subprime mortgages

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Buffett Turns Wall Street's Frown Upside Down

Star investor hunts for lucrative bargains

(Newser) - Wall Street may be seeing red after weeks of volatility and losses, but Warren Buffett is seeing green as he goes bargain-hunting for the same kind of junk bonds and stocks that have netted him nearly $50 billion, the Journal reports. Downtrodden deal-makers are hoping the star investor will use...

Countrywide Cuts 500 Jobs
Countrywide Cuts 500 Jobs
Aug 21, 2007 10:54 AM CDT

Countrywide Cuts 500 Jobs

Fallout from subprime crisis continues

(Newser) - The nation's top home lender is cutting 500 jobs in its subprime mortgage units in response to the high-risk-lending mess. Before the cuts announced yesterday, Countrywide was actively hiring workers who had been fired from other companies, the LA Times reports. Meanwhile, Capital One said it will close the unit...

Fed Shaves Half- Point Off Discount Rate

Surprise cut boosts futures trading and Euro markets

(Newser) - In a surprise move, the Fed cut its discount rate, which it charges on direct loans to banks, from 6.25% to 5.75% this morning. The central bank acted to calm fears about uncertainty in the global markets surrounding the worsening credit crunch and underlying subprime-loan crisis. The federal...

Edwards Linked to Katrina Foreclosures

Populist candidate has $16M invested in subprime lender

(Newser) - John Edwards, who has railed against "shameful" subprime lenders on the campaign trail, has $16 million invested in a fund that has foreclosed on Katrina victims. A Wall Street Journal investigation has identified 34 New Orleans homeowners facing foreclosure suits from an arm of Fortress Investment Group, which Edwards...

Credit Squeeze's One Winner: The Dollar

Worldwide scramble for greenbacks reverses currency's slide

(Newser) - After years of decline, the American dollar has reasserted itself in the face of the worldwide credit crunch. The dollar has rallied against the euro and the pound as banks and investors drop hazardous financial instruments and hold cash, Bloomberg reports, making the implication clear: For all its woes, the...

Market Opens Sharply Down
Market Opens Sharply Down
Aug 16, 2007 10:18 AM CDT

Market Opens Sharply Down

(Newser) - US stocks dipped this morning, following steep declines in Europe and Asia as distress over the expanding credit crisis heightened. The Dow Jones sank over 100 points this morning, and the S&P was off nearly 0.8% after erasing its entire year's gains yesterday. "Everyone is waiting for...

Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

Top US mortgage lender caught in the squeeze

(Newser) - Loan giant Countrywide saw its shares plummet 13% yesterday after the company experienced trouble borrowing money in the market for short-term debt. A Merrill Lynch analyst downgraded the stock from "buy" to "sell," sparking talk of possible bankruptcy, reports the LA Times. Before today's open, the company...

European Markets Dive
European Markets Dive
Aug 16, 2007 7:22 AM CDT

European Markets Dive

FTSE 100 Index falls lower than 6,000

(Newser) - European markets took a dive this morning—after the Dow's plunge yesterday and the overnight collapse of Asian stocks. London's FTSE 100 index has fallen below 6,000, its lowest level since last October. London weathered the storm yesterday, but had nowhere to run today, the Guardian reported, as the...

Stocks Drop, Market Awaits Fed Cuts
Stocks Drop, Market Awaits Fed Cuts
Aug 15, 2007 4:18 PM CDT

Stocks Drop, Market Awaits Fed Cuts

Dow sinks below 13,000 as credit tremors continue

(Newser) - Major indexes sank again after a volatile day, as analysts continue to speculate on a possible interest-rate cut. The New York Fed put about $7 billion into the system with an overnight repurchase agreement, which put an early bounce in the Dow before it lost 167.45 later in the...

Smaller Lenders Feel the Credit Squeeze

Boutique banks on the edge as liquidity crisis wears on

(Newser) - As the subprime fallout continues and the credit squeeze tightens, thousands of smaller-scale mortgage banks find themselves in dire straits. The Wall Street Journal reports that small- and medium-sized lenders, even those with excellent credit quality, are suspending funding and laying off employees, which leaves giant corporations to grab more...

Risk-Averse Euro Markets Retreat
Risk-Averse
Euro Markets
Retreat
Aug 15, 2007 7:42 AM CDT

Risk-Averse Euro Markets Retreat

Subprime mortgage damage, uncertainty continue to spread

(Newser) - European markets plunged today over worries about the spreading subprime mortgage crisis. Analysts downgraded UBS and Deutsche Bank, which dropped, and all 14 open Western European exchanges lost ground, echoing the Asian markets' earlier retreat. "There's a lot of uncertainty about what's going on and who has lost money...

