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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 21 - 40 of 500

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July 2008
- IndyMac Failure Exposes Risk for Uninsured $$$
  
  newser | TheStreet | Jul 12, 08 9:29 PM CDT
  
  IndyMac Bank's failure yesterday was a "wake-up call" to anyone with deposits above the $100,000 FDIC insurance limit, Terry Savage writes in Street.com. Americans have more than $2.6 trillion in uninsured accounts, and 10,000 depositors have more than $1 billion at risk at IndyMac alone. But before trying to rescue your money, learn how insurance applies to different kinds of accounts: More »
- Fannie, Freddie Edge Back From the Brink
  
  newser | Wall Street Journal | Jul 12, 08 7:11 AM CDT
  
  Fears of a collapse of Fannie Mae or Freddie Mac finally eased yesterday after a stomach-churning rollercoaster ride that saw a 50% nosedive for the mortgage giants in early trading, writes the Wall Street Journal . A week of panic, prompted in part by reports that the government was preparing rescue scenarios, seem to have abated, as Fannie and Freddie were able to continue their regular borrowing. But a bigger test looms Monday when Freddie is due to sell $3 billion of short-term debt. More »
- Senate OKs Foreclosure Relief Bill
  
  newser | Associated Press | Jul 11, 08 8:35 PM CDT
  
  By a huge margin, the Senate today passed a $300 billion bill to help homeowners avoid foreclosure—but the White House vows to veto it unless the House makes changes, the AP reports. The bill will let struggling homeowners reinsure at cheaper rates backed by the government, but President President Bush says that nearly $4 billion in the bill, slated to fix up foreclosed homes, benefits lenders, not owners. More »
- Feds Seize Failed IndyMac Bank
  
  newser | Wall Street Journal | Jul 11, 08 7:03 PM CDT
  
  As mortgage lenders Freddie Mac and Fannie Mae crowded the headlines today, Washington snatched up IndyMac Bank in the second-largest US bank failure in history, the Wall Street Journal reports. The Pasadena, Calif. savings and loan, which owns about $32 billion in assets, saw stocks fall from $45 last year to 28 cents this week as mortgage defaults piled up. It will reopen Monday under federal supervision. More »
- Consumers Are Quickly Trading Down
  
  newser | Wall Street Journal | Jul 11, 08 12:26 PM CDT
  
  As fuel prices and home foreclosures steadily rise, Americans are trading down in everything from automobiles to their lunch options. That's not unusual in an economic downturn, but the speed with which it's happening is, the Wall Street Journal reports. And the flight to the affordable and generic is affecting the broadest array of goods since the recession of the early 1980s. More »
- As Speculation Swirls, Panic Stalks Freddie, Fannie
  
  newser | Wall Street Journal | Jul 11, 08 7:56 AM CDT
  
  What started as a whisper Monday is a roar at week’s end as investors wrestle with the fate of mortgage giants Fannie Mae and Freddie Mac, the Wall Street Journal reports. While neither firm, which together own or back roughly half the nation’s mortgages, faces imminent collapse, awareness that the government is mulling options for a bailout has sent Wall Street into a speculative downward spiral. More »
- Feds Mull Possible Bailout for Freddie and Fannie
  
  newser | Wall Street Journal | Jul 10, 08 9:49 AM CDT
  
  With the shares of mortgage titans Fannie Mae and Freddie Mac plummeting to their lowest points in more than 15 years, the Bush administration is weighing what to do in the event of a collapse, reports the Wall Street Journal. No rescue plan is imminent—both companies are expected to be able to raise needed capital—but as home values continue to decline and more homeowners default, Treasury officials are studying contingency plans. More »
- June Foreclosures Jump 53%
  
  newser | Associated Press | Jul 10, 08 7:19 AM CDT
  
  The number of homeowners stung by the rout in the US housing market jumped last month as foreclosure filings grew by 53% over June a year ago, according to data released today. One in every 501 US households was hit with a foreclosure filing last month. More »
- Fed to Crack Down on Subprime Loans
  
  newser | New York Times | Jul 8, 08 8:26 AM CDT
  
  The Federal Reserve will issue new rules next week restricting subprime lending and other exotic loans aimed at borrowers with weak credit, Ben Bernanke said today. He said the Fed is also considering extending the overnight low-cost loan program, which helps big banks in need of quick cash, a sign that the Fed believes the financial crisis will continue into 2009. More »
- Baffled Execs Say Rumor Killed Stearns
  
  newser | Vanity Fair | Jul 5, 08 12:06 PM CDT
  
  Bear Stearns' collapse and shotgun marriage to JP Morgan were sparked by little more than a rumor, Vanity Fair reports. True, the investment bank had stumbled—a $1.6 billion bailout of troubled funds hurt its image—but whispers of liquidity problems were false: Bear had $18 billion in cash reserves. Now former executives and the SEC want to know who killed the company. More »
- US Lost 62K Jobs in June
  
