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.
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.
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.
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 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.
The Bank of England denied on Thursday it had performed a U-turn over its stance on not bailing out markets in the Northern Rock case.
Federal Reserve Board chairman Ben Bernanke told a key House leader this week that any move to raise the limit on the value of mortgages that Fannie Mae and Freddie Mac can buy should only be temporary.
Wells Fargo Chairman Richard Kovacevich said Wednesday the U.S. mortgage industry will recover following further short-term pain, led by better-diversified lenders less exposed to market vagaries.
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.