There are surprisingly few signs that equity hedge funds have made big changes to their portfolios following losses.» Read More
Bank of America's CEO says he is not pleased with his own company's performance and sees anemic growth for 2008. Still, he believes the purchase of Countrywide will close in the second half of this year, sending CFC shares up in early trading.
The global freefall in equities markets is likely to shake Wall Street Tuesday morning as investors shun stocks and search for safety plays.
A heavy gloom hanging over Wall Street may deepen this week unless such bellwether companies as Apple and United Technologies provide investors with hope that the U.S. economy can avert recession.
Forget about tax rebates. Cramer has the stimulus package this economy really needs.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Washington has its plan to boost the economy, and the Mad Money host has his.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Ambac Financial Group on Friday said it scrapped plans to issue $1 billion of new equity, in a move that may result in the bond insurer's top debt ratings getting cut.
In a form filed after the bell with the SEC, Countrywide says its board has decided to award "retention grants" to all executive officers except CEO Angelo Mozilo.
Finance company GMAC said it expects its struggling Residential Capital mortgage unit will have met its financial covenants at the end of 2007 and that GMAC itself remains adequately capitalized.
Countrywide Financial sent out a press release saying it helped 81,000 people KEEP their homes in 2007. Here's the press release. Specifically, the company says it modified 56,000 mortgages last year, 10,000 of them in December alone, allowing people to stay in their homes.
Bank of America said on Tuesday it would eliminate 650 corporate and investment banking jobs and sell its equity prime brokerage business, as the second-largest U.S. bank retrenches in the face of difficult credit market conditions.
Wall Street plunged lower Friday amid renewed fears that some consumers are buckling under signs of a slowing economy. What’s the word on the Street?
Similar deals are expected to follow Bank of America's agreement Friday to acquire battered mortgage lender Countrywide Financial for a knock-down price of $4 billion in stock.
Continued problems in the credit-card industry that spilled over into the broader markets renewed fears of a recession and sent stocks down sharply Friday, despite hopes for a looming interest rate cut.
Quarterly reports next week from Citi, JP Morgan, Washington Mutual, Wells Fargo, Comerica, Merrill Lynch, PNC. There are plenty looking to go long after the reports are out, based on valuation. For example, Citi and Wells Fargo are trading in the bottom 10 percent of their historical valuation.
I'm outside Countrywide headquarters this morning, where employees have a mixture of relief and worry. Countrywide has already laid off 11,000 people, but it's certain that more will eventually have to go. Bank of America won't need everyone. This could affect everyone from bank tellers to the corporate pilots (Countrywide has not one but two Gulf Streams).
Bank of America agreed to acquire Countrywide Financial in a $4 billion transaction that could help avert one of the biggest collapses from the U.S. housing crisis.
Bank of America, the second-largest U.S. bank, may announce a deal shortly to buy Countrywide Financial, the largest U.S. mortgage lender, CNBC has learned.
The biggest lender isn’t going under, but it is going under new ownership, and as goes Bank of America, so goes Countrywide. Call it the "clean-up of Countrywide." Here’s the difference: Countrywide was the everyman lender, out on the street, dealing with brokers, correspondents, promising everyone...
Washington Mutual, the U.S. savings and loan slammed by slumping mortgage markets, has held "very preliminary" merger talks with JPMorgan Chase, CNBC has learned.
The Bank of America-Countrywide deal is less than two hours old, and already the cynics are out. It's a government-approved bailout, cynics say. It's a government conspiracy to keep the market up, cynics say. Things look like they are worse than appears at Countrywide and BofA gets a deal in the long term, they say.