Personal Finance News May 2008

AIG posts 1Q loss of $7.8B, plans to raise $12.5B in capital
AP - American International Group Inc. said Thursday that it swung to a first-quarter loss of $7.81 billion because of losses tied to credit swaps and mortgage-related operations and that it plans to raise a total of $12.5 billion in new cash to shore up its capital base. (Thu, 08 May 2008 21:32:31 GMT)

House passes major housing rescue bill
Reuters - The U.S. House of Representatives on Thursday approved legislation to create a $300 billion mortgage-insurance fund and provide billions more in homeowner aid to stabilize a housing market shaken by a wave of foreclosures and a credit crunch. (Thu, 08 May 2008 23:32:30 GMT)

US House-approved mortgage crisis bill faces veto
AFP - The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto. (Fri, 09 May 2008 01:04:03 GMT)

Citigroup targeting 9 percent revenue growth
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. (Fri, 09 May 2008 13:02:00 GMT)

On Wall St: The elephant in the room
FT.com - Fannie Mae (NYSE:FNM), the biggest buyer of US mortgages, this week demonstrated why it is the elephant in the room when it comes to the ranks of financial institutions deemed too big to fail. (Fri, 09 May 2008 17:20:25 GMT)

ALL BUSINESS: Government-backed housing bailout badly needed
AP - A government-backed mortgage bailout is needed, and it must be done right away. (Fri, 09 May 2008 17:56:44 GMT)

AIG sees no signs of mortgage asset market rebound yet
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. (Fri, 09 May 2008 18:43:37 GMT)

Mortgage credit losses could total $500 bln: Goldman
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. (Fri, 09 May 2008 19:25:36 GMT)

Countrywide falls on worry over B of A merger
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. (Fri, 09 May 2008 19:39:39 GMT)

Citigroup aims to shed $400 billion of assets
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. (Fri, 09 May 2008 19:44:34 GMT)

Citigroup to shed nearly $500B in assets
AP - Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review — but only after shrinking the company by about one-fifth first. (Fri, 09 May 2008 20:38:11 GMT)

Citigroup to slash 400 bln dlrs in assets
AFP - Citigroup, reeling from the subprime mortgage crisis, said Friday it plans to sell roughly 400 billion dollars in assets in a streamlining reorganization aimed at restoring the US banking giant to profit. (Fri, 09 May 2008 21:34:31 GMT)

Young widower pushes for change in Mass. life insurance law
AP - When Jenny and John Crowley learned they were having a baby, they did the responsible thing: they bought life insurance. (Sat, 10 May 2008 17:35:39 GMT)

Citigroup eyes selling Japan consumer unit: paper
Reuters - Citigroup Inc is considering selling its Japanese consumer finance company CFJ KK or cutting the unit's business significantly as part of its plans to shed assets, Japanese daily Nikkei reported on Sunday. (Sun, 11 May 2008 05:26:06 GMT)

HSBC says first-quarter profit up, bad debts jump
Reuters - Europe's biggest bank HSBC Holdings said its profit in the first quarter was ahead of a year earlier as growth in Asia and elsewhere helped counter another big hit for bad debts on U.S. home loans. (Mon, 12 May 2008 08:38:48 GMT)

HSBC says Q1 profit up, bad debts jump
Reuters - Europe's biggest bank HSBC Holdings said its profit in the first quarter was ahead of a year ago as growth in Asia helped counter over $5 billion in hits from bad debts on U.S. home loans and asset writedowns. (Mon, 12 May 2008 10:49:25 GMT)

HSBC profits up despite $3.2 billion write-down
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. (Mon, 12 May 2008 11:10:39 GMT)

PMI Group swings to hefty 1Q loss on defaults
AP - Mortgage insurer PMI Group Inc. said Monday it swung to a first-quarter loss from year-ago profit, due to hefty payouts on default claims and charges to write off its investment in bond insurer FGIC. (Mon, 12 May 2008 13:36:20 GMT)