Credit Fears Sink Asian Markets
Credit Fears Sink Asian Markets
Aug 15, 2007 3:08 AM CDT

Credit Fears Sink Asian Markets

Nikkei drops as subprime crisis rocks world

(Newser) - Global credit turmoil rocked Asian markets today, pushing Japan’s Nikkei to 2007 lows, as US and Canadian firms struggled to meet payments and Wal-Mart and Swiss Bank UBS released disappointing forecasts. Through it all the Yen rose, as risk-averse investors turned to some safe havens in Japan, Reuters reports.

Stocks Take Another Tumble
Stocks Take Another Tumble
Aug 14, 2007 3:50 PM CDT

Stocks Take Another Tumble

Mortgage woes persist, retail down

(Newser) - The markets lost again today, as a small cash manager’s move to halt investor pullouts agitated fears about liquidity, as well as deeper jitters over mortgage woes seeping into credit markets. The Dow fell 207.61 points to 13028.92, dragged down heavily by two major retail components, Wal-Mart...

Market Sinks After Tech Rally Shuts Down

Tech boom erased by mortgage, energy concerns at bell

(Newser) - The tech sector boomed early today, but couldn’t save the market from bank and energy woes at day’s end. Declines in MBIA, Exxon and Home Depot shares helped to erase early gains on the Nasdaq and S&P, and the bankruptcy of Aegis Mortgage Corp. renewed financing worries,...

Goldman Hedge Fund Gets $3B Infusion
Goldman Hedge Fund Gets
$3B Infusion
Aug 13, 2007 11:38 AM CDT

Goldman Hedge Fund Gets $3B Infusion

Investors fund bailout after assets evaporate; markets breathe

(Newser) - A struggling Goldman Sachs hedge fund will get a $3 billion cash infusion, with a third of the bail-out coming from wealthy investors and the rest from the bank itself. Global Equity Opportunities Fund has seen assets drop by 28%, to $3.6 billion, over the last two weeks, as...

Japan Pumps Cash Into Market
Japan Pumps Cash Into Market
Aug 13, 2007 12:16 AM CDT

Japan Pumps Cash Into Market

Interest rate hikes unlikely

(Newser) - The Bank of Japan pumped $5.1 billion into the Japanese financial system today as the  global credit crunch continued to ripple through the Asian markets, Bloomberg reports. Adding to the jitters, Japan's growth is slowing more markedly than economists predicted; the world's second-largest economy expanded by only 0.5%...

Biggest Buyers Hit Hard in Mortgage Fiasco

‘Jumbo’ loans dry up as subprime mess continues to spread

(Newser) - As the subprime mortgage mess spreads to homeowners beyond those with poor credit ratings, jumbo mortgages are under particular pressure, the New York Times reports. An investment banker recently purchasing a $1.5 million home saw the interest rate spike from 8% to 13% in just three days. The rate...

Markets Cling to Stable Condition
Markets Cling to Stable Condition
Aug 10, 2007 3:33 PM CDT

Markets Cling to Stable Condition

(Newser) - Major US indexes reeled today, after a wild seesaw session in which a Fed bailout rescued Wall Street from a veritginous selloff this morning. The Dow closed at 13239.54, down 31.14, after initial rumors of a broad but blurry liquidity crisis crashed it over 100 points in early...

US Stocks Plunge at Open
US Stocks Plunge
at Open
Aug 10, 2007 9:36 AM CDT

US Stocks Plunge at Open

Three-digit Dow drop reflects uncertainty infecting global market

(Newser) - Uncertainty ruled Wall Street and the global markets today, with the Dow skidding over 100 points at the open 1 day after the second-largest decline of the year. Central banks around the world acted to stem the unrest that continues to accompany the widening subprime mortgage crisis, but big-picture machinations...

Credit Fears Rock Asian Markets
Credit Fears Rock Asian Markets
Aug 10, 2007 5:51 AM CDT

Credit Fears Rock Asian Markets

Subprime mortgage crisis ripples across Pacific

(Newser) - Asian stocks nosedived today as market fears triggered by the US subprime mortgage crisis rippled across the globe. The steepest drop in 5 months echoed upheaval spreading outward from Wall Street, with Toyota and Samsung leading a retreat by large exporters hurt by fears that the lending catastrophe and resultant...

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