Subprime Lending
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The U.S. housing market will see no surge at the start of spring, as fewer buyers signed contracts to purchase existing homes in February.
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France's economy minister and the head of the country's biggest listed bank, BNP Paribas, met on Friday to discuss the U.S. subprime mortgage crisis, which has affected some of BNP's funds.
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Countrywide Financial provided further details on the $11.5 billion it drew down to improve its liquidity, a Friday regulatory filing showed.
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A strong rally during the final half-hour of trading erased much of Wall Street's losses in another volatile trading session. The rebound was led by recently battered financial shares on optimism regulators may let Fannie Mae and Freddie Mac, the two biggest U.S. mortgage funding companies, play a bigger role in steadying the ailing industry.
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Despite ongoing mortgage market turmoil, regulators for Fannie Mae and Freddie Mac have given no signal they will lift a cap on the companies home loan holdings, and opposition to such a move still appears firm within the Bush administration.
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Fannie Mae, the nation's largest source of home loan funding, increased its holdings of risky subprime loans in 2006 while its profits fell that year, the company said Thursday in a long-delayed report.
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The European Commission will review a voluntary code used by credit rating agencies as they appeared too slow in warning about problems in the U.S. subprime mortgage sector, a spokeswoman said on Thursday.