Banks Credit

  • Shares in French bank Natixis soared 17 percent Thursday after its main shareholders announced they would inject $1.5 billion (1 billion euros) into the company's bond insurance unit.

  • A shareholder sued Freddie Mac, its chief executive and others on Wednesday, alleging the No. 2 U.S. home funding company did not take adequate steps to protect itself from problems in the mortgage industry.

  • Mitsubishi UFJ Financial Group, Japan's largest bank, posted a 49 percent drop in first-half profit on Wednesday, hit by subprime-related investments and hefty losses at its credit card unit.

  • Distressed UK mortgage lender Northern Rock is an acquisition target of U.S. finance company GMAC, sources told Reuters.

  • The value of a U.S. single-family home slid 2 percent in the third quarter compared with the same period in 2006 while metro regions in the South and West saw declines of over 3.5 percent, a leading real estate trade group said.

  • Overall losses from the U.S. mortgage market crisis could be up to $300 billion but financial firms and policymakers need to buy time to ensure an orderly work-out, the Organization for Economic Co-operation and Development said on Wednesday.

  • U.S. mortgage applications fell last week, with demand for both refinancing and home purchase falling, an industry group said Wednesday.

  • A leading indicator of U.S. non-residential construction activity rose slightly in October after two months of declines, as pressure from credit problems eased, an architects' group reported Wednesday.

  • 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.

  • A foreclosed home for sale.

    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.

  • 2007 Chrysler 300

    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.

  • picks_pans_badge.jpg

    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.

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    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.

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    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.