IndyMac loss steeper than expected, shares fall
Reuters - IndyMac Bancorp Inc , one of the largest independent U.S. mortgage lenders, posted a first-quarter loss on Monday as it wrote down bad mortgages and grappled with the cost of cutting jobs and closing offices. (Mon, 12 May 2008 14:28:33 GMT)

HSBC rebel urges independent adviser for U.S. arm
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. (Mon, 12 May 2008 17:27:21 GMT)

Mortgage cos. reveal damage from housing crisis
AP - Broad damage in the mortgage industry was in full view Monday as a number of companies posted dismal first-quarter earnings, but there were also some hope that the worst of the housing crisis is over. (Mon, 12 May 2008 20:38:38 GMT)

Senate panel set for housing vote Thursday: source
Reuters - The Senate Banking Committee is due on Thursday to vote on legislation that would greatly expand a federal housing program and create a new regulator for Fannie Mae and Freddie Mac, a committee source said on Monday. (Mon, 12 May 2008 22:49:53 GMT)

The Latest Twist in Student Loans
BusinessWeek Online - Because of the credit crunch, conventional lenders are making it tough for any but the most creditworthy borrowers to qualify for private college loans. Now, a new breed of student lender is trying to get students to return the snub -- by writing off the Sallie Maes and Citibanks of the world in favor of relying on friends, family, and even perfect strangers to finance their college loans. "It's not a solution to the credit crisis in student loans by any means," says Mark Kantrowitz, publisher of financial aid Web site finaid.org. ... (Tue, 13 May 2008 12:08:42 GMT)

IndyMac slides after analyst says needs capital
Reuters - Shares of IndyMac Bancorp Inc fell as much as 22.5 percent to an all-time low on Tuesday after an analyst said the independent mortgage lender needed to raise significant capital. (Tue, 13 May 2008 15:36:36 GMT)

Bank of America sees higher home equity losses
Reuters - Bank of America Corp on Tuesday increased its forecast for expected losses from home equity loans, citing the deteriorating U.S. housing market. (Tue, 13 May 2008 18:48:23 GMT)

Mortgage scams on rise, net millions for fraudsters in US: FBI
AFP - Fraudsters netted hundreds of millions of dollars through mortgage scams last year, and the trend was likely to continue as the US housing market slumps even further, the FBI said Tuesday. (Tue, 13 May 2008 21:48:42 GMT)

Mortgage applications rise in latest week: MBA
Reuters - Mortgage applications rose for a second consecutive week, fueled by a jump in demand for home refinancing loans as interest rates dropped, an industry group said on Wednesday. (Wed, 14 May 2008 11:05:11 GMT)

US foreclosure filings surge 65 percent in April
AP - More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday. (Wed, 14 May 2008 13:42:03 GMT)

Freddie Mac loses $151M in 1Q, but beats expectations
AP - Mortgage finance company Freddie Mac said Wednesday its first quarter loss widened to $151 million as the U.S. housing market worsened, though the results were not as poor as expected. Its shares rose more than 8 percent. (Wed, 14 May 2008 14:01:39 GMT)

Ohio attorney general resigns in wake of scandal
Reuters - Ohio Attorney General Marc Dann, who led investigations into companies blamed for the state's subprime mortgage mess, resigned under a cloud on Wednesday after admitting to an affair with a female staff member. (Wed, 14 May 2008 22:02:31 GMT)

Accounting changes help Freddie Mac 1Q beat views
AP - Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust. (Thu, 15 May 2008 01:24:23 GMT)

Judge rejects Countrywide's arguments: report
Reuters - Directors and officers of mortgage lender Countrywide Financial must answer shareholder accusations of insider trading and failure to monitor lending practices that led to the company's collapse, a federal judge in California has ruled, the New York Times reported. (Thu, 15 May 2008 02:09:05 GMT)

Judge: Countrywide shareholders' suit can proceed
AP - A federal judge has ruled that a shareholder lawsuit against Countrywide Financial Corp. executives and directors should go to trial, rejecting several arguments by the troubled mortgage lender to dismiss the case. (Thu, 15 May 2008 11:09:34 GMT)

