Mortgage news: November 2007

Here comes the recession

November 26 2007 Money.CNN.com
Even with a boost from holiday spending, the U.S. economy looks shaky, thanks to slumping housing prices, Wall Street woes and debt-laden consumers. A persistent rise in energy prices will mean bigger heating bills this winter and heftier tabs at the gas pump. Job growth is slowing and wage gains have been anemic. House prices are sliding, diminishing the value of the asset that's the biggest factor in Americans' personal wealth. Even the stock market has begun pulling back amid signs of deep distress in the financial sector. With consumer spending accounting for about three-quarters of U.S. economic activity, some economists say it is inevitable that the economy will stop growing at some point in the coming year.

Citigroup says planning process focused on reducing costs

November 26 2007 MarketWatch.com
Financial-services giant could lay off up to 45,000 employees. Citigroup Inc. 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. Citi may cut up to 45,000 jobs. The bank is planning a larger number of layoffs as part of a response to recent huge write-offs for bad mortgage investments. Division heads at Citi have been told to start planning for layoffs, which will not be restricted to fixed-income and mortgage divisions. Citi could take up to $15 billion in write-downs from collateralized debt obligations over the next two quarters, Goldman Sachs analysts estimated last week.

Housing Prices Haven't Bottomed Yet, says Greenspan

November 23 2007 CNBC.com
Former Federal Reserve Chairman Alan Greenspan said on Friday that U.S. house prices have not bottomed out after a crisis in the subprime mortgage market. "The markets are becoming aware that the decline in U.S. housing prices is not stopping. It is at an unprecedented pace compared to the last 50 years," Greenspan told a financial audience in the Norwegian capital. He said the housing bubble had burst and the market was "a good deal away" from its selling climax -- a point at which sellers ultimately lower their prices to match lower bids. He added that house prices underpin the mortgage market and also have a "wealth effect" on home owners

Even average homeowners feel rising mortgage floodwaters

November 22 2007 MarketWatch.com
While the headlines have been full of stories on the credit crunch, subprime mortgage mess and the real estate bubble, a lot of ordinary homeowners have figured they were immune from the problems. Ensconced in a home with a prime mortgage, they have watched the news and figured they're safe. And all the while, the water has been rising. A growing number of homeowners -- particularly those who bought their house in the last five years -- are looking at the prospect of being "underwater" on the mortgage. That's when the value of the home is less than the amount remaining on the loan used to buy it. More than 15% of homeowners nationwide who bought their home in the last year are now underwater.

Treasury rally will lower mortgages, hurt some portfolios

November 22 2007 USATODAY.com
A plunge in a closely watched Treasury yield Wednesday spells relief for some borrowers who want to buy homes and big-ticket items like cars, but is a threat to retirement portfolios and the broader economy. A vigorous Treasury rally sent the benchmark yield on the 10-year Treasury note below 4% early Wednesday for the first time since September 2005. Heavy losses on global stock exchanges, alongside escalating credit fears and a surge in oil prices above the $99 a barrel level, caused nervous investors to clamor for Treasurys, which carry a government guarantee. Mortgages and consumer loans for items like autos and appliances often are tied to the yield on the 2-year note, which Wednesday dropped below 3% for the first time in almost three years.

Mortgage applications down

November 21 2007 CNBC.com

The volume of applications filed for mortgages fell 3.6% last week, the Mortgage Bankers Association reported Wednesday. Also on a seasonally adjusted basis, applications to refinance existing mortgages decreased 5.0% on a week-to-week basis in the week ended Nov. 16 , while new home purchase applications dropped 2.0%, according to MBA's weekly survey. On an unadjusted basis, overall applications were up 9.8% compared with the same week in 2006. The four-week moving average for all applications showed improvement, up a seasonally adjusted 0.9%. Refinancing filings accounted for 50.3% of all applications last week, up slightly from 50.2% the previous week. Adjustable-rate mortgages made up 15.8% of all filings, up from 15.5%.

