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As more and more mortgage lenders close down, big banks should clean up.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.
U.S. Treasury Secretary Henry Paulson may say the fundamentals of the economy are sound, but Cramer isn't buying it.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.
Warren Buffett's Berkshire Hathaway has just revealed its portfolio holdings for the second quarter. New additions: Bank of America and Dow Jones, plus increased stakes in some healthcare names.
CNBC's Becky Quick spoke by telephone with Warren Buffett this morning. Mr. Buffett tells Becky that all the speculation (specifically today's Wall Street Journal piece) about what he might be buying in these times of turmoil is just that, speculation. PLUS: A video clip of the Motley Fool's Bill Mann on all that speculation and an interview with Buffett-watcher Andrew Kilpatrick.
Billionaire investor Warren Buffett told CNBC's Becky Quick this morning that speculation he may buy parts of beleaguered mortgage lender Countrywide Financial is just that, speculation.
Senate Banking Chairman Christopher Dodd told CNBC he believes the Federal Reserve was lax in its responsibilities by not preventing the surge of subprime mortgage loans. Dodd also said he will meet with Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson on Tuesday morning.
Thornburg Mortgage's president Larry Goldstone told CNBC Monday that there is still a crisis of investor confidence in the mortgage market but that the residential mortgage lender expects to be profitable.
If any company can take the mortgage pain, WFC can. And once the Fed cuts rates, this stock should shoot up like a rocket.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.
It takes more than good credit to get a mortgage these days. Lenders across the country, stuck with piles of loans investors wouldn't buy, are jacking up rates and imposing stricter requirements on even the most creditworthy borrowers. And once again, to close a deal, home shoppers often have to put down their own money, prove what they say they earn, as well as show a track record for payment.
The subprime meltdown is spreading to other parts of the mortgage market. So-called jumbo loans--those above $417,000--are getting more expensive and difficult to get.
Corporate news and analyst upgrades were some of the catalysts behind the most actively traded stocks on Monday.
Stocks rallied as investors snapped up shares in the beaten-down financial sector despite uneasiness surrounding the health of credit markets and the U.S. economy. "We got a big sigh-of-relief rally," said Arthur Cashin, director of floor operations at UBS.
Let me just preface by saying that I don't make a habit of commenting on what other colleagues at CNBC say. It's neither prudent, nor necessary. I also didn't even plan on blogging this week; I'm on vacation for crying out loud! But my BlackBerry was buzzing off the base this weekend, with housing bloggers begging me to respond to Jim Cramer's outcry on Friday about the Fed and the mortgage market. So let me just blog here respectfully.
There was little cheer about for the real estate and housing industries this week, but the news flow was not nearly as unrelentingly negative -- some would say depressing -- as the previous two weeks.
Wells Fargo, Wachovia and other lenders are limiting mortgages to some of their more creditworthy borrowers as worries about U.S. homeowner defaults widen.
“They’re pulling themselves out of the market to regroup,” is what one of my mortgage broker buddies told me on the phone this morning when I asked how in the heck Wells Fargo could raise rates on a 30-year jumbo fixed rate mortgage from 6 7/8% to 8% overnight. A jumbo is anything over $417,000, and given today’s home prices, that’s going to hit an awful lot of borrowers.
Countrywide Financial, the largest U.S. mortgage lender, Tuesday reported a 33% decline in second-quarter profit and slashed its full-year earnings forecast, citing a difficult housing market.
Wells Fargo & Co. has stopped offering a popular adjustable-rate mortgage designed for home buyers with troubled borrowing histories, becoming the latest lender to curtail its exposure to the subprime market in response to regulatory and market pressures.
The Dow Jones Industrial Average closed at a record high, but slipped below 14,000 after trading above the milestone earlier in the session. Traders remained optimistic that the market will power higher. "We're not going to stop at 14,000; it's just an arbitrary number," said Gordon Charlop, president of Walter J. Dowd.
Wells Fargo, the fifth-largest U.S. bank, said second-quarter profit rose 9% to a record, as higher customer fees offset a decline in mortgage banking income and a jump in loan losses.