> Abu
Dhabi throws a lifeline to Citigroup...
Nov 27/07
ABU DHABI -- US bank
Citigroup has agreed to sell shares worth $7.5bn (£3.6bn) to an
Abu Dhabi-owned investment company. Abu
Dhabi Investment Authority will become the largest shareholder
in Citigroup with a stake of up to 4.9%. The sale will give
Citigroup, which has been hit hard by US mortgage market
problems, fresh capital to expand its business, the bank said in
a statement....
cont... |
> Maryland
subprime lender files for Chapter 11...
Nov 27/07
BALTIMORE --
Fieldstone Mortgage Co., the Columbia subprime lender that
largely shut down in the midst of the nationwide credit crunch,
has filed for bankruptcy protection.
The company, which has whittled its work force from 1,000
employees to a skeleton crew of 25, reported it had more than
$100 million in liabilities and less than that in assets,
according to its Chapter 11 filing Friday with the U.S.
Bankruptcy Court in Baltimore...
cont... |
> HSBC
Bank to loan $45 Billion in bailouts...
Nov 27/07
LONDON -- HSBC
Holdings PLC, Europe's largest bank, said Monday it will bail
out two troubled funds it manages by transferring about $45
billion of their assets onto its balance sheet.
HSBC said it will also inject $35 billion into the two
funds, Cullinan Finance Ltd. and Asscher Finance Ltd., in a move
that will clarify responsibility for the funds and prevent
liquidation of their assets...
cont... |
> Easy
money, risky loans drive area home losses...
Nov 27/07
DETROIT -- A lot of
people made money on Ethel Cochran's home during the years.
There was the nice man who sat in her living room in 2004 and
offered to lower her house payments. There was the company that
sent her a letter the next year proposing a way to pay off her
bills by refinancing. In 2006, she refinanced again when a
gentleman on the phone claimed he could lower her payments and
get her some cash. A few months later, a woman knocked on her
door with yet another offer...
cont... |
> Mortgage
crisis expected to cost Bay Area $5.4 billion next year...
Nov 27/07
BAY
AREA -- The subprime mortgage fiasco stands to cost the
Bay Area economy more than $5.4 billion next year, according to
the latest report intending to put a dollar figure on the rising
wave of real estate foreclosures. The
lending crisis will cost the national economy $166 billion and
524,000 potential jobs, said the report, to be released today...
cont... |
> Fed
Injects Funds to Ease Lending Concerns...
Nov 26/07
NEW YORK -- Seeking to
reassure banks amid the ongoing credit crisis, the Federal
Reserve said today that it would provide $8 billion in funds to
ease concerns over lending during the holiday season.
It is not unusual for the Fed to offer this type of
year-end flexibility to financial institutions. But the
injection of funds usually occurs later in the fourth quarter,
or entails a smaller volume...
cont... |
> Citigroup
shares hits 5-year low on report of 'massive' layoffs...
Nov 27/07
Citi shares closed
down 3.2% at $30.70 after touching a low of $29.75 earlier on
Monday. The expected layoffs are the result of several billion
dollars of mortgage losses at Citigroup. The bank said Monday
that it's in a planning process to become more efficient and
cost effective as the financial-services giant grapples with
billions of dollars in losses from the subprime mortgage-fueled
credit crisis...
cont... |
> JP
Morgan to Cut About 100 Subprime Jobs...
Nov 27/07
NEW YORK -- JPMorgan
Chase & Co Inc plans to cut about 100 subprime mortgage jobs in
California amid falling U.S. housing prices and tighter lending
standards. JPMorgan disclosed the cuts
in a recent filing with the California Employment Development
Department. The cuts, effective Dec. 15, will take place at
JPMorgan's subprime retail operations center in Ontario,
California...
cont... |
> How
to protect Californians from predatory lending...
Nov 27/07
CALIFORNIA -- Many factors contributed to the explosive
growth of foreclosures in Oakland, in California and across the
country. Too many people bought homes they couldn't afford in
the recent period of crazy, easy credit. Still others borrowed
more money against their home equity. Our nation's traditional
values of hard work, thrift and delayed gratification have
certainly been eroded by a relentless consumer culture that
tells Americans that we must have it all - and have it all right
now. But the foreclosure crisis is not
just about the foolish decisions of some homeowners. Many
families who face the prospect of losing their homes - their
largest single investment - worked hard, saved diligently and,
to put it bluntly, were fleeced like sheep...
cont... |
|
> Blackstone
warns of 'deeper, darker' mortgage black hole...
Nov 15/07 |
|
> Foreclosures
Soaring in San Diego...
Nov 15/07 |
|
> Barclays
Increases Sub-Prime Losses...
Nov 15/07 |
|
> Could
This Credit Crunch Have Been Avoided?...
Nov 15/07 |
|
> A
Financial System under Siege...
Nov 15/07 |
|
> Freddie
Mac Joins Fannie in Raising Mortgage Fees...
Nov 15/07 |
|
> California
home sales plunge...
Nov 15/07 |
|
> As
Bank Profits Grew, Warning Signs Went Unheeded...
Nov 15/07 |
|
> House
Moves to Protect Homebuyers from Predatory Loans...
Nov 15/07 |
|
> Protections
for home-loan borrowers ok'd...
Nov 15/07 |
|
> Counterfeit
bills take Cash Store by surprise...
Nov 15/07 |
|
> Satirical
site takes on payday loans...
Nov 15/07 |
|
> Canadian
Student loan system a terrible mess...
Nov 1/07 |
|
> Dow
plunges 362 points on credit fears...
Nov 1/07 |
|
> GMAC
takes $1.6 billion loss on mortgages...
Nov 1/07 |
|
> Asset-Backed
Commercial Paper Declines for 12th Straight Week...
Nov 1/07 |
|
> Fed
lowers interest rate by quarter-point...
Nov 1/07 |
|
> Fed
to Banks, Get A Piece Of Payday Loan Pie...
Nov 1/07 |
|
> FDIC
to look for alternatives to controversial payday loans...
Nov 1/07 |
