Banks Credit

  • Smaller hedge fund firms hard hit by the current tighter credit conditions may be bought by larger, more traditional fund houses or may simply fold, law firm Eversheds told Reuters.

  • UBS headquarters in Zurich, Switzerland.

    UBS, the world's largest wealth manager, unveiled $3.4 billion in losses, swept out senior managers and slashed jobs in one of the biggest casualties yet from the worldwide credit crunch.

  • Credit Suisse  said on Monday its results would be "adversely impacted" by the market turmoil but it would remain profitable in the third quarter of 2007.

  • Australian hedge fund Basis Capital has proposed splitting its surviving fund in two to save the business, which has been hit by its exposure to risky credit derivatives, the Financial Times newspaper reported.

  • Britain will raise depositors' protection on their savings to 35,000 pounds, finance minister Alistair Darling will say on Monday after the country suffered its first bank run in more than a century last month.

  • Customers line up to enter a Northern Rock branch in Bromley, in south-east London, 14 September 2007.

    Stricken British mortgage lender Northern Rock has borrowed a further 5 billion pounds ($10 billion) from the Bank of England, the Financial Times reports.  

  • KB Homes

    Recent comments by CNBC’s Jim Cramer have revived a debate over whether home prices have hit bottom or will continue falling.

  • Sallie Mae

    Shares of Sallie Mae recovered some ground on Thursday, as traders bet that the endangered $25 billion deal to take over the student lender could be renegotiated at a lower price.

  • Standard & Poor's, under fire for its role in the U.S. housing market meltdown, is taking steps to ensure its ratings are sound and is reviewing its rated transactions more frequently, the credit rating agency told a Senate panel Wednesday.

  • Late payments on U.S. home equity lines of credit rose to a 5-1/2 year high in the second quarter of 2007 but delinquencies on many other types of consumer loans fell, the American Bankers Association said Wednesday.

  • Not one institution took up the Bank of England's offer of a 3-month loan on Wednesday in a sign credit conditions are easing and because the money only came at a punishing interest rate.

  • Merrill Lynch's subprime mortgage unit, First Franklin Financial, could cut about $100 million from the brokerage's third-quarter profit on an impairment charge, a Wall Street analyst said Tuesday.

  • Angelo Mozilo

    Countrywide Chief Executive Angelo Mozilo said Tuesday the largest U.S. mortgage lender is "out" of the subprime business, apart from offering home loans eligible for purchase by government-sponsored enterprises.

  • Nationstar Mortgage, the subprime unit of Fortress Investment Group, said it is no longer accepting new loan applications from brokers, a signal the lender is winding down operations.

  • Customers line up to enter a Northern Rock branch in Bromley, in south-east London, 14 September 2007.

    Troubled British mortgage lender Northern Rock has taken legal advice about whether to pay out a 59 million-pound (US$119 million) dividend to shareholders, the Financial Times said on Monday.

  • Customers line up to enter a Northern Rock branch in Bromley, in south-east London, 14 September 2007.

    Three leading hedge funds are planning a break-up of beleaguered British bank Northern Rock, according to a newspaper report on Sunday.

  • An affiliate of billionaire investor Wilbur Ross has offered to buy bankrupt American Home Mortgage's loan servicing unit for a price expected to be more than $400 million, court papers filed on Friday show.

  • Stocks rallied sharply during the week after the Federal Reserve surprised investors with a deeper-than-expected interest-rate cut.

  • Freddie Mac’s CEO, Richard Syron, told CNBC that the home-loan provider needs to be able to invest in jumbo loans for about two years in order to help remedy the subprime crisis.

  • Bear_Stearns.jpg

    Bear Stearns said Thursday its profit plunged 62 percent in the third quarter, as turbulence in the debt market and wrong-way bets on mortgages hurt the investment bank's credit portfolio and bond business.