With several markets closed for the Lunar New Year and only a smattering of Asian data due, it may be a rare quiet week for investors.» Read More
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 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 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.
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.
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 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, 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.
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.
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.
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'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 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.
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 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.
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.
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 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 Enterprises is offering six-figure discounts on some of its properties this weekend as it attempts to draw interest in a slumping market.