credit crisis

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Housing Slump Tarnishes Trump Name
Housing Slump Tarnishes Trump Name
Nov 16, 2007 10:03 PM CST

Housing Slump Tarnishes Trump Name

Lackluster sales have halted or delayed several projects

(Newser) - Proving no one is safe from the housing market downdraft, Donald Trump is experiencing some turbulence as tightening credit saps demand and leaves a few Trump Towers in the lurch. Two Florida projects with Trump's name have halted construction—even after one collected deposits from buyers—and a third may...

Dow Off 360 on Credit Worries
Dow Off 360 on Credit Worries
Nov 7, 2007 3:45 PM CST

Dow Off 360 on Credit Worries

Weak dollar, pricey oil have markets reversing gains

(Newser) - Stocks plummeted again today as investors remembered just how scary the credit crunch is. Financials led the fall, and the Dow was down 360. "Negative news that was overlooked and ignored yesterday" was back today, one manager told the Wall Street Journal. The Dow finished off 360.92 to...

Citigroup Worries Hit World Markets

Asian, European markets down, US futures off on news of $11B writedown

(Newser) - Asian and European stock indexes declined today, and US futures dropped sharply as news of Citigroup's projected $11 billion writedown triggered fears that the subprime mortgage crisis will continue to roil markets. Japan’s Nikkei stock index closed 1.5% down, a 7-week low, and Hong Kong's Hang Seng index...

Rubin Named Chairman of Citigroup
Rubin Named Chairman of Citigroup
Nov 4, 2007 6:00 PM CST

Rubin Named Chairman of Citigroup

Prince out; company to report $8-11B more in writedowns

(Newser) - Citigroup CEO and Chairman Charles Prince resigned today, clearing the way for former US Treasury Secretary Robert Rubin to be named chairman, the Wall Street Journal reports. Sir Win Bischoff was named interim chief executive. Citigroup also plans to report $8-$11 billion in mortgage-related writedowns, on top of the $2....

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...

Fed Pitches $41B Into Market
Fed Pitches $41B Into Market
Nov 1, 2007 1:03 PM CDT

Fed Pitches $41B Into Market

Cash pump meant to keep markets moving

(Newser) - The Federal Reserve followed up yesterday’s quarter-percent interest rate cut with a $41 billion cash injection into the US financial system today—one the biggest infusions of money yet, aimed directly at easing the credit crunch. The money was pumped into temporary reserves, where it's meant to lubricate turbulent...

Bernanke: How's He Doing?
Bernanke: How's He Doing?
Oct 31, 2007 11:05 AM CDT

Bernanke: How's He Doing?

Journal looks back at Fed chairman described as more collaborative, creative than Greenspan

(Newser) - As the Fed rolls out another anxiously awaited decision on rate cuts, the Wall Street Journal does a play-by-play analysis of Ben Bernanke's handling of the three-month old credit crisis with an eye to what we've learned about the new Fed boss. For starters, he's more open and collaborative than...

Fed Doesn't Want Rate Cut— But Markets Do

And they're expecting it. Bernanke's hands tied as Fed meets today

(Newser) - Ben Bernanke and the rest of the Fed are meeting today to decide whether to cut interest rates again after September's surprise half-point reduction. Bernanke has made it clear that he'd rather not drop rates again. But, as Bloomberg writes, he might not have much of a choice: with home...

New Losses Wallop Merrill Lynch
New Losses Wallop
Merrill Lynch
Oct 24, 2007 4:40 AM CDT

New Losses Wallop Merrill Lynch

Top bank to increase total write downs to $7.5 billion

(Newser) - Merrill Lynch is to announce its third-quarter earnings today, and the prognosis is bleak: insiders are expecting the bank to report $2.5 billion in additional losses. That's over and above the $5 billion Merrill already reported earlier this month. Today's announcement of greater losses raises even more questions about...

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....

