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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 421 - 440 of 530

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September 2007
- August Home Price Plunge Is Biggest Since 1970
  
  Bloomberg | Sep 27, 07 12:44 PM CDT
  
  (Newser) - New-home sales fell 8.3% in August, Bloomberg reports, a greater decline than predicted. Housing prices fell over last year, with the 7.5% decrease the biggest drop since 1970. Sales fell to an annual pace of 795,000, lowest in seven years. And that may not signal the housing market’s nadir: One CEO said the industry won’t bottom out until late 2008. More »
- Bernanke Sees More Housing Pain, ‘Relatively Strong’ System
  
  MarketWatch | Sep 20, 07 2:57 PM CDT
  
  (Newser) - Federal Reserve chairman Ben Bernanke went before Congress today, two days after trimming the benchmark lending rate, and said new foreclosures will come as more subprime mortgages run out clocks on initial interest rates. Markets “do tend to self-correct” in crises, the economic guru said, and the global system is “in a relatively strong” place to overcome the credit crunch. More »
- Goldman Up Whopping 76% in 3rd Quarter
  
  Wall Street Journal | Sep 20, 07 10:20 AM CDT
  
  (Newser) - Two financial giants posted dramatic earnings this morning: Goldman Sachs wowed investors with a 79% surge in third quarter net income, while Bear Stearns’ dropped 61% thanks to massive hedge-fund losses. The two were on opposite sides of the subprime collapse. Bear Stearns is among the top packagers of mortgage-based securities, which Goldman short-sold for huge gains. More »
- UK Bank Chief Takes Heat After U-Turn
  
  Guardian (UK) | Sep 20, 07 9:26 AM CDT
  
  (Newser) - The leader of the Bank of England, the Fed's counterpart in the UK, is facing substantial pressure to resign. Only last week Mervyn King had declined to offer loans for inter-bank trading to ease credit markets, vowing to discourage the "moral hazard" of risk-taking that led to Northern Rock's collapse. But yesterday the bank injected £10 billion into the money market, and London's financial world is crying foul. More »
- What Inflation? Consumer Prices Fall 0.1%
  
  Bloomberg | Sep 19, 07 1:05 PM CDT
  
  (Newser) - Ben Bernanke is likely patting himself on the back right now, Bloomberg reports. US consumer prices fell 0.1% in August, the first decline this year, making Federal Reserve chairman’s rate cut look good, with inflation potentially under control. “Core inflation has now been falling for nearly a year,'' said one analyst. “The Fed's ease yesterday was not a gamble.” More »
- Home Foreclosures Hit Record
  
  Bloomberg | Sep 18, 07 12:14 PM CDT
  
  (Newser) - Another 108,716 American homeowners received foreclosure notices in August, a record total more than double last year’s figure. And this is only the beginning, say analysts, who expect even more subprime borrowers to default over the next 2 years. That will further depress housing prices, which are expected to drop 2.1% this year and 3.1% in 2008, reports Bloomberg. More »
- Asian Markets in Sharp Slide
  
  Bloomberg | Sep 18, 07 6:02 AM CDT
  
  (Newser) - Asian stocks fell yet again today as the subprime mortgage crisis continued to reverberate across global markets. The latest dip came when E*Trade Financial Corp and Bank of America announced the credit crisis was hurting earnings, Bloomberg reports. The biggest fear is that the rising cost of credit will halt consumer spending and trigger a global slowdown. More »
- Bank Meltdown Wallops the British Market
  
  Guardian (UK) | Sep 17, 07 8:34 AM CDT
  
  (Newser) - Shares of British mortgage lender Northern Rock crashed again today, causing heavy losses in other banks and deflating the FTSE 100 index by more than 100 points by midday. The bank's stock fell 36%, bringing the loss to 78% of its value in the past year. The spreading malaise is expected to bring an abrupt end to the British housing boom, and could damage the new government of PM Gordon Brown More »
- Brits Panic Over Credit Crisis
  
  Guardian (UK) | Sep 16, 07 11:17 AM CDT
  
  (Newser) - The US credit crisis is sending Britain's buy-now-pay-later economy into apoplexy, with Brits lining up by the thousands outside branches of troubled bank Northern Rock to withdraw their savings in spite of an unprecedented government bailout. Analysts say that the nation's borrowing habits leave the economy vulnerable. "I think we are at tipping point," one consultant tells the Guardian . More »
- August Retail Sales Fail to Meet Forecasts
  
