New-homes sales rose 1.7% in October from a September level that was revised down sharply, showing ongoing weakness.
The biggest shareholder in Germany's troubled IKB Deutsche Industriebank said Thursday that the pool of banks that stepped in to support IKB after it was attered by the U.S. subprime lending crisis will cover additional risks estimated at $520 million.
Alliance & Leicester and Bradford & Bingley have secured funding to see them through towards the end of next year, soothing fears another British bank is facing a financing crisis.
U.S. home foreclosure filings in October edged up 2 percent from September but at 224,451 were a whopping 94 percent higher than a year earlier, real estate data firm RealtyTrac said Thursday.
Credit market turmoil is hampering plans by EMI and Warner Music to issue billions of dollars in debt backed by revenue from their publishing catalogues, the Financial Times reported in its online edition.
Applications for U.S. home mortgages fell last week as rates on some adjustable loans soared to their highest levels in more than two months, according to data from an industry group Wednesday.
U.S. existing home sales fell 1.2 percent in October to a record low 4.97 million-unit pace, according to a report Wednesday that showed the downturn in the U.S. housing market was deepening.
The European Central Bank lent three-month funds to banks at its highest rate since April 2001, after unexpectedly strong demand on Wednesday from a market keen to secure liquidity to tide it over the end of the year.
Freddie Mac's planned sale of $6 billion in special stock to help shore up its battered finances will be closely watched by investors gauging the damage inflicted by the turmoil this year in the credit and housing markets.
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.
A deal that would give Cheyne Finance creditors the ability to avoid booking hundreds of millions of dollars of potential losses is in the works, the Wall Street Journal reported in its online edition, citing sources familiar with the situation.
A $7.5 billion Abu Dhabi deal for Citigroup may encourage other Middle East investors to buy stakes in troubled U.S. financial firms.
Prices of existing U.S. single-family homes in the third quarter slumped 4.5 percent from a year earlier, matching a record decline from the previous period as the housing downturn deepened, according to a national home price index Tuesday.
Citigroup is selling up to 4.9 percent of itself for $7.5 billion to the Gulf Arab emirate of Abu Dhabi, giving the largest U.S. bank fresh capital as it wrestles with the subprime mortgage crisis and the resignation of its chief executive.
An escalating mortgage crisis will push another 1.4 million U.S. homes into foreclosure and drive nationwide property values lower by 7 percent next year, according to a report released on Tuesday by a group representing city mayors.
Diehard retail investors in Northern Rock would be asked to invest about 770 pounds ($1,600) in the company if a proposed Richard Branson-led rescue of the stricken mortgage bank proceeds.
Read the full text of Sen. Chuck Schumer’s letter to Federal Home Loan Bank Chairman Ronald Rosenfeld, urging an end to cash advances for Countrywide Financial.
The U.S. Federal Reserve and European Central Bank announced plans to pump more funds into troubled money markets to give banks enough cash to tide them through a year-end squeeze.
A consortium led by Richard Branson's Virgin Group has been picked as the preferred bidder to rescue Northern Rock and plans to repay 11 billion pounds ($22.6 billion) quickly to the Bank of England.
The odds now point to a U.S. economic recession that slows global growth significantly even if necessary policy changes are implemented, former U.S. Treasury secretary Larry Summers said.