$100B Bank Fund Shows Paulson's Touch

Treasury sec works behind scenes to shore up mortgage market

(Newser) - This weekend's bank deal to establish a $100-billion "superconduit" fund to buy back  shaky mortgage securities showed the hand—and the strategy—of Hank Paulson, the New York Times reports. Though the treasury secretary has said for months he's confident  investors can handle the mortgage credit crisis themselves, he...

Citigroup Profit Plunge Hits a Nervous Market

57% quarterly drop, gloomy outlook drive bank's stock down

(Newser) - Citigroup reported a 57% drop in third-quarter profits today, anticipated news that nevertheless sent the bank's shares down by 3.6% to $46.17. The news helped drive nervous market downward as well. "This is the beginning of earnings season, and the market is skittish because analysts are looking...

Subprime Loans Went to Rich as Well as Poor

High-rate mortgages accounted for 29% of all home loans last year

(Newser) - Crunching the numbers on 130 million home loans over the past decade, the Wall Street Journal finds that risky, high-interest loans were extended far beyond the low-income urban borrowers they are usually associated with. Last year, they accounted for 29% of all home loans, up from 16% in 2004. As...

Home Sales Sink to 5-Year Low
Home Sales Sink to 5-Year Low
Sep 25, 2007 12:52 PM CDT

Home Sales Sink to 5-Year Low

Stats at 5-year low due to credit crunch

(Newser) - Sales of previously owned US homes fell 4.3% in August, marking a 5-year low point and continuing the housing swoon growing out of the credit crisis. Although the drop was slightly less than expected, borrowing costs have risen and mortgage qualification has gotten harder, so demand is down and...

UK Bank Chief Takes Heat After U-Turn

Rescue of Northern Rock leads to calls for resignation

(Newser) - The leader of the Bank of England, the Fed's counterpart in the UK, is facing substantial pressure to resign. Only last week Mervyn King had declined to offer loans for inter-bank trading to ease credit markets, vowing to discourage the "moral hazard" of risk-taking that led to Northern Rock's...

Fed Slashes Benchmark Rate
Fed Slashes Benchmark Rate
Sep 18, 2007 2:05 PM CDT

Fed Slashes Benchmark Rate

Larger-than-anticipated drop drives stocks up, dollar down

(Newser) - The Federal Reserve aggressively cut its benchmark rate today, dropping the federal funds rate a half-point to 4.75%. The larger-than-expected cut was “intended to help forestall” the ballooning credit crisis, the central bank said in a statement. The cut in the key interest rate, the first in 4...

British Bank Rebounds as Panic Wears Off

Financial stocks see gains on Northern Rock guarantees

(Newser) - As the lines of people waiting to make withdrawals from Northern Rock bank dwindled today, the British lender’s stock rose, bringing with it other hard-hit British financials. Northern Rock's huge losses in the mortgage market sparked a sell-off, drawing emergency funds from the Bank of England. But the government's...

Brits Panic Over Credit Crisis
Brits Panic Over Credit Crisis
Sep 16, 2007 11:17 AM CDT

Brits Panic Over Credit Crisis

UK is extra vulnerable to the credit crunch

(Newser) - The US credit crisis is sending Britain's buy-now-pay-later economy into apoplexy, with Brits lining up by the thousands outside branches of troubled bank Northern Rock to withdraw their savings in spite of an unprecedented government bailout. Analysts say that the nation's borrowing habits leave the economy vulnerable. "I think...

Investors Might Reap Rewards of Dollar's Slide

Currency's record lows against euro cause "to cheer," analyst says

(Newser) - The dollar may be continuing its slow, steady decline against the euro, but many analysts are looking on the bright side, Business Week reports. American stocks, companies, investors, and workers can all benefit from the decreasing value of their currency, economists say, with one calling the dollar’s decline “...

Bank of England Props Up Mortgage Lender

Northern Rock shares dive, panicking patrons

(Newser) - Shares of Northern Rock fell 25% today on news that the group, Britain's fifth-largest mortgage lender, got an emergency shot of cash from the Bank of England last night. As worried customers lined up outside Northern Rock branches, the central bank's chancellor urged calm. "At the moment there is...

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