mortgage backed securities

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Shakeup May Signal E*Trade's Availability

New chairman could steer struggling brokerage toward buyer

(Newser) - E*Trade Financial, stung by mortgage- and mortgage-backed securities market losses, is adding CEO to chairman Donald Layton's duties. The company may be dolling itself up for a possible sale by polishing its tarnished image, the Wall Street Journal reports. Since Layton, 57, became chairman in November, the brokerage has rebounded...

Buffett Moves Into Insuring Muni Bonds

Company will aid local governments, profit from credit crunch

(Newser) - Billionaire Warren Buffett is riding to the rescue of the municipal bond market—and taking advantage of an opportunity afforded by the credit crunch—by launching a municipal bond insurer, reports the Wall Street Journal. Berkshire Hathaway Assurance, which opens today in New York state, should make it cheaper for...

Banks Face Simpler, Tougher Times
Banks Face Simpler, Tougher Times
Dec 26, 2007 3:03 PM CST

Banks Face Simpler, Tougher Times

Effect of subprime crisis on bottom line shows no signs of abating

(Newser) - Investors waiting for the big banks to turn it around after 2007’s subprime debacle might be waiting a long time, the Wall Street Journal warns. The credit crunch has unraveled a complicated modern banking model that gave big firms nearly total balance sheet flexibility. “It was a different...

Morgan Stanley Stuns With $9.4B in Writedowns

CEO gives up bonus in face of terrible performance

(Newser) - Morgan Stanley, the nation's second-largest investment bank, lost $3.59 billion this quarter, its first loss ever, after taking a whopping $9.4 billion in writedowns on mortgage-backed securities. CEO John Mack, who promised to give up his 2007 bonus as penance for the losses, also announced a $5-billion cash...

Mortgage Crisis Rivals S&L, Tech Busts

Complex implosion could take far longer to untangle, experts say

(Newser) - How does the current mortgage debacle measure up to the savings-and-loan meltdown of the 1980s and the tech crash of 2000? Losses look manageable, the Wall Street Journal reports in a detailed analysis of how this crisis differs from other crashes, and how likely it is to spin the economy...

Citigroup Faces Pressure to Help Troubled Borrowers

Fallout mounts from $45B mortgage portfolio

(Newser) - The subprime collapse has Citigroup beset on two sides: Besides dealing with a $45 billion portfolio of 280,000 subprime mortgages it acquired in September, Citi is facing pressure from influential consumer advocacy groups to provide relief to troubled borrowers, the Journal reports. Activists are calling for the lender to...

$1.5B Bailout Gives Hope to Reeling Bond Insurers

(Newser) - A quiet infusion of $1.5 billion from two European banks will help bond insurer CIFG maintain its AAA credit rating, the Wall Street Journal reports. The move keeps at bay a crisis in the bond market that could cost investors $200 billion and might provide a bailout blueprint for...

House Votes to Tighten Controls on Lenders

But Senate deadlock could keep bill tied up for months

(Newser) - The House has passed a bill intended to protect mortgage borrowers by imposing stricter regulations on lenders. But it's unlikely it will become law before the new year, given the Senate's problem passing a less controversial bill that also aims to mitigate the subprime lending crisis. The House measure bars...

Big Banks Settle on Superfund Terms
Big Banks Settle on Superfund Terms
Nov 11, 2007 12:49 PM CST

Big Banks Settle on Superfund Terms

Paulson says fund will help, but analysts bearish on its prospects

(Newser) - The country’s top three banks have finalized agreements for the $75 billion superfund they hope will cushion further blows to the credit market, reports the NY Times. After nearly two months of haggling, Bank of America, Citigroup, and JPMorgan Chase agreed to simpler conditions than outlined in the fund’...

Wall Street Bonuses In for a Fall
Wall Street Bonuses In for a Fall
Nov 7, 2007 3:50 AM CST

Wall Street Bonuses In for a Fall

Extra pay could drop in half for some senior bond traders

(Newser) - Wall Street's multi-million-dollar bonuses are likely to take a hit for the first time in five years, with extra pay dropping in half for some senior sellers of mortgage-backed securities, according to the Wall Street Journal. Traders in stocks and commodities are expected to do better than those working with...

Merrill Hedging Prompts Inquiry
Merrill Hedging Prompts Inquiry
Nov 2, 2007 7:55 AM CDT

Merrill Hedging Prompts Inquiry

SEC seeks info on delayed mortgage reckoning

(Newser) - Merrill Lynch, still reeling from an $8.4 billion write-down on mortgage-related losses last month, has been making deals with hedge funds that may have been calculated to keep further losses out of investors' view, the Wall Street Journal reports. The move has attracted the attention of the SEC, which...

Embattled Merrill Chief Stepping Down

O'Neal will announce departure; Fink leading contender for CEO

(Newser) - Merrill Lynch CEO Stan O’Neal has decided to step down, the Wall Street Journal reports, after days of speculation about his likely ouster following $8 billion in writedowns for the bank, and reports that he had discussed a merger with Wachovia without board authorization. The list of potential successors...

Dow Dives 367 on 'Black Friday'
Dow Dives 367 on 'Black Friday'
Oct 19, 2007 3:49 PM CDT

Dow Dives 367 on 'Black Friday'

(Newser) - Wall Street observed the 20th anniversary of Black Monday with an absolute bloodbath today as the Dow fell a whopping 366.94 points to close at 13,522.02. Wachovia, Caterpillar, and Honeywell led a host of disappointing earnings reports, driving every major index down over 2.5%. The S&...

Citigroup Staves Off Fire Sale— for Now

Riskiest holdings safe through '07, but other banks are in trouble

(Newser) - One of the central goals of the new superfund announced by Citigroup and other major banks is to provide a buyer for structured investment vehicles, the low-yield capital-raising investments whose demand has dropped like a stone in the credit crunch. Citigroup announced today its SIVs are covered until year's end....

Banks to Form $100B Fund to Back Mortgage Securities

Critics say plan is unnecessary, only helps Citigroup

(Newser) - Citigroup and other major banks are banding together to create a $100-billion fund to buy back shaky mortgage securities in order to contain the threat of their undermining the markets and hurting the economy. The unprecedented project, pooling money from banks like JP Morgan and Bank of America, has been...

Economy Slows, Stocks Surge: What Gives?

'Teflon investors' are relying on the good news

(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...

Fed Chief to Address Market Uproar
Fed Chief to Address
Market Uproar
Aug 30, 2007 5:02 AM CDT

Fed Chief to Address Market Uproar

Wall Street will be craining for clues on possible rate cut

(Newser) - Tomorrow, Ben Bernanke will make his first speech since turmoil erupted in the world's financial markets early this month. As Wall Street listens for clues about whether interest rates will be cut next month, the Fed chief be walking a tightrope, the Washington Post observes. If he appears indifferent, panic...

Fed Pumps $19B Into Market
Fed Pumps $19B Into Market
Aug 10, 2007 8:39 AM CDT

Fed Pumps $19B Into Market

Will add $19B in temporary funds to bolster credit markets

(Newser) - The Federal Reserve pumped $19 billion in temporary funds into the banking system today by buying up mortgage-backed securities. The move is aimed to insure that there is enough cash available in the credit markets and keep the interest rate close to the Fed's target of 5.25%. It also...

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