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Countrywide Financial CEO Angelo Mozilo told a congressional panel Friday that he is "extremely concerned" that recent tightening of mortgage underwriting criteria has gone too far.
Punk Ziegel recommended investors buy Citigroup, a day after the bank announced moves to overhaul its U.S. residential mortgage business, and said new rumors in the market suggest that the financial giant's capital strength may be greater than thought.
The heads of three companies implicated in the mortgage crisis have been asked to explain how they collectively received hundreds of millions of dollars in compensation while their companies were losing money.
Gloom and doom greets the February employment report Friday. There's not much optimism around that report, which is released at 8:30 a.m. Estimates range from a slight increase in jobs to a slight decrease. Lehman expects job growth of 15,000, after January's 17,000 loss.
Wall Street was poised to open mostly lower on Thursday, despite positive retail sales numbers as the market continued to worry over the battered financial sector.
Citigroup said it aims to cut its home loan exposure by $45 billion, reduce risk and save $200 million a year in an overhaul of its U.S. residential mortgage business.
Hard-hit bond insurer Ambac Financial Group's plans to raise at least $1.5 billion in new capital are not enough to fix its capital adequacy problem, analysts at Goldman Sachs and J.P. Morgan Securities said.
After Ambac's bailout went bust, what can possibly help the struggling financials?
Stocks clawed their way back to close higher Wednesday after a rollercoaster day of trading loaded with news.
Stocks pulled back in afternoon trading Wednesday, led by financials, as news on Ambac trickled out.
Ambac's plan to raise up to $1.5 billion in capital is nearly complete, bankers say, which should help the troubled bond insurer keep its crucial triple A debt rating.
Ambac Financial Group announced plans to raise up to $1.5 billion in capital in an attempt to keep its crucial triple A debt rating.
There are too many opportunities for investors to be sitting on the sidelines.
Stocks declined Tuesday, with financials taking a beating after news of more fallout from the subprime mess at Citigroup. Energy stocks also fell as oil prices receded.
Citigroup's job cuts could reach 30,000 or more over the next year and a half because of increasing writedowns from subprime related debt, CNBC has learned
Stocks declined Tuesday after dismal corporate news about Intel and Citigroup.
Three top government officials--including Fed Chairman Ben Bernanke--signaled that the expanding housing crisis is likely to take an even bigger toll on banks.
U.S. stock index futures pointed lower Tuesday, with no major data expected and with corporate news adding to investors' gloomy mood.
Any way you look at it, the main story today is lowering earnings estimates. Whether you look at Merrill slashing Citi's estimates, or Intel cutting its gross margin forecast, or downbeat comments from Barnes and Noble and Staples, the implications of the commentary on these companies is that things are not improving and, in some cases, weakness may continue into the second half of the year.
The banking industry, a source of pain for the markets since the credit crunch began, is center stage in today's trading. Citigroup shares this morning are getting whacked after Merrill Lynch slashed earnings estimates and said Citi could take another big writedown.