Credit Information For Informed Consumers
Reuters - Citigroup Inc said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually, in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets.
Every time we get some money, the family hands shoot out. How can I get my wife to zip her lip?
Countrywide falls on worry over B of A merger (Reuters)
Reuters - Countrywide Financial Corp shares fell nearly 6 percent on Friday on renewed speculation that Bank of America Corp will renegotiate or cancel its agreement to buy the largest U.S. mortgage lender.
ALL BUSINESS: Government-backed housing bailout badly needed (AP)
AP - A government-backed mortgage bailout is needed, and it must be done right away.
Citigroup targeting 9 percent revenue growth (AP)
AP - Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets.
Mortgage credit losses could total $500 bln: Goldman (Reuters)
Reuters - Goldman Sachs economists expect a total of $500 billion in residential mortgage credit losses, a renewed slowdown in economic activity after the near-term boost from fiscal stimulus, and no monetary policy tightening in 2008 or 2009, according to a research note from the firm.
Make money in 2008
A special report from Money Magazine on what to expect and where to put your money in the coming year.
Reports on 380 home markets across the country. See latest prices, forecasts, and other key stats.
AIG sees no signs of mortgage asset market rebound yet (Reuters)
Reuters - American International Group , after disappointing with a worse-than-expected loss on Thursday, did little to buoy investor spirits on Friday, telling shareholders it does not yet see signs of a rebound in the market for mortgage assets, which have cost it dearly over the past two quarters.
HSBC profits up despite $3.2 billion write-down (AP)
AP - HSBC Holdings PLC said Monday that first-quarter profit was better than a year ago, despite a $3.2 billion write-down on subprime mortgage assets in the United States.
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Reuters - HSBC is underestimating problems at its troubled U.S. consumer finance arm, a rebel shareholder said on Monday and called on the bank to appoint an independent financial advisor to consider options for the unit.
AP - HSBC Holdings PLC said Monday that first-quarter profit was better than a year ago, despite a $3.2 billion write-down on subprime mortgage assets in the United States.
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HSBC rebel urges independent adviser for U.S. arm (Reuters)
Reuters - HSBC is underestimating problems at its troubled U.S. consumer finance arm, a rebel shareholder said on Monday and called on the bank to appoint an independent financial advisor to consider options for the unit.
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Reports on 380 home markets across the country. See latest prices, forecasts, and other key stats.
Reuters - Countrywide Financial Corp shares fell nearly 6 percent on Friday on renewed speculation that Bank of America Corp will renegotiate or cancel its agreement to buy the largest U.S. mortgage lender.
AP - HSBC Holdings PLC said Monday that first-quarter profit was better than a year ago, despite a $3.2 billion write-down on subprime mortgage assets in the United States. More Info…
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Reuters - Citigroup Inc said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually, in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets.
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Reuters - National City Corp, a large U.S. Midwest bank, said on Monday it is raising $7 billion and slashed its dividend after mortgage and home equity problems led to its third straight quarterly loss.
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Reuters - E*Trade Financial Corp reported a steeper-than-expected quarterly loss on Thursday on additional losses from home equity loans as its management sharpens the discount brokerage’s strategic focus.
Reuters - The Bank of England detailed a ground-breaking plan on Monday to lend banks up to 50 billion pounds ($99.76 billion) to help them operate during the credit squeeze.
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AFP - US banking giant Citigroup reported Friday a 5.1 billion dollars net loss during the first quarter and said it would cut an additional 9,000 jobs as it struggles with bad bets on subprime mortgages.
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AP - Former Fannie Mae chief Franklin Raines and two other top executives have agreed to a $31.4 million settlement with the government announced Friday over their roles in a 2004 accounting scandal. More Info…
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Bank of England facilitates bank debt swap (AP)
AP - The Bank of England, aiming to deal with the crippling impact of the U.S. subprime mortgage crisis, on Monday announced a $100 billion plan to allow banks to swap mortgage-backed securities for British Treasury bills.
National City raising $7 billion, shares sink (Reuters)
Reuters - National City Corp, a large U.S. Midwest bank, said on Monday it is raising $7 billion and slashed its dividend after mortgage and home equity problems led to its third straight quarterly loss.
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Housing-credit woes spur calls for more federal regulation (AP)
AP - A heavier federal hand is reaching into American life as politicians in both parties demand an overhaul of government financial regulation and more protection for homeowners in the face of mortgage woes and a weakening economy.
Reports: National City to get $6B from private investors (AP)
AP - National City Corp. will get about $6 billion from private investors in a deal that provides much-needed capital to a Midwestern bank heavily exposed to the worsening mortgage and housing market, according to reports published Sunday.
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Merrill Lynch still licking wounds from US subprime foray (AFP)
AFP - US investment bank Merrill Lynch reported its third straight quarter in the red Thursday after another massive write-down on assets from its adventure in the risky US subprime mortgage market.
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Reuters - The House of Representatives on Thursday overwhelmingly approved a bill calling for federal intervention to stabilize the student loan market amid turmoil brought on by the mortgage crisis. More Info…
Reuters - Ex-Fannie Mae chief Franklin Raines and two other former executives agreed to pay more than $31 million in a settlement over their roles in a 2004 accounting scandal at America’s largest home financing agency, its regulator said on Friday.
Reuters - Sallie Mae , the largest U.S. student loan company, on Thursday affirmed its 2008 profit forecast, but warned of a “train wreck” in the $85 billion education financing market without urgent government intervention.
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Reuters - The Bank of England moved to ease the effects of a credit crunch on the UK’s banking system on Monday by offering to swap secure government bonds for riskier mortgage debt.
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