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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 481 - 500 of 530

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August 2007
- Euro Bank Injects $190B to Avoid Crash
  
  Times (UK) | Aug 10, 07 5:28 AM CDT
  
  (Newser) - The European Central Bank has released $190 billion in emergency funds in a desperate attempt to restore liquidity to the region's markets. The Financial Times reports that the ECB's emergency injection echoes moves by central banks in Japan, the US and Canada but is unprecedented in scale. The move rattled investors and sent stocks sliding even further. More »
- Dow Tumbles Over 380 Points
  
  Bloomberg | Aug 9, 07 4:47 PM CDT
  
  (Newser) - The Dow Jones lost nearly 3% of its value today, tumbling 387.18 points to 13,270.68 in the second-worst drumming of the calendar year. Trading curbs were in place early, after BNP Paribas froze funds that took a bath in the US credit market and Chinese exchanges crashed overnight, but they couldn't prevent the hemorrhaging caused by liquidity fears and looming subprime woes. More »
- BNP Paribas Halts Fund Withdrawals
  
  Bloomberg | Aug 9, 07 12:35 PM CDT
  
  (Newser) - France's largest bank today froze three investment funds threatened by the subprime mortagage collapse, claiming it can’t “fairly” place a value on their rapidly declining assets. Citing the “complete evaporation of liquidity” in the US securities market, BNP Paribas halted withdrawals from the funds, which were worth $2.2 billion, down 20% in less than 2 weeks, Bloomberg reports. More »
- Techs Surge Despite Late Drop
  
  Wall Street Journal | Aug 8, 07 4:46 PM CDT
  
  (Newser) - The major indexes were up again today, buoyed by the tech sector as the Nasdaq gained 51.38—more than 2%—to close at 2612.98. Losses just before the bell came close to erasing earlier gains, as rumors amplified that Goldman Sachs would liquidate a major fund and that Fannie Mae and Freddie Mac wouldn’t get regulatory permission to buy mortgage loans. More »
- Bear Stearns Takes Refuge in Caribbean
  
  Bloomberg | Aug 7, 07 8:13 PM CDT
  
  (Newser) - Bear Stearns, faced with the implosion of two hedge funds worth more than $1 billion, has decided to liquidate them in the Cayman Islands—a move that will give creditors and investors less access to their money. Bloomberg forecasts a court battle over the tactic, which an analyst said will yield creditors and investors “a pittance on the dollar.” More »
- Market Rallies After Fed Rollercoaster
  
  Bloomberg | Aug 7, 07 4:32 PM CDT
  
  (Newser) - Stocks were up across the board today after the Fed expressed confidence that “moderate” expansion would continue, countering fears that the subprime fiasco will bleed further into the broader market. The Dow was down more than 100 points immediately after the decision as traders scrambled to decode it, but closed up 35.52, at 13,504.30 More »
- Mortgage Crisis Hits Affluent Buyers, Too
  
  Wall Street Journal | Aug 7, 07 5:48 AM CDT
  
  (Newser) - Mortgage tremors have rippled so far across the home loan market that even buyers of high-priced homes with good credit records are now being squeezed, the Wall Street Journal reports. Rates have surged on loans above $417,000 for prime borrowers—to 7.34% for a 30-year fixed-rate mortgage, up from 6.5% in May. More »
- Dow Sees Biggest Gain in 5 Years Before Fed Meeting
  
  Wall Street Journal | Aug 6, 07 3:58 PM CDT
  
  (Newser) - US stocks posted major gains after three straight weeks in the red, as blue chips advanced cautiously in the wake of last week's selloff. The Dow was up 286.87 to 13468.78, its best close since October, 2002, mainly following long-suffering financial companies. Merrill Lynch got a boost from a UBS upgrade; Citigroup and Wells Fargo also gained, after last week's bloodletting under the subprime scalpel. More »
- Bear Stearns Axes Prez Over Fund Fiasco
  
  Wall Street Journal | Aug 6, 07 5:09 AM CDT
  
  (Newser) - Bear Stearns has fired its No. 2 and once-likely successor as CEO in the wake of the collapse of two company hedge funds worth more than $1B, reports the Wall Street Journal . Warren Spector, the most high-profile casualty to date in the subprime-mortage crisis rocking Wall Street, is a mortgage and trading expert who oversaw the unit that housed the two failed funds. More »
- Builders' Loans Pushed Credit Meltdown
  
  BusinessWeek | Aug 5, 07 7:24 AM CDT
  
  (Newser) - In the ongoing post-mortem of the housing boom, BusinessWeek turns an acute eye on developers, especially big, publicly traded builders who jumped into the mortgage business to move people into their newly built houses faster. As demand for new homes began to fizzle, they kept sales brisk by offering adjustable-rate loans to more and more marginal borrowers. More »
- Battered Bear Tries to Act Bullish
  
