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.
Barclays, Britain's third-biggest bank, unveiled a 1.3 billion pound ($2.7 billion) writedown on its exposure to credit market problems on Thursday, less than was feared.
Cities in California, Florida and Ohio dominated the 25 U.S. metro areas with the highest home foreclosure rates, though rates jumped in most of the top regions during the third quarter, RealtyTrac said on Wednesday.
U.S. mortgage applications rose last week, with demand hitting its highest level in nearly a year as interest rates hovered near recent lows, an industry group said Wednesday.
Citigroup, the largest U.S. bank, on Tuesday overhauled the structure of its investment bank, combining equity and debt capital markets activities.
Pending home sales rose unexpectedly in September from the month before but were still far lower than a year ago, data from a real estate trade group showed
Bank of America, the second-largest U.S. bank, said on Tuesday it expects to write down $3 billion of debt in the fourth quarter, as fallout from the nation's housing slump deepens.
While Citigroup searches for a new CEO, there is growing speculation that the troubled financial services conglomerate may finally be broken up.
Merrill Lynch is resorting to its trademark bull logo to convince the world it is in good shape, despite taking its biggest quarterly loss ever.
Warren Buffett, chairman of Berkshire Hathaway, may cash in from the credit market turmoil and worries surrounding the financial strength of bond insurers, including Ambac Financial Group and MBIA, the Wall Street Journal said in its online edition on Monday.
Help may be on the way for the financial sector, but in the meantime individual institutions are continuing to get hit with damage from the growing subprime mortgage crisis.
Banks worldwide may lose as much as $400 billion from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said on Monday.
Europe's biggest bank HSBC is this week expected to unveil a further big hit from its exposure to the U.S. mortgage crisis.
Visa Inc. filed with regulators on Friday to raise up to $10 billion in an initial public offering of Class A common stock.
Bank of America saidthat market dislocations will adversly impact results duing the fourth quarter, according to a filing, while JPMorgan Chase said it could have further leveraged loan write-downs in the quarter.
With rapid fluctuations becoming commonplace in the major stock indexes, about the only thing there is to be certain of is uncertainty.
British bank Barclays categorically denied rumors it was about to announce a $10 billion writedown and see its top management quit, after such market talk sent its shares tumbling over 9 percent.
Wachovia said Friday it suffered a $1.1 billion loss on subprime mortgage-related debt in October, while Capital One Financial said more customers are having trouble paying their bills as the U.S. credit crisis deepened.
New York Attorney General Andrew Cuomo was wrong to file subpoenas against Fannie Mae and Freddie Mac without consulting their federal regulator and may have overreached his authority, the regulator wrote in a letter Thursday.
Falling real estate prices, massive bank write-downs and a quickening drumbeat of slashed credit ratings adds up to one thing: The credit crunch has only just begun.