U.S. mortgage rates fall

November 21 2007 MarketWatch.com
Mortgage rates dropped this week, allowing the 15-year fixed-rate mortgage to fall to a level last seen in February 2006, according to Freddie Mac's weekly survey, released on Wednesday. "Both the producer price index and the consumer price index remained contained in October while industrial production fell," Frank Nothaft, Freddie Mac chief economist, said in a news release. "This allowed interest rates for the 30-year fixed-rate mortgage to decline to the lowest levels since early May 2007 and the 15-year fixed-rate mortgage to fall to a level not experienced since early last year."

Behind Freddie and Fannie's Free Fall: Rating agencies and Subprime crisis

November 20 2007 BusinessWeek.com
Ratings agencies chimed in: Fitch Ratings and Standard & Poor's Ratings Services both warned that they may cut Freddie's AA- credit rating on its preferred stock. Analysts slashed ratings and investors trounced share prices as the home financiers posted huge third-quarter losses. Like other companies involved in the mortgage business, Freddie Mac and Fannie Mae have seen their share prices suffer amid the subprime crisis. But that was nothing compared to what happened Nov. 20. Investors punished the shares of the home finance giants after Freddie posted a surprising—and disturbing—third-quarter loss of $2 billion and warned that it was having trouble meeting its regulatory capital requirements and may need to cut its dividend in half to raise capital reserves.

Cleveland is the nation's hardest hit area by mortgage meltdown

November 19 2007 Money.CNN.com

Cleveland's mortgage meltdown has sparked a crime wave in the nation's hardest hit area for troubled homeowners. When homeowners moved away after a wave of foreclosures in Cleveland's working-class neighborhood of Slavic Village, crime took off. Slavic Village is known as the worst neighborhood in the nation for foreclosures. RealtyTrac calculated that properties in its ZIP code recorded more foreclosure filings in three months than anywhere else in the United States.

Stocks Plunge: more mortgage losses to come

November 19 2007 CNBC.com

Stocks closed sharply lower after a brokerage downgrade of Citigroup sparked concerns that there may be more mortgage losses to come, raising doubts about the outlook for the economy. Setting the tone for the session, Goldman Sachs recommended that investors sell shares of Citigroup saying the largest US bank may have to write off $15 billion over the next two quarters as mortgage losses reduce earnings.

Homebuilder Sentiment Stays at Record Low

November 19 2007 FOXBusiness.com
U.S. homebuilders continue to be pessimistic about the housing market, as November's reading of an index that tracks their sentiment remained stuck at a record low. The National Association of Home Builders said Monday its housing market index, which gauges builders' perceptions of conditions and expectations for home sales the next six months, came in at 19 in November, matching an upwardly revised reading for October.

Fannie Mae reports $1.4 billion in mortgage loss

November 17 2007 USATODAY.com
Fannie Mae executives on Friday defended a change in the way the mortgage finance company
calculates losses on home loans, responding to analysts' concerns as its stock price fell. Shares of Fannie the largest U.S. buyer and backer of home loans, fell more than 5%. They recovered from an earlier dive of more than 16% and a decline of 10% the day before. The chief financial officer and other executives of the government-sponsored company, which reported a $1.4 billion third-quarter loss last week, held a conference call with Wall Street analysts to address fears that the new bookkeeping method could downplay the number of bad loans that Fannie holds, and consequently its potential losses.

Mortgage Crisis May Reduce Lending Up to $2 Trillion

November 16 2007 CNBC.com
The mortgage crisis could have a "dramatic" impact on the overall economy by forcing banks and other financial institutions to cut back their lending by as much as $2 trillion, a Goldman Sachs economist said. In a report dated Nov. 15, Goldman's chief U.S. economist Jan Hatzius said a "back-of-the-envelope" estimate of credit losses on outstanding mortgages could reach around $400 billion. But unlike stock market losses, which are typically absorbed by "long-only" investors, this mortgage-related hit is mostly borne by leveraged investors - those that depend on borrowed money - such as banks, broker-dealers, hedge funds and government-sponsored enterprises. These losses could force these institutions to slash lending to keep capital ratios from falling.