Bernanke: Banks need to bolster risk management
AP - Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday. (Thu, 15 May 2008 14:23:27 GMT)

Rates on 30-year mortgages fall to lowest point in a month
AP - Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be home buyers. (Thu, 15 May 2008 17:39:33 GMT)

IRS says up to 350,000 didn't get child credit
AP - Up to 350,000 households aren't getting the $300 per child owed them as part of their economic stimulus rebate payments, the Internal Revenue Service said Thursday. (Thu, 15 May 2008 21:11:59 GMT)

Senators reach deal on housing rescue: sources
Reuters - Leaders of the U.S. Senate Banking Committee have reached a deal on a broad housing rescue plan in which Fannie Mae and Freddie Mac would provide funds to support a federal mortgage insurance fund, two industry sources said on Thursday. (Thu, 15 May 2008 21:29:17 GMT)

Stocks rise on oil price drop, mixed economic data
AP - The stock market notched its second straight daily advance Thursday, with investors assuaged by a pullback in oil prices and some better-than-expected economic data. (Thu, 15 May 2008 21:33:08 GMT)

SMFG posts big rebound, forecasts modest growth
Reuters - Sumitomo Mitsui Financial Group (8316.T) reported a threefold increase in fourth-quarter profit, rebounding from massive losses at its consumer finance unit a year earlier, and it forecast modest growth ahead. (Fri, 16 May 2008 08:55:09 GMT)

Small Business, Big Disaster
BusinessWeek Online - Lisa and Robert McIlwain are living a business owner's nightmare. It started when a tornado with 157 mph winds ripped through Fun Zone, their Montgomery (Ala.) skating rink and family entertainment center on Nov. 15, 2006. Although the 31 children and 11 staff members trapped inside the center survived, the 50-employee, $2.5 million business was wiped out. Fun Zone was the only source of income for the couple, who have six children. Their insurance payment went to pay off the mortgage on the damaged property. (Fri, 16 May 2008 12:08:41 GMT)

April housing starts rise best since Jan 2006
Reuters - Construction starts on new U.S. homes rose by a surprisingly strong 8.2 percent in April and applications for new building permits turned up for the first time in five months, the Commerce Department said on Friday in a report showing the hard-hit housing sector still had some spring vigor. (Fri, 16 May 2008 13:10:45 GMT)

US housing starts jump 8.2% in April
AFP - US housing starts and permits showed a surprisingly strong jump in April, signaling a glimmer of hope in the troubled housing market, government data showed Friday. (Fri, 16 May 2008 13:28:21 GMT)

Fannie Mae scraps higher downpayment requirements
AP - Fannie Mae says it is doing away with higher minimum downpayment requirements for borrowers in distressed real estate markets. (Fri, 16 May 2008 13:54:18 GMT)

Stocks open flat after housing starts report
AP - Stocks slipped early Friday as investors' nervousness over a fresh record for oil prices dented some enthusiasm over a surprising jump in new home construction. (Fri, 16 May 2008 13:56:35 GMT)

Market slips on weak consumer confidence
Reuters - Stocks fell on Friday, after a survey showed consumer confidence tumbled to its lowest in 28 years this month as short-term inflation expectations hit their highest since the stagflationary early 1980s. (Fri, 16 May 2008 14:08:13 GMT)

Fannie Mae relaxing loan down payment requirements
Reuters - Fannie Mae, the nation's largest source of home financing, said on Friday it is lowering the amount of down payments required on mortgages it purchases, even in areas where home prices are falling. (Fri, 16 May 2008 14:13:28 GMT)

AOL sheds its brand to draw specialty audiences
AP - Unless you're looking carefully, you'll likely miss the fact that the new Asylum Web site for young men is a creation of Time Warner Inc.'s AOL. Same for WalletPop on personal finance, Spinner on indie music and StyleList on fashion. (Fri, 16 May 2008 18:56:39 GMT)

Summer may bring a turning point for stock market
AP - After nine months of turmoil that started with the collapse of the subprime mortgage market, Wall Street appears to be at a turning point of sorts. (Sat, 17 May 2008 07:57:44 GMT)

