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.
In the U.K. a foreclosure is called a reposession. Market analysis shows U.K. mortgage issues mirroring trends in the United States, as home owners find it difficult to refinance. The Council of Mortgage Lenders said the global credit crunch was exacerbating trends that were already emerging in the housing market. It said it [...]
Here is a quick list of major banks in the United States and the amount of subprime bad debt write-offs associated with each, shown from most to least:
HSBC – $10.6 billion (as of February 2007)
Merrill Lynch – $7.9 billion
Citigroup – $3.2 billion
JPMorgan – $1.7 billion
Goldman Sachs – $1.5 billion
Bank of America – $1.4 billion
Wachovia – [...]
UBS cut its pre-tax profit forecast for HSBC Finance, an HSBC unit previously known as Household International, by 1.2 billion US dollars, saying the unit’s third quarter 2007 results are “set to look bad”.
“Third quarter 2007 is set to look bad for Household, and we do not expect the group to make any effort [...]
Subprime mortgage anxiety continued to spread on Thursday as a leading derivatives index hit a new low and fears grew that Merrill Lynch and other banks could be forced into even bigger asset writedowns. Those fears drove Merrill Lynch shares down 4 per cent to $60.90 as analysts suggested the bank might need to [...]
In all phases of the mortgage industry this week your hear the mortgage blues, from the people who make the loans to the people who insure them, the news was bad — and most of them expect it to get worse. Title insurers say they could not cut costs fast enough in August and [...]
Read online or download a copy