How risky U.S. mortgages contaminated the global markets

November 15 2007 MarketWatch.com
Rising delinquencies on mortgages sold to less creditworthy homebuyers in the U.S. have contaminated markets from the UK. to China and Australia, triggering a global credit crunch.

February 8 - HSBC, one of UK's largest banks, disclosed bad credit charges of almost $11 Billion as delinquencies on its U.S. subprime mortgage portofolio climbed.

April 2 - New Century Financial, the second U.S. subprime mortgage lender files for bankruptcy

July 18 - Two Bear Sterns hedge funds collapse amid subprime losses. The funds controlled, through leverage, more than $10 billions in mortgage related securities and other credit derivatives

July 19 - In Australia, Basis Yield Alpha hedge fund slumped 14% because of subprime turmoil

July 30 - In Germany, IKB Deutche Industriebank suffers big losses on subprime-related holdings

August 9 -In France, BNP Paribas freezes redemptions on three investment funds that had about a third of their assets in subprime mortgage related scurities

August 20 - The three-month US Treasury bill yield slumps as money market funds dump subprime mortgage-backed commercial paper

August 23 - Bank of China, one of the four biggest lenders, discloses $10 Billion in US subprime mortgage exposure

October 15 - Nomura Securities, Japan's biggest broker, reports $622 million in subprime mortgage loss and plans to pull out of the US residential mortgage-backed securities market

Behind Wall Street's subprime fear index

November 15 2007 Money.CNN.com
The formerly obscure ABX index has become a closely watched gauge of just how bad the market for subprime securities is getting. At a time when almost nothing about subprime securities seems certain, the ABX index is a key point of reference for investors navigating the world of risky mortgage debt. The ABX, launched in January 2007, serves as a benchmark of the market for securities backed by home loans issued to borrowers with weak credit. Underlying the mortgage mess has been the fact that no one knows what subprimesecurities are really worth.

Goodbye expansion; hello recession !

November 13 2007 MarketWatch.com
The value of people's two biggest assets, their homes and their investments, are falling. Many households have little or no savings to fall back on, having spent more than they have earned for at least the past two years. As for borrowing, forget about it! The credit squeeze has made banks increasingly wary of lending money - not just to consumers, but to businesses as well. The credit market crisis is slowly but surely choking off the flow of funds to borrowers. If consumers and businesses can't get the loans they need, they will reduce their outlays.

Countrywide Mortgage Loans Dropped by 48%

November 13 2007 CNBC.com

Countrywide Financial, the largest U.S. mortgage lender, said it funded 48 percent fewer home loans in October than a year earlier, and significantly reduced some of the riskier loans that prompted its recent financial troubles. Countrywide said it funded $22 billion of home loans in October, down from $41.9 billion a year earlier, but up 4 percent from September. Adjustable-rate loan volume fell 81 percent from a year earlier to $3.1 billion, while subprime loan volume totaled just $42 million, down from $3.3 billion.

What would happen if Countrywide's credit rating is downgraded? Watch the video

November 12 2007 CNBC.com

Countrywide is warning a downgrade of its credit rating would "severely" limit its access to the public corporate debt market, and therefore weaken its business. CNBC's Jane Wells has the story.

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video

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Subprime woes weigh

November 11 2007 MarketWatch.com
The subprime crisis wreaking havoc among global banks and brokerages could turn a harsh spotlight on two U.K. banking giants this week, while a group of major U.S. banks will propose a fund aimed at adding stability to the credit markets, according to reports Sunday. In the U.K., HSBC Holdings Plc and Barclays Plc, like other financial institutions, have been grappling with their exposure to shaky mortgage loans. Already, companies including Merrill Lynch & Co. Inc. and Morgan Stanley have written-down the value of billions of dollars worth of dodgy borrowing, and the crunch is likely to test the balance sheets and capital strength of other creditors before conditions improve, analysts say.

