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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 41 - 60 of 502

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June 2008
- 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 »
- Email May Toast Arrested Bear Fund Managers
  
  newser | Wall Street Journal | Jun 19, 08 10:16 AM CDT
  
  A pair of former Bear Stearns hedge-fund managers arrested today on federal fraud charges could be done in by an email in which one described their market position as "toast"—days before telling investors it was "quite comfortable." Matthew Tannin and Ralph Cioffi will be indicted later today in a collapse that cost investors $1.6 billion, the Wall Street Journal reports. More »
- Paulson Seeks Expanded Fed Powers
  
  newser | Washington Post | Jun 19, 08 6:39 AM CDT
  
  Treasury Secretary Henry Paulson today will urge Congress to broaden the Federal Reserve’s oversight role on Wall Street, giving it the authority to demand data from financial institutions to help prevent incidents like the Bear Stearns collapse. Any major change in regulatory authority would have to be approved by Congress, reports the Washington Post . More »
- Creditors Fed Off Equity Boom, Creating 'Double Bubble'
  
  newser | USA Today | Jun 18, 08 3:55 PM CDT
  
  As home values boomed, banks raised credit limits and extended offers for new cards, urging consumers to pay off the debt by drawing on their equity, USA Today reports. Many of those borrowers now face high interest rates on homes tapped of equity and hemorrhaging value—and the boom in foreclosures has been accompanied by a 6-year high in credit-card delinquencies. More »
- Consumer Mood More Downbeat Than Economy
  
  newser | Washington Post | Jun 18, 08 3:17 PM CDT
  
  The economy, statistically speaking, is sluggish, but hardly Great Depression-like—though American consumers seem to disagree, the Washington Post reports. They're paying more for everything from gasoline to grapefruit, are watching the value of their homes decline and fear their jobs may be disappearing—which, policy-makers worry, could breed behaviors that will make all the doom and gloom come true. More »
- Countrywide 'Bailout' Is Dem Chicanery
  
  newser | Wall Street Journal | Jun 18, 08 1:33 PM CDT
  
  Congressional Dems are selling their $300 billion bill granting new taxpayer loan guarantees as a boon to homeowners, but Dick Armey sees more cynical motives in the “bailout” legislation. The former House majority leader writes in the Journal , pegging the recent revelations of sweetheart Countrywide loans for top (Dem) “banking players” to the active legislation, charging that “it’s all too clear who is being rescued.” More »
- GOP Hesitates on Call for Mortgage Probe
  
  newser | Politico | Jun 17, 08 5:11 PM CDT
  
  GOP lawmakers are leery of investigating mortgage deals Countrywide may have arranged for members of Congress, even though a fellow Republican is leading the charge, Politico reports. More Democratic ties to the troubled lender would give the GOP ammo in a cycle seemingly stacked against it—but the people who must pull the trigger are apprehensive about “opening Pandora’s box,” said one aide. More »
- Lehman Loses $2.8B; CEO Faces the Music
  
  newser | New York Times | Jun 16, 08 11:30 AM CDT
  
  A week after skipping Lehman Brothers' first announcement of its $2.8-billion second-quarter loss, CEO Richard S. Fuld took the microphone himself today to made it official, attempting to reassure analysts and shareholders in the wake of the bank's executive shakeup. "It’s now my job to make sure that we execute," he said after removing president Joseph Gregory and CFO Erin Callan, who had delivered the bad news until now, the New York Times reports. More »
- Embattled AIG CEO Steps Down
  
  newser | Wall Street Journal | Jun 15, 08 3:43 PM CDT
  
  Martin Sullivan has stepped down as AIG's CEO, and the company's board named chairman Maurice Willumstad his successor, insiders tell the Wall Street Journal . The insurance giant's stock has plummeted more than 50% since October due to subprime writedowns, and Sullivan is still embroiled in legal battles with his former boss. The new chief may start with a clean slate, but the state of American real estate remains daunting. More »
- Foreclosures Surge 48% in May
  
  newser | Associated Press | Jun 13, 08 9:35 AM CDT
  
  The number of US homeowners swept up in the housing crisis rose further last month, with foreclosure filings up 48% over a year earlier. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 7% from April and the second straight monthly record. That's one in every 483 US households, the highest number since the foreclosure listing company started the report in 2005. More »
- Obama's Embattled Veep Hunter to Quit
  