  Bloomberg | Sep 14, 07 10:47 AM CDT
  
  (Newser) - Retail sales were up last month, but the .3% rise failed to meet expectations, and if automobile sales are excluded, sales actually fell by .4%—the steepest drop in a year. The August sales figures provide more fodder for an interest-rate cut when the Fed meets next week. “The consumer is pulling back a bit,” one analyst tells Bloomberg. More »
- Greenspan Missed Subprime Crisis Signs
  
  Bloomberg | Sep 13, 07 3:19 PM CDT
  
  (Newser) - Alan Greenspan didn't see the subprime crunch coming, the former Fed chairman tells CBS' "60 Minutes." Greenspan also gave his successor a pat on the back, saying Ben Bernanke "is doing an excellent job." Some have suggested that Bernanke isn't acting as presciently as his predecessor; not so, says Greenspan—"I'm not certain I would have done anything different." More »
- Jobless Claims Rise, but Economists See Silver Lining
  
  Bloomberg | Sep 13, 07 1:45 PM CDT
  
  (Newser) - First-time applications for jobless claims rose last week, but economists are encouraged that the figures were less than expected, Bloomberg reports today. Claims grew by 4,000 to 319,000—still well short of the 325,000 applications expected. The numbers suggest that the labor market isn’t collapsing, despite slower growth and a spate of industry troubles. More »
- Demand for Mortgages Rises as Rates Fall
  
  Reuters | Sep 12, 07 11:23 AM CDT
  
  (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 12.5% jump from year-ago level, Reuters reports. More »
- Subprime Crisis Sparks a Spate of Legal Battles
  
  Washington Post | Sep 11, 07 11:24 AM CDT
  
  (Newser) - The troubles plaguing Countrywide and Bear Stearns’ hedge funds will move from the boardroom to the courtroom. Homeowners and banks are suing mortgage lenders, shareholders are suing funds, the SEC is investigating executives, and Congress may conduct hearings into credit agencies' practices. The current mess ensnares “an incredible range of parties,” one legal expert tells the Washington Post. More »
- Billionaire Takes Huge Stake in Bear Stearns
  
  Reuters | Sep 10, 07 3:30 PM CDT
  
  (Newser) - Billionaire Joseph C. Lewis has bought enough stock to become the largest single shareholder in embattled investment bank Bear Stearns, Reuters reports. The reclusive British-born currency trader bought up $860.4 million in shares over the last month, nabbing a 7% stake. Putnam Investing, the second largest shareholder, owns a 6% stake. More »
- The Filthy Rich Take Over the Small Screen
  
  Salon | Sep 10, 07 11:40 AM CDT
  
  (Newser) - Sitcoms, once a window into middle-class America, have been invaded by the uberrich. But the bourgeoisie hasn't disappeared from the small screen entirely: They're fighting each other on reality shows for big bucks or their 15 minutes of fame. And, Salon 's Heather Havrilesky notes, it's not a healthy trend. More »
- Tightening Credit Markets Squeeze Banks
  
  Bloomberg | Sep 10, 07 10:58 AM CDT
  
  (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 10 days,'' one credit strategist tells Bloomberg. More »
- US Lost Jobs for First Time in 4 Years
  
  Bloomberg | Sep 7, 07 8:45 AM CDT
  
  (Newser) - In the first drop since 2003, the US lost 4,000 jobs in August, surprising experts and putting more pressure on the Fed to reduce rates at its upcoming meeting. Economists had predicted an increase of 100,000 or more jobs. The decline in employment is the clearest signal to date that the housing recession and credit crunch are hurting the broader economy, Bloomberg reports. More »
- Foreclosure Rate Hits the Roof
  
  CNN | Sep 6, 07 6:23 PM CDT
  
  (Newser) - The number of US home loans entering foreclosure reached an all-time high in the second quarter, a new survey shows, and delinquencies are up to more than 5% of all mortgages. Trouble with adjustable-rate mortgages—an outgrowth of the subprime crisis—is driving delinquencies, CNNMoney reports, with seven Midwest and Sun Belt states the most problematic areas. More »
- ECB Pumps Cash Into European Markets
  
  Bloomberg | Sep 6, 07 1:25 PM CDT
  
  (Newser) - The European Central Bank pumped $57.7 billion of emergency cash into the markets today and left their key interest rates unchanged, in an effort to ease the cost of borrowing and calm markets made volatile by the US subprime collapse, Bloomberg reports. The ECB action followed a day in which borrowing costs reached their highest point in six years. More »

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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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Risky Mortgage Pitfalls (CBS (YouTube))

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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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