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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 501 - 520 of 615

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October 2007
- Economy Slows, Stocks Surge: What Gives?
  
  Washington Post | Oct 6, 07 6:54 PM CDT
  
  (Newser) - Stocks are surging while classic indicators are signaling slump — so what gives? The answer, reports the Washington Post , lies in a bright jobs report and spiking Standard & Poor's 500-stock index. Backers are dissing the bad news as fast as they can finance, says the Post : "Call them the Teflon investors." More »
- Dollar's Slide Softens Economy's
  
  Wall Street Journal | Oct 1, 07 1:44 PM CDT
  
  (Newser) - Even as the weakening US dollar has Americans dropping European vacation plans, some economists are finding a silver lining: A sudden upswing in exports that could help offset the tanking housing market. And while that jump was predictable, writes the Wall Street Journal, a limp greenback also works to slow one vital export: that of American jobs and factories. More »
- Citigroup Earnings Plunge 60% on Subprime Woes
  
  New York Times | Oct 1, 07 10:53 AM CDT
  
  (Newser) - Citigroup is the latest big-name victim of the subprime crash, the company announced today, warning of a 60% third-quarter earnings drop. Full earnings will be out Oct. 15, but it appears net income will drop to $2.2 billion from the $5.51 billion reported last year. “Our expected third-quarter results are a clear disappointment,” said CEO Charles Prince. More »
- Swiss Bank Giant Posts Huge Losses Amid Credit Crisis
  
  Wall Street Journal | Oct 1, 07 3:48 AM CDT
  
  (Newser) - Switzerland's largest bank, UBS, has become the biggest casualty of the worldwide turmoil in the financial markets, reports the Wall Street Journal . The bank is expected to announced today that it has written off $3.4 billion in fixed income assets. UBS is projecting third quarter losses of at least $516 million. More »
September 2007
- Stocks Dip on Mortgage Fears
  
  Bloomberg | Sep 28, 07 3:22 PM CDT
  
  (Newser) - The markets dropped today on news that mortgage defaults last month climbed 30% from a year earlier, more evidence that foreclosures are on the rise. Wells Fargo and Washington Mutual tumbled, and the Dow dipped 17.31 to 13,895.63. Stocks bottomed out after a Fed official said players shouldn’t “bake into the cake” future rate cuts, Bloomberg reports. More »
- 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