  newser | CNN | Jun 11, 08 2:21 PM CDT
  
  A member of Barack Obama’s VP selection team who has drawn a firestorm of criticism this week is stepping down from his post, CNN reports. “Jim [Johnson] did not want to distract in any way from the very important task of gathering information about my vice presidential nominee, so he has made a decision to step aside that I accept,” Obama said in a statement. More »
- Obama VP Vetter Draws Heat for Iffy Salary, Mortgages
  
  newser | Washington Post | Jun 11, 08 11:27 AM CDT
  
  The questionable past of the man leading Barack Obama's VP search was a gift to the GOP trying to rough up Obama's image as a squeaky-clean outsider, the Washington Post observes, but it also underscores the difficulty the Democrat faces in broadening his grass-roots campaign to the general-election stage. Obama has to bring aboard Washington insiders like former Fannie Mae CEO Jim Johnson, but the Johnson choice has backfired badly. More »
- Spitzer Moves On to Dad's Real Estate Firm
  
  newser | New York Sun | Jun 10, 08 4:41 PM CDT
  
  Having laid low for two months after exiting in disgrace from the New York governorship, Eliot Spitzer is back in business. He’s recently been shopping a plan to start a vulture fund that would flip distressed real estate assets, the New York Sun reports. Spitzer gathered labor union officials in his dad's Manhattan real estate office, presenting a decidedly more nonchalant view of his indiscretions than he did in his farewell speech. More »
- Lehman Posts $2.8B Loss, Stuns Wall St.
  
  newser | Wall Street Journal | Jun 9, 08 11:00 AM CDT
  
  Lehman Brothers shocked Wall Street today by posting a $2.8 billion quarterly loss, its first in 14 years and far worse than expected, the Wall Street Journal reports. Other downmarket reports added to investor anxiety, sent stocks falling, and boosted fears that banks and securities firms remain troubled. As expected, Lehman also announced a plan to raise $6 billion in new capital. More »
- US Economy Isn't Bouncing Back
  
  newser | Newsweek | Jun 8, 08 5:11 PM CDT
  
  Forget those predictions of a US economic revival in 2008, Daniel Gross writes in Newsweek . The four horsemen of the economy—credit and housing crises, food and energy prices—are getting meaner, while booming commodities and crunching credit are curbing attempts to fight back. "As a result, the consumer-driven economy may not bounce back as rapidly as it did in the fraught months after 9/11," Gross writes. More »
- New Wave of Foreclosures Expected in '09
  
  newser | BusinessWeek | Jun 7, 08 10:44 AM CDT
  
  America’s subprime victims may have grudgingly accepted their fate, but there’s a new class of borrowers primed to suffer, BusinessWeek reports. Homeowners who took out ARMs, or adjustable rate mortgages, will soon face skyrocketing payments as their loans reset. About a million people have the mortgages, but only a small number have already fallen due. “It's a ticking time bomb inside your house that you can't get rid of,” one insider said. More »
- Financials Key Downward Spiral
  
  newser | MarketWatch | Jun 2, 08 3:38 PM CDT
  
  Financials keyed major market losses as high-level personnel shuffles at Wachovia and Washington Mutual, plus a report by Standard and Poor that downgraded the ratings of several prominent banks, disconcerted investors, MarketWatch notes. The Dow lost 134.50 to settle at 12,503.82, and the Nasdaq lost 31.13, closing at 2,491.53. The S&P 500 lost 14.71, ending the day at 1,385.67. More »
- Quick-Fix Cash Schemes Find More Takers
  
  newser | Wall Street Journal | Jun 2, 08 10:21 AM CDT
  
  Big banks aren’t the only ones struggling to find the cash to keep going. Americans are feeling the pinch, and grabbing cash anywhere they can find it, the Wall Street Journal reports. Credit-card debts remains high, but more are turning to options that bring a quick infusion of cash but have high costs down the road, like reverse mortgages or life-insurance buyouts. More »
May 2008
- 'Evangelist' Renter: Time to Buy
  
  newser | New York Times | May 28, 08 8:32 AM CDT
  
  As property prices head back down, a self-proclaimed "evangelist" of renting is trading in the lease for a mortgage. David Leonhardt of the New York Times has been advising people for years not to buy a home and get their money tied up in a housing bubble, but he now believes buying is starting to make sense again. More »

Stories 41 - 60 of 502

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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)

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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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