Citigroup Strong Despite Ratings Downgrades: CEO

November 11 2007 CNBC.com
A downgrade of Citigroup's nearly pristine credit ratings will not impede its "thriving" business, new acting Chief Executive Win Bischoff wrote in an internal memo to employees sent Saturday. Moody's Investor Service and Fitch Ratings lowered Citigroup's debt ratings last Monday, after the largest U.S. bank said it would write down $8 billion to $11 billion in subprime losses. Citi also reduced its previously reported third-quarter profit because of worsening credit markets. Many U.S. banks and brokerages have announced job cuts in their mortgage-related businesses in the wake of the credit market turmoil. There have also been senior management shake-ups, including at Citigroup, where former chief executive Chuck Prince stepped down on Nov. 4.

Mortgage woes pile up; Morgan Stanley sees $3.7B loss

Novemeber 10 2007 USATODAY.com
Fallout from the meltdown in the subprime mortgage industry continued to wreak havoc on Wall Street Wednesday, as three big financial institutions revealed new financial and legal problems, and shares of the USA's leading banks and brokerage firms sank. Morgan Stanley announced new subprime-related losses, while Merrill Lynch and Citigroup began to grapple with the regulatory and legal consequences of their recent announcements of bigger-than-expected write-downs. Morgan Stanley estimated that its credit losses had grown by $3.7 billion since August.

E-Trade becomes latest subprime mortgage victim

November 9 2007 MarketWatch.com

E-Trade shares slumped to $7.41 during after-hours trading on Friday, also hit by news that the broker had received an informal inquiry from the Securities and Exchange Commission regarding its loan and security portfolios. E-Trade said the fair value of its $3 billion asset-backed securities portfolio has continued to decline since the end of the third quarter. Collateralized debt obligations and other securities backed by second-lien mortgages saw the biggest hits, the brokers explained.

Wachovia to allocate $600M for loan losses

November 09 2007 CNBC.com

Wachovia Corp. said Friday the value of securities it owns that are backed by loans sank by about $1.1 billion in October, making it the latest major financial institution to warn of continuing losses in the credit markets. The nation's fourth largest banking company also said it plans to boost its allowance for loan losses in the fourth quarter due to expected creditdeterioration in the housing markets in certain regions. The provision is pegged at $500 million to $600 million in excess of charge-offs in the quarter. Wachovia shares dropped $1.76, or 4.3 percent, to $38.54 in morning trading Friday after falling to a new 52-week low of $38.

NY probes Fannie and Freddie

November 8 2007 Money.CNN.com

New York's attorney general issues subpoenas to Fannie Mae and Freddie Mac concerning mortgages they bought from banks. New York Attorney General Andrew Cuomo said Wednesday that he has issued subpoenas to government-sponsored lenders Fannie Mae and Freddie Mac in his investigation into what he claims are conflicts of interest in the mortgage industry. Cuomo said he wants to know about loans Fannie Mae and Freddie Mac purchased from banks, including Washington Mutual. The subpoenas also seek to find out how the government-sponsored companies handle appraisals.

Fed Chief Stays Cautious On Further Rate Cuts

November 08 2007 CNBC.com

Federal Reserve Chairman Ben Bernanke said the U.S. economy faces risks on both the growth and inflation fronts, suggesting the Fed will holding off deciding on further rate cuts. Policy-makers expect economic growth to slow noticeably in the fourth quarter of the year, the Fed chairman warned, saying a housing downturn was likely to intensify and that consumer and business spending could slow. However, he said the Fed expects growth to strengthen next year as the impact of tighter credit and the housing slump wane.

