Personal Finance News Jun 2008

B&B warns on UK mortgage market as TPG buys in
Reuters - Bradford & Bingley issued a stark warning on the state of the UK mortgage market on Monday and slashed the price of its emergency fundraising to secure a private equity lifeline, hitting bank shares across Europe. (Mon, 02 Jun 2008 12:25:43 GMT)

Wachovia ousts CEO Thompson after losses mount
Reuters - Wachovia Corp said on Monday it ousted Ken Thompson as chief executive of the fourth-largest U.S. bank, in the wake of mounting legal and regulatory troubles and an ill-fated purchase of a big mortgage lender as the nation's housing boom was about to go bust. (Mon, 02 Jun 2008 12:55:23 GMT)

Stocks fall as ISM signals inflation
Reuters - Stocks remained lower on Monday after a May reading for the Institute for Supply Management's index on manufacturing activity showed smaller-than-expected contraction but showed growing inflationary pressures. (Mon, 02 Jun 2008 14:12:13 GMT)

WaMu strips CEO Killinger of chairman role
Reuters - Washington Mutual Inc , a nationwide bank and home lender slammed by the mortgage slump, said on Monday that it would strip Chief Executive Kerry Killinger of his title of chairman next month. (Mon, 02 Jun 2008 17:29:51 GMT)

Bank downgrades, Wachovia ouster rocks markets
Reuters - Downgrades of three U.S. investment banks, an ouster of Wachovia's chief executive, and a bleak U.K. housing market outlook from a British mortgage lender shook markets on Monday, reigniting fears that the global credit crunch will continue to hurt the world economy. (Mon, 02 Jun 2008 19:46:23 GMT)

Bank of America CEO: Countrywide remains good deal
AP - Bank of America CEO Ken Lewis says buying mortgage company Countrywide is still a good deal even though the housing market continues to falter. (Mon, 02 Jun 2008 20:07:56 GMT)

US bank Wachovia ousts CEO after losses
AFP - Wachovia, one of America's biggest banks, said Monday that its chief executive Ken Thompson is leaving the bank as its board of directors seeks to stem hefty losses tied to troubled mortgage loans. (Mon, 02 Jun 2008 20:40:32 GMT)

Wachovia board forces out CEO Ken Thompson
AP - Less than a month after losing his chairman post, and more than two years after an ill-timed acquisition of California mortgage lender Golden West Financial Corp., Wachovia Corp. said Monday that board members have forced CEO Ken Thompson to retire from the nation's fourth-largest bank. (Mon, 02 Jun 2008 21:10:52 GMT)

Washington Mutual replaces Killinger as chairman
AP - Washington Mutual Corp., hard-hit by the mortgage and credit crises, said Monday it will replace Chief Executive Kerry Killinger as chairman of the board and take other steps to improve corporate governance. (Mon, 02 Jun 2008 21:29:17 GMT)

ResCap says needs more liquidity
AP - Residential Capital LLC, the mortgage lending unit of GMAC LLC, said Tuesday it needs more than three times more cash to stay in business than it estimated just weeks ago. (Tue, 03 Jun 2008 13:09:34 GMT)

Mass. sues H&R Block over mortgages to minorities
Reuters - Massachusetts authorities sued H&R Block Inc on Tuesday, charging that its mortgage unit discriminated against black and Latino borrowers and escalated a crisis over property foreclosures in the state. (Tue, 03 Jun 2008 21:05:06 GMT)

S&P agrees to change some business practices
AP - Standard & Poor's said Tuesday it has tentatively settled with New York Attorney General Andrew Cuomo to overhaul some of its business practices in the aftermath of the subprime mortgage crisis. (Tue, 03 Jun 2008 22:09:02 GMT)

Mortgage applications index hits 6-year low: MBA
Reuters - U.S. mortgage applications fell for a third consecutive week, reaching its lowest level in over six years as demand for home refinancing loans plunged, an industry group said on Wednesday. (Wed, 04 Jun 2008 11:02:03 GMT)

