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Countrywide Financial, the largest U.S. mortgage lender, said Tuesday it expects to incur a $125 million to $150 million pretax restructuring charge in connection with its plan to eliminate 10,000 to 12,000 jobs to cope with the U.S. housing slump.
U.S. home builder sentiment sank to a record low in October as borrowers faced difficulty getting mortgages from more stringent lenders, bloating the supply of unsold houses, the National Association of Home Builders said Tuesday.
Money manager State Street posted better-than-expected quarterly profit on Tuesday and raised its full-year earnings forecast, prompting investors to drive its shares up more than 8 percent.
Foreign investors fled from U.S. assets in August as a meltdown in the U.S. subprime mortgage market triggered a global credit crunch, Treasury Department data showed on Tuesday.
Foreign investors fled from U.S. assets in August as a meltdown in the U.S. subprime mortgage market triggered a global credit crunch, Treasury Department data showed Tuesday.
Annual construction spending in New York City, which hit a record $24.6 billion last year, should rise by 18 percent over the next three years on strength in the residential, commercial and government sectors, a trade group said in a report released on Tuesday.
A recently announced fund aimed at easing the global-liquidity crunch may signal problems in corporate financing down the road, Ralph Silva, senior research analyst at TowerGroup, told "Squawk Box Europe."
U.S. housing prices will continue to decline at least through the end of next year and may not begin creeping upward again until 2010, executives from the biggest mortgage financiers said Monday.
Stocks closed lower after financial giant Citigroup halted its stock buyback plan and said it and two other big U.S. banks will create a multibillion-dollar fund in order to support the struggling commercial debt market.
Citigroup, Bank of America, JPMorgan Chase & Co. and other banks said Monday they were setting up a fund to support investment funds that might otherwise have to sell billions of dollars of assets.
The housing market may have taken a beating and this sector may have some bargains as a result.
Foreclosed properties have long appealed to investors who are looking to build equity
The days of quickly flipping houses for a fat profit may be over but there are still opportunities in the property market.
Mortgage lender Northern Rock confirmed Monday it is discussing options with several interested parties, but gave no details of the bidders or their proposals.
BNP Paribas, France's largest listed bank, said on Sunday that the liquidity crisis in financial markets would have a limited impact on the bank.
The late summer global credit squeeze is showing further signs of easing, though the aftershocks are still being felt from homebuilders to hedge funds.
Countrywide Financial on Thursday said September mortgage lending fell 44.3 percent from a year earlier as it tightened underwriting standards, even as delinquencies surged.
Moody's Investors Service on Thursday cut its ratings on home builders Centex, Lennar and Pulte Homes to junk status, saying it expects bleak housing industry conditions to linger at least until 2009.
Credit conditions have eased in the last few weeks, but it is still too early to say when the current troubles in financial markets will end, British Finance Minister Alistair Darling said on Thursday.
Treasury Secretary Henry Paulson announced a new initiative under which major mortgage servicers, mortgage counselors, government officials and non-profit groups will coordinate their efforts to help struggling borrowers restructure their mortgage payments and stay in their homes.