Why Washington Mutual Got Walloped

November 08 2007 BusinessWeek.com
In addition to the deteriorating housing market, the lender was hit by news of an investigation by the New York AG. S&P rates the shares sell. Conditions in the thrift and mortgage industry, for which Standard & Poor's Equity Research has a negative fundamental outlook, took a turn for the worse on Nov. 7. At an investor conference, Washington Mutual announced it believes industrywide mortgage originations will fall to $1.5 trillion in 2008, 25% below the consensus forecast of $2 trillion for 2008, and 37.5% below projections for 2007. The stock weakened on the news. Later in the day, New York State Attorney General Andrew Cuomo announced he has extended his investigation of inflated appraisals of home loans. He had already accused WaMu of pressuring a subsidiary of First American Financial to supply erroneous appraisal information for homes for which WaMu was to write loans.

Banks that are best at protecting consumers

November 7 2007 MarketWatch.com

Bank Of America Corp. took top honors for the second year in a row in a report ranking the largest U.S. banks on how well they protect their customers from fraud and identity theft. JP Morgan Chase, Washington Mutual Inc. and Wells Fargo Co. tied for second place, and Citibank came in third in the study published Wednesday by Javelin Strategy & Research.

Financials Have a Long Road to Recovery

November 6 2007 FoxNews.com
With the abrupt weekend resignation of Citigroup Chief Chuck Prince and Citi's announcement of as much as $11 billion in charges, it's clear that the collateral damage from the subprime meltdown isn't confined to Merrill Lynch. It's coursing through the financial system and has reached the world's biggest banks. Where will it stop? This is an unusually weighty question, and not just for stock investors looking for what may be bargains in the now beaten-down financial sector. When institutions of both the size and reputation of Merrill Lynch and Citigroup — both household names and revered brand names throughout the world — are shaken to their foundations, the global economy feels the tremors. The bankruptcy of a Citigroup seems unthinkable. Yet that hasn't stopped investors from at least mulling over the prospect while driving shares to their lowest levels in years. The stock was at $48 as recently as Oct. 11; this week it was nearing $35. It hasn't helped that the U.S.-government-endorsed bailout fund for troubled Structured Investment Vehicles was widely interpreted as a thinly-disguised rescue fund for Citi itself.

Falling Home Prices Pose Major Risk: Greenspan

November 6 2007 CNBC.com

Former Federal Reserve Chairman Alan Greenspan said on Tuesday that there is a need to accelerate the rate of inventory liquidation, and that will mean bringing housing starts down and sales up. The drag from the housing market's downturn and the surge in defaults among subprime mortgage borrowers has hit credit markets around the world and prompted the Federal Reserve to slash interest rates to limit the economic fallout. Greenspan said about $900 billion of subprime mortgages have been securitised into fixed-income instruments, and the excess level of unsold homes is driving the price declines that are eroding the value of the securities backed by those mortgages.

Banks Tighten Business, Consumer Lending Standards

November 5 2007 Bloomberg.com
Banks made it tougher for American businesses and consumers to borrow in the past three months and said demand for loans slackened, a Federal Reserve survey showed. The changes were most pronounced in real estate, where half of U.S. banks had more-stringent requirements for commercial loans. For home mortgages, 60 percent of the 40 banks offering nontraditional loans tightened their standards, according to the quarterly survey of senior loan officers, conducted in October.

Subprime bailouts: Responsible borrowers express outrage

November 5 2007
Best-Mortgage-Companies.com
Not everyone is happy about mortgage lenders' latest efforts to help troubled borrowers. Responsible loan payers are crying foul about the breaks that delinquent borrowers are getting. They are expressing outrage to bailouts - whether they involve tax dollars or not - after Countrywide announced good deals for bad loans. The company said it will refinance or restructure loans or reduce interest for hybrid ARM borrowers whose rates are scheduled to reset. Countrywide announced it will rework loans, prime and subprime alike, for any troubled borrower, adjusting payments to reflect what individuals can afford. And no one will have to pony up prepayment penalties for retiring loans early. Many delinquent subprime borrowers who went for low teaser rates that shot up to unaffordable levels are now paying lower rates than borrowers who opted for the security of a long-term fixed-rate mortgage as part of a new round of foreclosure prevention packages. And responsible loan payers don't like it. They feel cheated and have little sympathy for troubled subprime borrowers.

