Mortgage and Financial News From 2007-11-9 Page 5

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  • Wachovia's credit warning

    MSNBC - At the time, Wachovia Chairman and Chief Executive Ken Thompson said "trends in mortgage credit are deteriorating faster than we ... industry eclipsed $40 billion during the third quarter, and the fourth quarter is already shaping up to be just as bad ...
    2007-11-09 01:46:00

  • Stocks Down on Credit, Economic Worries

    WTOP Radio - This was the second-straight week stocks were poised to drop amid further concerns about bank and brokerage writedowns from subprime mortgage and credit exposure. Losses lightened as the afternoon wore on. Investors were expected to pay careful ...
    2007-11-09 12:49:00

  • ABCP market contracts for 13th week

    Globe and Mail - ... 13 weeks in a row, for a total decline of $338-billion, or 29 per cent, to $845-billion, according to TD Securities. The drip-drip-drip of bad news continued Friday in Canadian credit market, with CIBC taking a $463-million hit on its mortgage-related ...
    2007-11-09 02:00:00

  • Housing needs restoration of new credit

    Boston Online - No one should doubt the credit of Fannie Mae or Freddie Mac." Toxicity removed, mortgage rates would fall into the fives in an instant. The best quarantine for housing: refi bad loans to good, cheap, high-quality, low-risk, long-term, fixed-rate. If ...
    2007-11-09 12:06:00

  • More banking woes hit US shares

    BBC Business - Dominated by technology companies, sentiment on the Nasdaq was further hit by weak results from wireless telecoms firm Qualcomm. Sub-prime spark The credit crisis has been sparked by bad debt in the US household mortgage sector, specifically sub ...
    2007-11-09 01:32:00

  • UPDATE 3-Wachovia, Capital One say credit conditions worsen

    Reuters - NEW YORK, Nov 9 (Reuters) - The U.S. credit crisis deepened on Friday as Wachovia Corp reported a $1.1 billion loss on subprime mortgage-related debt in October, while ... losses in broader market indexes, on expectations that write-downs and bad ...
    2007-11-09 03:48:00

  • U.S. credit crisis deepens further

    Globe and Mail - ... 7-billion loss on mortgage-related debt, while credit card company Capital One Financial Corp. said more customers are missing payments. The news helped cause losses in broader market indexes, on expectations that mounting writedowns and bad loans may ...
    2007-11-09 03:26:00

  • E-Trade expects to take "significant write-downs" in 4th quarter on ...

    CNBC - ... mortgage business amid mounting concerns over bad ... bad home loans this summer. Then last month, E-Trade wrote down nearly $200 million worth of mortgage-backed securities during the third quarter. It also further lowered its 2007 earnings guidance because of "the possibility of further credit ...
    2007-11-09 03:48:00

  • Fannie Mae Expenses Up Sixfold From Bad Loans

    Washington Post - Fannie Mae Expenses Up Sixfold From Bad Loans Mortgage Firm's Declines Contribute to Market Loss ... Mae was one of several big financial institutions to report declines as turmoil in the mortgage industry spread to the broader credit market
    2007-11-09 07:01:00

  • U.S. Stocks Decline to Two-Month Low; Qualcomm, Target Retreat

    Bloomberg - Fannie Mae slid after saying mortgage-related losses increased. The fall in stocks ... wrote down holdings of debt securities and set aside more money for bad loans ... Egan Says Goldman, Wachovia Can Withstand Credit Woes Jenkins of ...
    2007-11-09 01:25:00

  • Global credit crisis intensifies

    Guardian Unlimited - The credit crisis was sparked by escalating levels of bad debt among American mortgage lenders as home owners defaulted on their loans. Defaults have been particularly severe in the sub-prime mortgage market, where borrowers tend to be low-income or ...
    2007-11-09 12:42:00

  • Fannie Mae loses $1.4 billion in mortgage mess (Houston Chronicle)

    Fannie Mae's third-quarter loss more than doubled to $1.4 billion, reducing year-to-date profits by more than half, as credit losses and mounting mortgage delinquencies sour its outlook into 2008, the company said today.
    2007-11-09 08:22:49

  • Wachovia Credit-Losses Reach $1.7 Billion in October (Update2) (Bloomberg.com)

    Nov. 9 (Bloomberg) -- Wachovia Corp., the fourth-largest U.S. bank, said credit losses tied to the mortgage market are $1.7 billion so far this quarter, more than the lender reported for the previous three months.
    2007-11-09 07:40:05

  • Barclays denies bad debt rumour (BBC News)

    Barclays denies rumours it is about to reveal a $10bn (£4.8bn) exposure to US mortgage bad debt.
    2007-11-09 10:27:54

  • As loans go bad, mortgage insurers worry (Lexington Herald-Leader)

    As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices - but the companies that insure their loans are worrying about their very survival in the face of billions of dollars in claims. Insurers like industry leader MGIC Investment Corp. are predicting they won't turn a profit for at least a year. The uncertainty has sent their ...
    2007-11-09 04:27:57

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