Banks Credit


  • Top Rating Agencies Say European, U.K. Banks are Solid Wednesday, 19 Sep 2007 | 12:05 PM ET

    Most banks in Europe are not likely to be hit very hard by the recent turmoil in credit markets, and the Northern Rock crisis is not likely to spill in the U.K. mortgage sector, two top ratings agencies said Wednesday.

  • Shares in Northern Rock Dive on Takeover Talk Wednesday, 19 Sep 2007 | 10:07 AM ET

    Shares in embattled British bank Northern Rock tumbled 20% to an all-time low on Wednesday as speculation of a cut-price takeover bid combined with stake sales from two investors stoked concerns over its future

  • Countrywide CEO Bullish, Asks Government to Do More Wednesday, 19 Sep 2007 | 5:19 AM ET
    Angelo Mozilo

    Countrywide Chairman and CEO Angelo Mozilo delivered a bullish outlook Tuesday for his company as it grapples with the ongoing housing downturn. However, he called on the government to do more to ease the credit crunch and help borrowers in distress avoid foreclosure.

  • Treasury prices fell sharply Tuesday as investors celebrating the Federal Reserve's half-point cut in interest rates yanked their money out of bonds and shifted it to the stock market.

  • Impac Exits Alt-A Market, Cuts 144 Jobs Tuesday, 18 Sep 2007 | 1:59 PM ET

    Shares of Impac plunged more than 13% in trading on the New York Stock Exchange on news of  layoffs and closing of its Alt-A division.

  • Failed Lender Makes Grab for Employee Funds Tuesday, 18 Sep 2007 | 1:09 PM ET

    Bankrupt American Home Mortgage is attempting to seize as much as $27 million that former employees set aside from paychecks for retirement, according to an attorney representing them.

  • European Stocks Rally, Close Higher on Fed Hopes Tuesday, 18 Sep 2007 | 12:17 PM ET

    European stocks rallied Tuesday, closing higher, with investors cheered by the prospect of a U.S. Federal Reserve rate cut and encouraged by the British government's intervention to reassure Northern Rock bank depositors.

  • Beazer Homes Cuts $60 Million in Costs Tuesday, 18 Sep 2007 | 11:44 AM ET

    Beazer, the No. 7 U.S. home builder, like nearly all of the other large U.S. home builders has focused on cutting costs and strengthening its balance sheet in order to navigate  rough waters in the U.S. housing market.

  • Hovnanian Focused On Paring Inventory, CEO Says Tuesday, 18 Sep 2007 | 11:23 AM ET

    Home builder Hovnanian Enterprises is focused on reducing its inventory of unsold homes, after a national weekend sales promotion exceeded expectations, Chief Executive Officer Ara Hovnanian said on Tuesday.

  • BoE Delivers $9 Billion Emergency Cash Injection Tuesday, 18 Sep 2007 | 11:15 AM ET

    The Bank of England pumped an emergency 4.4 billion pounds into money markets on Tuesday to bring overnight interest rates down after they had shot up in the wake of the crisis engulfing Northern Rock.

  • August Foreclosure Filings Rise 115% from Year Ago Tuesday, 18 Sep 2007 | 6:15 AM ET
    A home is advertised for sale at a foreclosure auction in Pasadena, California.

    U.S. foreclosure filings rose 36% in August from July and 115% from a year ago, hit by declines in once-hot housing markets such as California, Nevada and Florida, according to a report released Tuesday.

  • Australia Central Bank Denies Bank Funding Rumors Tuesday, 18 Sep 2007 | 12:53 AM ET

    Australia's central bank on Tuesday denied market speculation that one or more regional Australian banks had come to it for emergency funding due to the global credit squeeze.

  • Shares of Hovnanian Enterprises rose after the company said it sold more than 2,100 homes during its weekend sales campaign, according to preliminary results.

  • National City Sees Mortgage Loss Near $160 Million Monday, 17 Sep 2007 | 11:46 AM ET

    National City said on Monday it expects a third-quarter mortgage banking loss of around $160 million, the high end of its forecast, hurt by slumping housing demand and tighter capital markets.

  • Paulson Says Market Turbulence to Continue a While Monday, 17 Sep 2007 | 4:23 AM ET

    U.S. Treasury Secretary Henry Paulson said on Monday he expected market turbulence to continue for a while, but said the current turmoil was occurring against the backdrop of global financial strength.

  • European Stocks Seen Down as Credit Woes Persist Monday, 17 Sep 2007 | 1:26 AM ET

    European shares were set to dip in early trade on Monday, adding to Friday's losses, as worries over the impact of a crunch in the credit market remain high despite expectations of a U.S. interest rate cut.

  • Hovnanian Says Weekend Home Sale a Success Sunday, 16 Sep 2007 | 8:03 PM ET

    Homebuilder Hovnanian Enterprises said its weekend sales blitz on some of its hottest real estate properties was a clear success but exact figures are yet to be determined.

  • Week on Wall Street: Making Gains Ahead of the Fed Friday, 14 Sep 2007 | 5:35 PM ET

    Stocks ended higher as investors widely expected the Federal Reserve to cut interest rates, but gains were tempered due to uncertainty regarding the magnitude of easing. The Dow Jones Industrial Average posted a weekly gain of 2.6%, the S&P 500 rose 2.1% and the Nasdaq Composite advanced 1.4%.

  • First Data to Sell $5 Billion Loan at Discount Friday, 14 Sep 2007 | 4:27 PM ET

    First Data on Monday plans to sell a $5 billion loan to fund some of its $26 billion buyout by Kohlberg Kravis Roberts, but concessions had to be given to attract investors, sources told Reuters Loan Pricing on Friday.

  • Hovnanian Stages Weekend Fire Sale of Luxury Homes Friday, 14 Sep 2007 | 3:23 PM ET

    Hovnanian Enterprises  is offering six-figure discounts on some of its properties this weekend as it attempts to draw interest in a slumping market.