Prisoners of Debt

November 4 2007 BusinessWeek.com
A fresh start with bankruptcy? Big lenders keep squeezing money out of consumers whose debts were canceled by the courts. In a financial version of Night of the Living Dead, debts forgiven by bankruptcy courts are springing back to life to haunt consumers. Fueling these miniature horror stories is an unlikely market in which seemingly extinguished debts are avidly bought and sold. One of the debts the judge canceled, or "discharged," was $9,523 a factory worker owed to Capital One Financial, the big credit-card company. But Capital One continued to report the factory worker's discharged debt to credit bureaus as a live balance. This kind of failure by creditors to update credit reports happens with some frequency, consumer lawyers and court-employed bankruptcy trustees say. And it can have consequences: In September, 2003, when the facttory worker tried to close on a $274,650 mortgage for a new house, his would-be lender, Wachovia, said he would either have to pay Capital One or show proof from the credit-card company that the debt had been discharged. Despite several calls and a letter from his attorney, he says, Capital One never revised the credit report.

Foreclosures Could Remain High for 18 Months

November 02 2007 CNBC.com

The rate of foreclosures in the United States will remain higher than normal for the next 18 months as the current home loan crisis plays itself out, a senior U.S. Treasury official said Friday. "A rising foreclosure rate during a housing downturn is not surprising, but largely because of lax underwriting in recent years, especially in the subprime market, a higher than usual number of homeowners will face delinquency during the next year and a half," Robert Steel, undersecretary for domestic finance, told a congressional panel in prepared remarks. A spike in home loan failures, particularly among subprime borrowers with shaky credit, has rattled financial markets around the world and prompted a global credit crunch.

Fed Pumps $41 Billion Into Financial System

November 1 2007 CNBC.com
The Federal Reserve pumped $41 billion into the U.S. financial system Thursday, one of its largest cash infusions to help companies get through a credit crunch that took a turn for the worse in August. The action comes one day after Fed Chairman Ben Bernanke and all but one of his central bank colleagues voted to slice a key interest rate for the second time in six weeks to protect the economy from the ill effects of collapse in the housing market, aggravated by the credit troubles. The Fed on Wednesday ordered its key rate, called the federal funds rate, to be lowered by one-quarter percentage point to 4.50 percent. That followed up on a bolder, half-percentage point cut in September. Those two rate reductions might be sufficient to help the economy make its way safely through trouble spots, Fed policymakers indicated.

Citigroup board to meet, CEO may resign

November 2 2007 USATODAY.com

Citigroup's board plans an emergency meeting on Sunday, and Chief Executive Charles Prince is expected to offer to resign, according to the Wall Street Journal. There are speculations that John Thain will be the new CEO. Citigroup posted a 57% profit drop in the third quarter after taking billions of dollars in write-downs of debt tied up in the tight credit markets and defaulting mortgages. Speculation about whether Prince would leave has been swirling in the market since then. Many investors expect Citigroup to take similar, or perhaps even larger, write-offs in coming quarters. Analysts have downgraded Citigroup and other major financial institutions in recent days because of concerns about their debt holdings and potential write-offs.

Banks and brokers slump, led by Citigroup

November 01 2007 MarketWatch.com
Financials stocks traded sharply lower Thursday as credit fears continued to haunt Wall Street and investors reacted to news that Citigroup Inc. may be forced to cut its dividend or sell assets in order to raise capital. Citigroup may, in the near term, have to raise more than $30 billion, either by resorting to selling off assets, slashing its dividend, raising capital or a combination of these measures, analysts at CIBC World Markets said. Citigroup's shares, part of the Dow Jones Industrial Average lost 6.9% to reach a multiyear low.

