Berkshire Hathaway has urged shareholders to vote against a proposal that it consider a "meaningful" dividend.» Read More
The U.S. Treasury Department and mortgage industry leaders are putting the final touches on a plan that could save struggling homeowners from foreclosure by freezing interest rates before they reset sharply higher.
Unless you were trapped under something heavy this morning, you’ve probably heard about the Treasury Dept.’s impending deal with major lenders to freeze interest rates on certain subprime loans. This is all coming out of the “Hope Now” alliance, which was originally launched by Henry Paulson and designed to get lenders in better communication with borrowers.
Traders got what they wanted: 1) Bernanke sounded like Don Kohn, and 2) Paulson is taking the reigns and indicating he is trying to stop the subprime crises from spreading. 1) Bernanke: In his speech last night, Bernanke made it clear he was worried about the direction of the economy.
So is this is a tradable bottom or just a head fake? Bulls point to the still-huge short position in financials, the large cash positions, and the hopes that the strength of the rally will suck in other players looking for a last year-end play to add a point or two to their bottom line profits.
Stocks staged one of the biggest rallies of the year as hopes for a Federal Reserve interest cut boosted financial services companies for a second day, while falling oil prices eased concern about higher energy costs.
The dollar rallied to one-week highs against the euro, the yen and the Swiss franc Wednesday with investors betting the U.S. currency's recent slump to multiyear lows had gone too far.
Fed Pres Donald Kohn moved futures 5 points up at 8 am ET by saying that if tighter credit conditions made credit more expensive and discouraged spending, it "would require offsetting policy action." This seems to imply more rate cuts, whether of the fed funds type or the discount rate.
After avoiding major trouble most of the year, Wells Fargo has finally bogged down in the mortgage muck that's muddying one major bank after another.
Tuesday's market action was the mirror opposite of Monday's mayhem. The Dow rose 215 points, or 1.69%. Money poured into the financial stocks. The credit markets calmed down, and 10-year Treasury futures traded near record volume but in a fairly tempered way. The dollar rallied. All this started with news Abu Dhabi Investment Authority was investing $7.5 billion in Citigroup.
Today the home builders released their monthly sentiment report, which is the product of a survey by the National Association of Home Builders and Wells Fargo. The sentiment number gauges current sales conditions, future sales expectations and buyer traffic.
Fannie Mae shares plunged 10 percent to their lowest in more than a decade on Friday after the company on a conference call failed to calm investors concerned about loss accounting.
Stocks closed sharply lower as investors remained skittish about the housing slump's toll on the economy and potential credit losses at big financial services companies.
Berkshire Hathaway's nearly 14 million shares of Carmax are worth substantially more at today's closing bell than they were 24 hours before. The big rally follows the revelation in an SEC filing by Warren Buffett's holding company that it held 13,981,800 shares of the nation's biggest used-car retailer as of September 30, the end of Berkshire's third quarter.
Wells Fargo believes the nation's housing slump is the worst since the Great Depression and is far from over, Chief Executive John Stumpf said Thursday.
That's what Wells Fargo CEO John Stumpf says. Watch Cramer's reaction.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.
Several financial institutions have been telling investors that subprime losses may not be as big as feared. Yet many wonder if it's all just wishful thinking.
Money isn't the only thing that's green at Wells Fargo.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.
Cramer makes the call on viewers' favorite stocks.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.
An interesting piece in the Washington Post today about Long and Foster, which is DC’s largest residential real estate brokerage. The founder, P. Wesley Foster Jr. apparently sent out a memo to employees, criticizing them for using outside mortgage lenders over the company’s own Prosperity Mortgage, a joint venture with Wells Fargo.
Despite the positive economic news, there is concern about the consumer out there. Morgan Stanley just downgraded large cap banks like Citi, Bank of America, and Wells Fargo; the note was ominously titled, " Consumer Contagion Coming."