H&R Block the largest U.S. tax preparer, said on Wednesday bank lines at its Option One Mortgage Corp lending unit were terminated or reduced, as the subprime mortgage company reduces it lending volume.
Stocks ended lower on Wednesday as strong manufacturing data released this morning offset broad declines in the tech sector. "From a technical perspective, seeing this kind of pullback is not bad, you want to see consolidation and see some base build," said Sean Brodrick, senior commodities analyst at MoneyandMarkets.com.
Bear Stearns said on Wednesday it was cutting 310 jobs in its mortgage origination businesses as part of a reorganization of its mortgage operations.
Hard to say what the Dow really represents as a proxy for broader markets - but the S&P is not far from its all time high and that should send a clear enough signal that these equity markets want to go higher. The technicians like the longer term trend lines and so far there is no hint that we retest the August lows.
U.S. mortgage applications fell for a second straight week, largely reflecting a drop in demand for home refinancing loans, an industry group said on Wednesday.
There's an indoor lap pool, eight-car garage and an elevator. But the 26,000-sq ft home features something even more unusual in this ritzy suburb of gated estates -- a $3 million discount on its price.
JC Flowers, the private equity group that has expressed interest in troubled U.K. mortgage bank Northern Rock, has secured about £15 billion of funding which could be used for a takeover, the Financial Times reported on Wednesday.
Shares in Australian mortgage lender RAMS Home Loans Group tumbled as much as 27% on Wednesday, compounding the previous day's blood-letting as doubts crept in over its deal with Westpac Banking.
Manhattan apartment prices climbed to a record level in the third quarter, defying the trend of the overall U.S. housing market, according to reports released Tuesday.
Pressure is mounting on Deutsche Bank to reveal the full impact of a global credit crisis on its results after UBS announced a shock third-quarter loss and Citibank said profits were badly hit.
Westpac Banking will buy the distribution arm of mortgage lender RAMS Home Loans Group, a high-profile Australian victim of the fallout from the U.S. subprime mortgage crisis, for $125 million.
Bill Gross said that the subprime mortgage crisis will dominate Federal Reserve policy "over the next several years" and believes short-term U.S. interest rates could fall to 3-3/4 percent over the next six to 12 months.
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, 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.
Stricken British mortgage lender Northern Rock has borrowed a further 5 billion pounds ($10 billion) from the Bank of England, the Financial Times reports.
Recent comments by CNBC’s Jim Cramer have revived a debate over whether home prices have hit bottom or will continue falling.
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.