If collections made a debt settlement offer or a company made a foreclosure rescue offer read this first Our material is dedicated to the financial crisis of 2007, documenting the period before, during, and after. Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act. We are a watchdog and consumer advocacy organization.
August 3 – In Australia Members Equity Bank Ltd. scrapped a A$500 million ($429 million) sale of mortgage-backed bonds, the first Australian company to withdraw a planned offer as the U.S. subprime mortgage rout spreads across credit markets. The lender, which counts former Reserve Bank of Australia Governor Bernie Fraser as a director, pulled [...]
The biggest share market collapse since the September 2001 terrorist attacks yesterday carved $60 billion off the value of Australian stocks, as the US mortgage crisis claimed another hedge fund and sent shares of the nation’s premier investment bank, Macquarie Bank, into freefall. Investors are panicking that the worldwide squeeze on credit markets sparked [...]
With another lesson on how to instill or lose the trust of friends, Canada’s five largest banks may report losses related to the deteriorating U.S. subprime mortgage market but they should be “manageable,” bond rating agency DBRS said on Wednesday. In addition to their capital markets businesses, some Canadian banks have “modest” banking exposure [...]
US mortgage turmoil hit investor confidence on the other side of the Atlantic on Wednesday as details emerged of a German government rescue of a domestic lender that suffered heavy losses on subprime investments. The further government intervention suggested that the problems at IKB were much worse than thought. Mr Peer Steinbrück, German finance [...]
IKB Deutsche Industriebank AG, a German lender that invested in U.S. subprime mortgages, said its profit will be “significantly” lower than forecast as fallout from the deteriorating North American home-loan market spreads.
“IKB is no longer in a position to maintain its earnings forecast of 280 million euros ($382 million),” the Dusseldorf- based bank said [...]
Read online or download a copy