Mortgage and Financial News From 2007-10-1 Page 16

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  • Citigroup warns quarterly profit to fall 60 pct

    Raw Story - The financial colossus said in late July that rising net credit losses in the United States totalled 183 million dollars during the second quarter which it largely attributed to "higher delinquencies in second mortgages in consumer lending." Citigroup ...
    2007-10-01 08:23:00

  • Credit Suisse Says Profit May Fall in Third Quarter (Update4)

    Bloomberg - UBS AG, the biggest Swiss bank and Credit Suisse's rival, reported today that it had a pretax loss of as much as 800 million francs after bad bets on U.S. mortgages. In the second quarter, Credit Suisse benefited from wealth-management fees to post a ...
    2007-10-01 10:10:00

  • Fitch Affirms Citigroup's IDR at 'AA+' on 3Q'07 Earnings Drop

    Forbes - A significant portion of consumer provisions also relates to a continuation of negative 2Q'07 delinquency trends in second mortgages combined with overall consumer portfolio growth. Despite the magnitude of these various charges, Citigroup's diverse ...
    2007-10-01 07:11:00

  • UBS 3Q Loss May Hit $690M From Subprime (AP via Yahoo! Finance)

    Losses linked to the collapsing market for U.S. subprime mortgages will force Swiss banker UBS to post a larger-than-expected loss of up to $690 million in the third quarter, cut nearly 2 percent of its staff and replace top executives.
    2007-10-01 05:52:05

  • U.K. August Mortgage Approvals Fall to Four-Month Low (Update2) (Bloomberg.com)

    Oct. 1 (Bloomberg) -- U.K. banks approved the fewest mortgages in four months in August as borrowing costs increased, a sign demand from buyers in the residential property market may start to slow.
    2007-10-01 03:43:13

  • Citigroup sees 3Q earns down 60 percent (AP via Yahoo! News)

    Citigroup Inc. estimated Monday that its third-quarter profit will drop 60 percent, as the nation's largest bank took losses of more than $3 billion after writing down securities backed by underperforming mortgages and loans tied to corporate buyouts.
    2007-10-01 09:02:29

  • UBS posts loss, cuts 1,500 jobs (CNN.com)

    ZURICH, Switzerland (AP) -- Losses linked to the collapsing market for U.S. subprime mortgages will force Swiss banker UBS to post a larger-than-expected loss of up to $690 million in the third quarter, cut nearly two percent of its staff and replace top executives.
    2007-10-01 08:24:11

  • Mortgage Rates Rise (Builder Online)

    WASHINGTON -- Freddie Mac, the mortgage company, reported Thursday that the average rate for 30-year, fixed-rate mortgages rose for the second straight week this week to 6.
    2007-10-01 05:47:40

  • Institutions to the rescue? Not likely (FT.com via Yahoo! News)

    A small British bank is in trouble. This bank, which has been growing rapidly, specialises in second mortgages arranged by outside brokers. These loans are funded by borrowing in the money market. Sentiment in the money market changed after another financial institution ran into trouble. The cost of wholesale funds rose sharply and loans from other banks were only to be had for short periods. ...
    2007-10-01 05:25:22

  • BlackBerry, at Record, May Defy Short-Sellers Again (Update1)

    Bloomberg - ... of Technomart Investment Advisors in Baltimore, who sold short shares of mortgage ... 100 billion including Research In Motion. ``One could argue that they only ... Short Interest Abramsky estimates the number of consumers using e-mail ...
    2007-10-01 07:40:00

  • Trichet, Dodge, King May Follow Bernanke in U-Turn on Interest Rate ...

    Stockhouse Canada - Trichet, Dodge, King May Follow Bernanke in U-Turn on Interest Rate Policy 10/1/2007 ... Just weeks ago, the consensus was that they would only pause in their drive to ... Rates may fall sooner in the U.K., where King extended emergency funding to mortgage ...
    2007-10-01 06:21:00

  • European Stocks Retreat; UBS, Deutsche Bank, Northern Rock Fall

    Bloomberg - ... the region's biggest bank by assets, announced a third-quarter loss because mortgage ... If there is only one buyer they can pretty much name their price,'' said James ... to rise more than 10 percent between 2006 and 2010, though earnings before interest ...
    2007-10-01 05:24:00

  • Fixing the ratings game

    CNN Money - ... Poor's and Fitch - are under attack these days for fueling the subprime mortgage ... problem, critics say, is that the three agencies are rife with conflicts of interest ... But the Big Three aren't the only ratings agencies out there. In fact, there are ...
    2007-10-01 09:13:00

  • UPDATE 2-US mortgage bond issuance falls year-to-date

    Reuters - According to Thomson, the company tracks mortgage bonds backed by whole commercial and residential real estate loans as well as the mortgage-backed securities initially packaged by Fannie Mae, Freddie Mac and Ginnie Mae. Interest-only and ...
    2007-09-27 05:53:00

  • Sallie Mae's high-stakes standoff

    CNN Money - There was also speculation that the fracas sparked interest from other potential ... Flowers fracas is whether the new law will have a "material" impact on the mortgage ... Pointing to a clause in the merger agreement, they contend that they need only ...
    2007-10-01 06:07:00

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