AOL sheds its brand to draw specialty audiences
AP - Unless you're looking carefully, you'll likely miss the fact that the new Asylum Web site for young men is a creation of Time Warner Inc.'s AOL. Same for WalletPop on personal finance, Spinner on indie music and StyleList on fashion. (Sat, 17 May 2008 11:46:27 GMT)

U.S. senators say have deal on housing rescue bill
Reuters - Leaders of the U.S. Senate Banking Committee said on Monday they had reached a deal on legislation to create a multibillion dollar mortgage rescue fund and a new regulator for housing finance companies Fannie Mae and Freddie Mac. (Mon, 19 May 2008 22:13:33 GMT)

Senators say have deal on housing rescue bill
Reuters - Leaders of the U.S. Senate Banking Committee said on Monday they had reached a deal on legislation to create a multibillion-dollar mortgage rescue fund and a new regulator for housing finance companies Fannie Mae and Freddie Mac. (Tue, 20 May 2008 00:24:00 GMT)

The U.S. Recession Hits Home -- in Mexico
BusinessWeek Online - In better times, the money Martimiano Pineda wired back to Purechucho from roofing jobs in Florida coated his dirt floor with cement and paid for a home computer. Now, as the subprime mortgage crisis slows housing construction in the U.S., Pineda, 40, struggles to find work and can barely send enough money to his family in Mexico to buy the yogurt meant to help his 5-year-old son grow up strong. (Tue, 20 May 2008 12:08:42 GMT)

"Fight brewing" over affordable housing fund: Frank
Reuters - U.S. Rep. Barney Frank on Tuesday said "a fight is brewing" over a Senate agreement to finance a new federal mortgage insurance fund by taking money from a proposed trust fund for affordable housing. (Tue, 20 May 2008 14:02:16 GMT)

Lenders meet with feds on student loans
AP - The student loan industry is pressing the Bush administration to boost its bottom line. (Tue, 20 May 2008 19:05:35 GMT)

Fannie CEO sees steep home-price drop
AP - Fannie Mae's CEO told shareholders Tuesday that the housing market is "about halfway through" its crisis and home prices could fall as much as 25 percent before the worst is over. (Tue, 20 May 2008 20:25:07 GMT)

Feds help ailing student loan program
AP - The Bush administration is taking steps to ensure student lenders don't walk away from the federal loan program, including offering to buy up student loans and make capital available to lenders. (Tue, 20 May 2008 23:48:35 GMT)

Impac Mortgage posts $2 bln loss in 2007 on credit woes
Reuters - Impac Mortgage Holdings Inc , a struggling mortgage lender, said it lost $2.05 billion in 2007, largely because of mounting credit losses tied to higher delinquencies and defaults as the housing market slumped. (Wed, 21 May 2008 04:27:09 GMT)

UBS sells subprime, Alt-A debts to Blackrock
AFP - Swiss banking giant UBS said Wednesday it had completed the sale of 15 billion dollars (9.58 billion euros) of subprime and Alt-A US residential mortgage-backed securities to a fund managed by BlackRock. (Wed, 21 May 2008 06:46:26 GMT)

UBS sells subprime debts to Blackrock
AFP - Swiss banking giant UBS said on Wednesday it had disposed of US mortgage-related assets for 15 billion dollars (9.58 billion euros), a price that is 30 percent below the nominal value, to a fund managed by US investment group BlackRock. (Wed, 21 May 2008 09:58:15 GMT)

Feds offer help to student loan industry
AP - Student loan companies, squeezed by the credit crisis, are getting some help from the federal government. (Wed, 21 May 2008 19:50:58 GMT)

Bush administration outlines student loan program
Reuters - The Bush administration rolled out pricing details on Wednesday for an urgent student loan market stabilization program mandated earlier this month by Congress, with key lawmakers expressing general support. (Wed, 21 May 2008 21:49:26 GMT)