Foreclosures: Moving on up

November 02 2007 Money.CNN.com
Filings rise with more on the horizon as interest rates jump on a record number of adjustable mortgages. Foreclosure filings climbed during the third quarter of 2007 with no relief in sight, according to a report released Thursday. The report by RealtyTrac, an online marketer of foreclosure properties, showed the number of filings rose 30 percent from the previous quarter and nearly doubled from a year earlier More than 635,000 foreclosure filings were reported nationwide - one for every 196 households. The filings include everything from default notices to auction sale notices to actual bank repossessions. Nevada had the highest foreclosure rate - one for every 61 households. California recorded the second-highest foreclosure rate with one filing for every 88 households.

Stocks Tumble on Citigroup Worries

November 01 2007 BusinessWeek.com
The excesses that led to a bust in the housing boom haven't spread to the commercial real estate market, where the outlook is cautious but decidedly upbeat. Fears that more big subprime writedowns are waiting in the wings sparked a sell-off on Thursday. It may have been the day after Halloween but Wall Street had a full-scale fright-fest Thursday, with the markets looking fearfully for subprime-related monsters lurking in the shadows. Major U.S. stock indexes fell out of bed on Thursday, led by further losses in the financial sector after a downgrade on Citigroup re-ignited worries about more bad loans on its books and further write-downs to come. Negative earnings news from Exxon Mobil and Credit Suisse Group also sapped any lingering optimism among investors. The benchmark index had its fourth-largest decline of 2007.

Mortgage news

Monday, November 26, 2007

Here comes the recession

Citigroup says planning process focused on reducing costs

Sunday, November 25, 2007

Housing Prices Haven't Bottomed Yet, says Greenspan

Thursday, November 22, 2007

Even average homeowners feel rising mortgage floodwaters

Treasury rally will lower mortgages, hurt some portfolios

Wednesday, November 21, 2007

Mortgage applications down

U.S. mortgage rates fall

Behind Freddie and Fannie's Free Fall: Rating agencies and Subprime crisis

Tuesday, November 20, 2007

Cleveland is the nation's hardest hit area by mortgage meltdown

Stocks Plunge: more mortgage losses to come

Homebuilder Sentiment Stays at Record Low

Saturday, November 17, 2007

Fannie Mae reports $1.4 billion in mortgage loss

Friday, November 16, 2007

Mortgage Crisis May Reduce Lending Up to $2 Trillion

Thursday, November 15, 2007

How risky U.S. mortgages contaminated the global markets

Behind Wall Street's subprime fear index

Tuesday, November 13, 2007

Goodbye expansion; hello recession !

Countrywide Mortgage Loans Dropped by 48%

Monday, November 12, 2007

What would happen if Countrywide's credit rating is downgraded? Watch the video

Sunday, November 11, 2007

Subprime woes weigh

Citigroup Strong Despite Ratings Downgrades: CEO

Saturday, November 10, 2007

Mortgage woes pile up; Morgan Stanley sees $3.7B loss

E-Trade becomes latest subprime mortgage victim

Friday, November 9, 2007

Wachovia to allocate $600M for loan losses

Thursday, November 8, 2007

NY probes Fannie and Freddie

Fed Chief Stays Cautious On Further Rate Cuts

Why Washington Mutual Got Walloped

Wednesday, November 7, 2007

Banks that are best at protecting consumers

Financials Have a Long Road to Recovery

Falling Home Prices Pose Major Risk: Greenspan

Banks Tighten Business, Consumer Lending Standards

Monday, November 5, 2007

Subprime bailouts: Responsible borrowers express outrage

Sunday, November 4, 2007

Prisoners of Debt

Foreclosures Could Remain High for 18 Months

Saturday, November 3, 2007

Fed Pumps $41 Billion Into Financial System

Citigroup board to meet, CEO may resign

Friday, November 2, 2007

Banks and brokers slump, led by Citigroup

Foreclosures: Moving on up

Stocks Tumble on Citigroup Worries

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