This city at the heart of an area that is among the nation's hardest hit by rising foreclosures will host a meeting of mayors from across the country next week to address the nation's housing crisis.
Asset manager BlackRock is set to be signed up as the manager of a $75 billion fund being put together by U.S. banks to help struggling structured investment vehicles (SIVs), the Financial Times said, without citing the source of the information.
Freddie Mac, the No. 2 U.S. mortgage finance company, stunned Wall Street with a unexpectedly wide loss and plans to slash its dividend or use other means to raise capital to withstand a continuing downturn in the housing market.
Countrywide Financial, the largest U.S. mortgage lender, said its management believes the company has ample liquidity and capital.
A $4 billion sale of loans being raised by automaker Chrysler following its takeover by buyout firm Cerberus has been indefinitely postponed, the Wall Street Journal reported.
U.S. buyout firm JC Flowers has submitted an offer for stricken British bank Northern Rock that would include an offer to its shareholders at a "nominal value," a person familiar with the situation said.
Shares in mortgage lender Paragon Group plummeted 46 percent in early trading Tuesday after it disclosed that it was having difficulties in securing new financing because of the impact of the subprime lending crisis in the United States.
When it comes to investment prospects, land in Florida and cable television may not sound so great — until you hear what John Linehan has to say. The manager of T. Rowe Price's large-cap Value Fund has seen growth of 10 percent over the last three years.
The National Association of Home Builders said its preliminary NAHB/Wells Fargo Housing Market index was unchanged at 19 in November, the lowest reading since this gauge started in January 1985.
The painful collapse of the housing market along with the credit crunch will weigh down economic growth in the final three months of this year and cause economic activity to lag in 2008.
Minneapolis Federal Reserve Bank President Gary Stern said on Monday he expected the U.S. housing market to weaken further because of a large pool of unsold homes.
China has quietly ordered banks to freeze their lending through the end of the year, the Wall Street Journal reported on Monday, marking the latest in a series of measures to keep investment from running out of control.
Fannie Mae shares plunged 10 percent to their lowest in more than a decade on Friday after the company on a conference call failed to calm investors concerned about loss accounting.
With homebuilders, real estate companies and even Wall Street firms taking a hit from the credit crunch, it’s worth taking a look at the balance sheet of Corporate America.
Banking auditors are watching carefully to ensure bank valuations based on in-house mathematical models are not, in the phrase coined by Warren Buffett, "mark to myth."
Prospective bidders are due to submit their final proposals Friday for mortgage lender Northern Rock, Britain's biggest casualty of the global credit crisis.
Wells Fargo believes the nation's housing slump is the worst since the Great Depression and is far from over, Chief Executive John Stumpf said Thursday.
Several financial institutions have been telling investors that subprime losses may not be as big as feared. Yet many wonder if it's all just wishful thinking.
When the market was filling in the blanks for itself Barclays fell 9 percent in a session and trading in the stock was temporarily suspended. To read the rumor the Chairman and CEO where heading out of the door.
Investors in a $5 billion cash management fund run by General Electric have become the latest victims of the subprime mortgage meltdown. A short-term cash management fund, which attempts to keep the value of each share at one dollar, is instead offering investors just 96 cents on the dollar.