Moody's launches inquiry after rating error report
Reuters - Moody's Investors Service, already under fire over its role in the U.S. mortgage crisis, took another blow on Wednesday as it launched an external investigation after a report that it wrongly assigned triple-A ratings to complex European debt products. (Wed, 21 May 2008 21:58:54 GMT)

Sallie Mae to continue federal student lending: WSJ
Reuters - SLM Corp , the student lender better known as Sallie Mae, plans to continue to make federally guaranteed student loans, ending fears the company might join the recent exodus from a market that has been rocked by the credit crisis, the Wall Street Journal said on Thursday. (Thu, 22 May 2008 07:11:13 GMT)

Stocks: The Great Rebate Race
BusinessWeek Online - The U.S. government is so eager to jump-start the economy with its stimulus package that the Treasury Dept. is even mailing rebate checks to the recently deceased. George Paquin, a financial planner in Chelmsford, Mass., is certain that one former client, who died last year, would have deposited the check in his bank account. But his daughter and executor will probably spend it on furnishings for her new home. Dead or alive, a customer with a rebate check would be a welcome sight at many retailers. ... (Thu, 22 May 2008 12:08:42 GMT)

Crunch turns back clock on mortgage lending
Reuters - As U.S. banks mop up the mess from billions of dollars of bad home loans, buyers are finding the days of cheap money are over and, in many cases, tougher versions of old lending rules now apply. (Thu, 22 May 2008 12:13:11 GMT)

Rates on 30-year mortgages dip below 6 percent
AP - Rates on 30-year mortgages dipped below 6 percent this week, falling to their lowest level in five weeks. (Thu, 22 May 2008 15:39:36 GMT)

U.S. 30-year mortgage rates fall in latest week
Reuters - U.S. 30-year mortgage rates fell for a third consecutive week, according to a survey released by home funding company Freddie Mac on Thursday. (Thu, 22 May 2008 15:40:31 GMT)

Fannie Mae mortgage commitments soared in April
Reuters - Fannie Mae , the largest provider of financing for U.S. home loans, on Friday said its commitments to buy mortgages soared to $30.7 billion in April. (Fri, 23 May 2008 12:21:45 GMT)

ALL BUSINESS: Mortgage-bond guru hit by loan bust
AP - Lewis Ranieri is credited with inventing mortgage-backed securities two decades ago, and recently he sounded warnings about mortgage risks. Yet he couldn't save his own company from getting tangled in the real-estate loan bust. (Fri, 23 May 2008 16:49:29 GMT)

Buffett blames banks for credit crisis
Reuters - Blame for the sub-prime crisis lies at the feet of banks who took too many risks in mortgage lending, U.S. billionaire investor Warren Buffett told newspaper El Pais in an interview published on Sunday. (Sun, 25 May 2008 10:21:18 GMT)

Plenty of 'For Sale' signs but actual sales lagging
AP - Like spring flowers, the "For Sale" signs are sprouting in front yards all over the country. But anxious sellers are facing the most brutal environment in decades, with a slumping economy, falling home prices and rising mortgage foreclosures. (Mon, 26 May 2008 11:37:27 GMT)

6 Tips for a Clean Credit Record
The Motley Fool - 1. Pay your bills on time. More than one-third of your credit score -- the most popular being Fair Isaac's FICO score -- is based on your bill-paying habits. Late payments can have brutal consequences, particularly those that are 90 days or more past due. While recent changes to the FICO calculations make isolated incidents a bit less damaging, 90-day late payments can be just as troubling for picky lenders as a bankruptcy filing, a tax lien, a collection, a judgment, or a repossession. (Tue, 27 May 2008 19:34:07 GMT)

Auction-Rate Securities: Out of Luck
BusinessWeek Online - The auction-rate securities mess is starting to clear up for some investors, but for those who own any of the $85 billion of such debt backed by student loans, the news is bad and getting worse. Sold as rock-solid, highly liquid, cash-equivalent investments, student-loan-backed auction-rate bonds have ended up as one of the worst-performing segments of the market. (Wed, 28 May 2008 12:08:42 GMT)