  Wall Street Journal | Aug 4, 07 2:06 PM CDT
  
  (Newser) - The securities firm Bear Stearns will oust its stocks and bonds trading chief, the WSJ reports, and soften its emphasis on short-term trades. The extraordinary moves come in the wake of Friday's market sell-off, partly triggered by investor concern about Bear Stearns after the collapse of two of its mortgage-bond funds. More »
- Stocks Plunge as Credit Outlook Worsens
  
  Bloomberg | Aug 3, 07 3:44 PM CDT
  
  (Newser) - After two straight days of gains and a steady morning the Dow plummeted in a selloff late this afternoon, losing 2% of its value to close at 13179.71, down 283.62. Bear Stearns lost big after Standard and Poors downgraded the subprime-laden i-bank from "stable" to "negative," stirring more worries over the deeply troubled credit market. Financial stocks followed expeditiously: Lehman brothers lost almost 8%. More »
- Jobless Rate Rises While GDP Rebounds
  
  Wall Street Journal | Aug 3, 07 12:44 PM CDT
  
  (Newser) - The unemployment rate increased slightly in the second quarter, but the GDP recovered after a lackluster first quarter, providing Wall Street with a mixed report card of the nation’s economy as the Fed meets to determine interest rates. Unemployment ticked up 0.1% to 4.6%, hastened by losses in manufacturing, construction, and government, the WSJ reports. More »
- Chinese Markets Surge to Record High
  
  Associated Press | Aug 3, 07 12:15 PM CDT
  
  (Newser) - China’s securities markets recovered from Wednesday’s Pan-Asian slump and then some, surging to their third new record this week in today's trading. The Shanghai Composite Index climbed 3.5% and the Shenzhen gained 2.3% after the codependent Nikkei and Hang Seng tumbled Wednesday on concerns about the stability of the subprime-backed US Market. More »
- American Home Mortgage Closes Its Doors
  
  New York Times | Aug 3, 07 9:25 AM CDT
  
  (Newser) - The battered mortgage-lending industry will suffer another blow today as American Home Mortgage shuts down, making it the latest company to go under as home loans go bad across the country. AHM's troubles were common knowledge, the Times reports, but the speed of its downfall was unexpected. “We have no realistic alternative,” says the CEO. More »
- Banks Tighten Credit Squeeze
  
  Wall Street Journal | Aug 3, 07 4:38 AM CDT
  
  (Newser) - Lenders are cutting credit, tightening standards or raising interest rates to a broader range of borrowers beyond those with weak credit records who qualify for subprime loans, the Wall Street Journal reports. Panic is spreading to a category of mortgages between subprime and prime that often involves borrowers who don't fully document income, or those buying for investment—about 13% of the market. More »
- Stocks Surge as Jitters Remain
  
  Bloomberg | Aug 2, 07 4:36 PM CDT
  
  (Newser) - The Dow was up 100.96 today—mostly in late trading—closing at 13,463.33 after Asian markets made a partial recovery from its recent hemorrhage and some rare good news emerged from the housing market. Retail and tech winners beat losers; Nokia, Motorola, CVS, and Hewett-Packard all put up big gains after better-than-anticipated earnings reports. More »
- Dow Surges After Asian Bleeding, Roller-Coaster Day
  
  Wall Street Journal | Aug 1, 07 4:06 PM CDT
  
  (Newser) - Wall Street is dizzy after mixed signals threw traders into buy mode despite an abundance of bearish indicators today, making for one of the most volatile days in weeks. The Dow finished up 150.38 points at 13362.37, even after Asian markets plummeted across the board last night, a buyout for Bauch & Lomb failed, and a troubled Bear Stearns put another subprime-backed hedge fund on hold. More »
- Subprime Woes Rock Another Bear Stearns Fund
  
  Wall Street Journal | Aug 1, 07 5:40 AM CDT
  
  (Newser) - Bear Stearns has blocked withdrawals from a mortgage investment fund amid Wall Street jitters over the crisis in high-risk subprime mortgages, the Wall Street Journal reports. Two Bear Stearns hedge funds heavily invested in subprime mortgages collapsed in June, and now another fund, which has only a tiny fraction of its assets in subprimes, is taking a beating. More »
July 2007
- Markets Ignore Upbeat News, Head Down
  
  Wall Street Journal | Jul 31, 07 3:54 PM CDT
  
  (Newser) - The Dow started was up triple digits in early trading today before plunging to close down 146.32 points at 13211.59. A report of improved consumer confidence and better-than-expected inflation data distracted traders from the ongoing credit earthquake and its tremors in the housing market, but the reentry of foundering American Home Mortgage on the floor woke them up again. 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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