represents a 20% drop. The median price dropped 3.3% relative to November 2006, to $210,200. More »
- Subprime Lender Lobbying Foiled Safeguards
  
  Wall Street Journal | Dec 31, 07 10:59 AM CST
  
  (Newser) - Subprime giant Ameriquest spent more than $20 million on political donations from 2002 to 2006 to successfully lobby against lending restrictions meant to protect borrowers, reports the Wall Street Journal. Though the company spent millions at the national level, its focus was local, where regulators were cracking down on predatory lending. Countrywide, Citigroup, and Wells Fargo also joined the quest for softer rules. More »
- New Home Sales Hit 12-Year Low
  
  Bloomberg | Dec 28, 07 11:00 AM CST
  
  (Newser) - New home sales fell much farther than expected in November, hitting their lowest point since 1995, Bloomberg reports, and the slide only likely to get worse. Sales fell to an annual pace of 647,000, a 9% drop from October’s revised-down 711,000 rate. Prices are falling, but buyers either aren’t interested or can’t get loans because of tighter credit conditions. More »
- Buffett Moves Into Insuring Muni Bonds
  
  Wall Street Journal | Dec 28, 07 9:13 AM CST
  
  (Newser) - Billionaire Warren Buffett is riding to the rescue of the municipal bond market—and taking advantage of an opportunity afforded by the credit crunch—by launching a municipal bond insurer, reports the Wall Street Journal . Berkshire Hathaway Assurance, which opens today in New York state, should make it cheaper for local governments to borrow, since it will be all-but-guaranteed to have a triple-A rating at a time other insurers are at risk of being downgraded. More »
- In Need of Cash, Banks Looking to Sell
  
  Wall Street Journal | Dec 28, 07 7:48 AM CST
  
  (Newser) - Still in need of cash, as subprime writedowns continue to maul bottom lines, US and European banks are selling off or shuttering non-critical assets. They've already sold stakes to foreign investors and borrowed from central banks; now it's time for the yard sale, as the Wall Street Journal puts it. Citigroup and the UK’s HSBC, among others, are primed to sell. More »
- Student Lender Sallie Mae Plans $2.5B Stock Sale
  
  Wall Street Journal | Dec 27, 07 7:37 AM CST
  
  (Newser) - With a credit rating bordering on junk-bond status, embattled student loan provider Sallie Mae plans a public stock offering to raise $2.5 billion, reports the Wall Street Journal . The company will use $2 billion to buy back its own stock futures, which have lost value recently following a failed attempt to take the company private. More »
- Banks Face Simpler, Tougher Times
  
  Wall Street Journal | Dec 26, 07 3:03 PM CST
  
  (Newser) - Investors waiting for the big banks to turn it around after 2007’s subprime debacle might be waiting a long time, the Wall Street Journal warns. The credit crunch has unraveled a complicated modern banking model that gave big firms nearly total balance sheet flexibility. “It was a different world,” said one analyst. Now, banks must “think real hard about their new business model.” More »
- Merrill Deal Yields $6.2B in Capital
  
  Wall Street Journal | Dec 24, 07 1:07 PM CST
  
  (Newser) - With another quarter of massive writedowns looming, Merrill Lynch today announced a deal to raise up to $6.2 billion by selling discounted stock to two investors. Up to $5 billion will come from Temasek Holdings, Singapore's state-owned investment company. The other $1.2 billion comes from money managers Davis Selected Advisors, the Wall Street Journal reports. More »
- Americans Falling Behind on Credit Cards
  
  Associated Press | Dec 23, 07 10:35 PM CST
  
  (Newser) - It’s already looking like an iffy New Year for many credit-card holders: the number of Americans falling behind on their payments spiked sharply this year and analysts don’t expect 2008 to be much brighter. The value of credit card accounts at least 30 days late surged 26% in October to $17.3 million, the AP found. Defaults—when lenders give up and write off the debt—jumped 18% to almost $961million. More »
- Squeezed Owners Seek Tax Break as Home Values Drop
  
  New York Times | Dec 23, 07 6:45 AM CST
  
  (Newser) - With property values falling across much of the nation, more homeowners are asking for reassessments, looking for a break from property taxes that inflated before the subprime mortgage balloon burst, reports the New York Times . For local governments, especially in areas already suffering from high rates of foreclosure, declining property taxes could cause budget cuts, service reductions and layoffs. More »

Stories 301 - 320 of 530

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Images (2)
Videos (1)

A for sale sign stands outside a modest bungalow on the market in southeast Denver on Monday, May 7, 2007. Sales of existing homes fell by a larger-than-expected amount in April while the median price... (Associated Press)

(Index Stock (http://www.indexstock.com))

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Related Threads

Housing Market • Credit Market Chaos • The Big Banks • Is It Recession? • The Markets • Ben Bernanke • The Dow • Bear Stearns • Merrill Lynch • Fannie & Freddie

Background

Subprime Meltdown
Wikipedia

The subprime mortgage meltdown refers to the rash of subprime mortgage foreclosures that began in the United States in late 2006 and has continued into 2007. The sharp rise in foreclosures has caused several major subprime mortgage lenders, such as New Century Financial Corporation, to shut down or...

» Read more about Subprime Meltdown at Wikipedia

mortgage
The Columbia Encyclopedia, Sixth Edition

mortgage in law, device for protecting a creditor by giving him an interest in property of his debtor. In common law a mortgage was a conditional sale; i.e., the mortgagor (debtor) sold realty (real property mortgage) or personal property (chattel mortgage), but if the debtor paid the debt by ...

» Read more about mortgage at Encyclopedia.com

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US mortgage giants' crisis sparks fear for British banks.
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