Liquidators of Bear Stearns funds lose court appeal
Reuters - Representatives of two collapsed Bear Stearns Cos Inc hedge funds linked to risky mortgage investments have lost a court appeal seeking to have the funds liquidated in the Cayman Islands instead of in the United States. (Wed, 28 May 2008 17:28:16 GMT)

Many, not all, markets improving: Fed's Stern
Reuters - Many financial markets have shown signs of improvement after months of turmoil touched off last summer by failing U.S. mortgage loans, Federal Reserve Bank of Minneapolis President Gary Stern said on Wednesday. (Wed, 28 May 2008 17:57:26 GMT)

Bank of America says Countrywide's Sambol to retire
Reuters - Bank of America Corp said David Sambol, the Countrywide Financial Corp chief operating officer previously slated to run the companies' combined mortgage operations, will instead retire. (Wed, 28 May 2008 18:20:16 GMT)

BofA picks insider to run mortgage business
AP - Bank of America says one of its own executives will run its consumer real-estate business after it acquires mortgage lender Countrywide Financial. (Wed, 28 May 2008 20:01:53 GMT)

First Housing, Now Oil
BusinessWeek Online - In Charlotte, N.C., gasoline at nearly $4 a gallon is cracking "the survivors," as credit counselor Bruce G. Hamlett calls them. They're the people who played by the rules and kept up their mortgage and utility payments even as neighbors gave up and moved away, leaving empty homes. Now, crazy prices at the pump are pushing even these survivors over the edge. "They're asking, 'Do I put gas in my car or do I pay this utility bill or do I pay the mortgage?'" says Hamlett, director of economic independence for Charlotte's United Family Services. ... (Thu, 29 May 2008 12:08:42 GMT)

Prudential sees mortgage losses capped at $400 mln
Reuters - Prudential Financial Inc , one of the largest U.S. life insurers, said on Thursday it does not expect net credit losses from residential mortgage investments, including subprime, to exceed $400 million over five years. (Thu, 29 May 2008 13:59:04 GMT)

Rates on 30-year mortgages jump to 11-week high
AP - Rates on 30-year mortgages jumped this week to the highest level since mid-March as investors began to worry about what the Federal Reserve will do to combat growing inflation pressures. (Thu, 29 May 2008 15:41:02 GMT)

Dollar gains on US growth data, easing oil prices
AFP - The dollar strengthened Thursday after US growth figures were revised higher, suggesting underlying strength in the economy despite the ravages of the subprime mortgage crisis. (Thu, 29 May 2008 22:08:30 GMT)

April insured mortgage defaults rise
Reuters - Defaults on privately insured mortgages rose sharply in April, showing homeowners continue to struggle to keep up with loan payments. (Fri, 30 May 2008 04:31:57 GMT)

The Lowdown on Libor
BusinessWeek Online - Financial institutions the world over use Libor -- short for the London interbank offered rate -- to set the interest paid on everything from mortgage loans to complex financial instruments. But now questions are being raised about whether the rate has been manipulated. Here's what you need to know about how Libor affects you. (Fri, 30 May 2008 12:08:41 GMT)

After 10 years, ECB vigilant over Europe
AP - The European Central Bank celebrates its 10th birthday Monday with its reputation burnished by a steadfast stance on interest rates and quick action to supply banks with cash during the credit crisis over mortgage-backed securities. (Sat, 31 May 2008 06:16:30 GMT)

JPMorgan completes takeover of Bear Stearns
Reuters - JPMorgan Chase & Co said on Saturday it completed its $1.4 billion Bear Stearns Cos takeover, capping the demise of a Wall Street firm that survived the Depression and numerous slumps in its 85 years but could not navigate the mortgage crisis. (Sat, 31 May 2008 16:33:33 GMT)

IndyMac Bancorp swings to 1st-qtr loss, sees 2008 loss
AP - IndyMac Bancorp Inc. swung to a loss in the first quarter as deteriorating credit markets forced the mortgage lender to lower the value of mortgage-backed securities, and warned Monday it would not post a profitable quarter in 2008. (Mon, 12 May 2008 16:21:02 GMT)