  newser | Wall Street Journal | Jul 3, 08 8:23 AM CDT
  
  US employers, battered by rising fuel prices and a stuttering economy, continued to cut payrolls in June, eliminating some 62,000 jobs. It was the sixth straight monthly drop, reports the Wall Street Journal , and nearly 13% more than economists expected. Payrolls have fallen 438,000 so far this year, an average of 73,000 jobs per month. Unemployment held at 5.5%, whereas experts expected a drop. More »
- Fugitive Hedge- Fund Swindler in Feds' Custody
  
  newser | Associated Press | Jul 2, 08 11:02 AM CDT
  
  It's official: Samuel Israel definitely isn't dead. The fugitive hedge-fund swindler turned himself in today, federal authorities say. Israel disappeared last month on the day he was supposed to report to federal prison. His car was found parked near a bridge over the Hudson River, with the words "suicide is painless" scrawled in the dust on the hood, leading to brief speculation that Israel had killed himself. More »
- Tough Job Market May Last Through Late 2009
  
  newser | New York Times | Jul 2, 08 8:42 AM CDT
  
  US jobs are eroding and they're unlikely to rebound until late 2009, reports the New York Times . May’s 5.5% unemployment rate is a point higher than a year ago and the 9.7% underemployed rate is up from 8.3% in May 2007, reports the Labor Department—which tomorrow releases a report expected to show a decline of 60,000 jobs in June. More »
June 2008
- Retirees Scoop Up Bargains in Housing Slump
  
  newser | New York Times | Jun 27, 08 2:05 AM CDT
  
  Retired Americans who can afford new bargains are enjoying the drop in housing value in once-exorbitant sun havens where prices have plunged as much as 25%. Miami, Phoenix and Las Vegas—formerly at the forefront of soaring prices—are now leading the decline, the New York Times reports. Homebuyers who waited to purchase took a risk because prices could have surged, but were rewarded with more than $100,000 in savings. More »
- Illinois to Sue Countrywide, CEO Over Foreclosure Fiasco
  
  newser | Wall Street Journal | Jun 25, 08 8:57 AM CDT
  
  The state of Illinois will sue Countrywide and its CEO today for "unfair and deceptive practices" in the first suit related to the current mortgage crisis. The company is accused of pushing loans on homeowners even if they couldn't repay them, the Wall Street Journal reports. Illinois' attorney general blamed Countrywide's actions for widespread foreclosures. More »
- Barclays Seeks Liquidity With $8.85B Offering
  
  newser | Associated Press | Jun 25, 08 8:45 AM CDT
  
  Add Barclays to the ranks of banks that are floating new shares in an effort to restore liquidity in the lingering wake of the subprime debacle, reports the AP. Barclays will offer up $8.85 billion in shares—with large stakes being purchased by Japanese bank Sumitomo Mitsui and the Qatar Investment Authority. More »
- Huge Homeowner Aid Bill Nears Approval
  
  newser | New York Times | Jun 25, 08 4:54 AM CDT
  
  With 8,000 foreclosures daily and looming elections, Congress is close to approving the most sweeping changes to mortgage financing since the New Deal, reports the New York Times. The pricey aid bill aimed at helping hundreds of thousands of homeowners facing foreclosure has bipartisan support, despite the threat of a presidential veto. More »
- What's So Great About Home Ownership?
  
  newser | New York Times | Jun 23, 08 8:45 AM CDT
  
  “Owning a home lies at the heart of the American Dream,” George W. Bush once said, and US policy certainly seems to agree with him. Mortgage interest is tax deductible, and government-sponsored enterprises such as Fannie Mae provide cheap financing for home buyers. Why is that, asks Paul Krugman of the New York Times . Owning a home isn’t for everyone, so why should it be a policy goal? More »
- Housing Slump Won't Ease Anytime Soon, Says Study
  
  newser | Reuters | Jun 23, 08 7:48 AM CDT
  
  Rising mortgage rates and a tenacious slump in sales and home values will continue to depress the worst housing market in decades, reports Reuters. Don't expect potential saviors—new home buyers—to make a dent any time soon, says a Harvard study. With mortgage rates at a 9-month high, credit tight, and foreclosures on the rise, they will likely wait until the market hits bottom, and it appears to have a ways to go. More »
- Banks Play Hide-and-Seek With Bum Loans
  
  newser | Wall Street Journal | Jun 19, 08 10:19 AM CDT
  
  Banks are increasingly finding creative ways to lessen the impact of shaky loans on their bottom lines, shifting them to subsidiaries or changing their definition of non-performing, the Wall Street Journal reports—a legal, if not exactly confidence-inducing, strategy. "Spending all the time gaming the system rather than addressing the problems doesn't reflect well on the institutions," one analyst said. More »

Stories 21 - 40 of 500

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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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