Credit recession may last over 2 years: strategists
Reuters - A "credit recession" sparked by a downturn in the U.S. housing market and excesses in structured finance may last more than two years, and the financial sector may undergo "massive consolidation," according to two leading Wall Street strategists. (Wed, 04 Jun 2008 13:31:33 GMT)

British house prices slump in May
AFP - British house prices tumbled 3.8 percent in May for the largest annual drop since April 1993, home loans provider Halifax said on Thursday. (Thu, 05 Jun 2008 10:35:08 GMT)

Home foreclosures set record in first quarter
AP - Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis' mounting damage to homeowners and the economy. (Thu, 05 Jun 2008 14:06:50 GMT)

Big 3 credit rating firms agree to reform practices
AFP - The big three credit rating agencies have agreed to reform their practices relating to complex mortgage-backed securities, New York attorney general Andrew Cuomo announced Thursday. (Thu, 05 Jun 2008 18:42:46 GMT)

New York sets rating agency fee reforms
Reuters - The three top credit rating agencies struck a pact with New York's attorney general on Thursday to change the way they charge fees for reviewing mortgage-backed securities, the latest development in a probe into the U.S. home loan industry. (Thu, 05 Jun 2008 20:27:16 GMT)

Bank of America wins approval to buy Countrywide
AP - The Federal Reserve on Thursday approved Bank of America Corp.'s purchase of distressed subprime mortgage lender Countrywide Financial Corp. (Thu, 05 Jun 2008 22:25:16 GMT)

Bank of America wins approval to buy Countrywide
AP - The Federal Reserve has approved Bank of America Corp.'s purchase of distressed mortgage lender Countrywide Financial Corp. (Fri, 06 Jun 2008 05:58:00 GMT)

AIG faces SEC probe on subprime mortgage contracts: report
Reuters - The U.S. Securities and Exchange Commission is investigating whether American International Group Inc overstated the value of contracts linked to subprime mortgages, the Wall Street Journal said on Friday, citing people familiar with the matter. (Fri, 06 Jun 2008 06:44:08 GMT)

Japan financials' subprime losses $8 bln: regulator
Reuters - Losses from investments tied to the U.S. subprime-mortgage market cost Japanese financial firms about $8 billion as of the end of March, Japan's financial regulator said on Friday, up 42 percent from December. (Fri, 06 Jun 2008 07:08:44 GMT)

Fed's Kroszner: Parts of mortgage market stalled
Reuters - Strains in financial markets have eased somewhat but securitizations of non-agency mortgage products remain stalled and will recover only gradually, Federal Reserve Governor Randall Kroszner said on Friday. (Fri, 06 Jun 2008 13:59:44 GMT)

AIG faces probe on mortgage contracts: report
Reuters - U.S. securities regulators are investigating whether American International Group Inc overstated the value of contracts linked to subprime mortgages, the Wall Street Journal reported on Friday. (Fri, 06 Jun 2008 14:26:30 GMT)

Freddie Mac CEO tries to reassure battered shareholders
AP - Freddie Mac's chief executive tried to reassure shareholders Friday that the mortgage finance company's fortunes will improve, after a year in which its share price was sliced by more than 60 percent amid a prolonged housing slump. (Fri, 06 Jun 2008 17:01:10 GMT)

FiLife venture opens personal finance site
Reuters - FiLife, a personal finance venture from IAC/InterActiveCorp and Dow Jones & Co, will open its site to a public test on Wednesday after a year in development and much media speculation over its future. (Wed, 11 Jun 2008 04:46:17 GMT)

Mortgage applications rise in latest week: MBA
Reuters - Mortgage applications rose after falling for three straight weeks, bouncing back from the lowest level in more than six years and overcoming a rise in home loan rates, an industry trade group said on Wednesday. (Wed, 11 Jun 2008 11:06:39 GMT)

Bank of America CEO committed to Countrywide
Reuters - Bank of America Corp Chief Executive Kenneth Lewis said Wednesday he remains committed to buying Countrywide Financial Corp , the giant money-losing mortgage lender, but acknowledged that the nearly year-long global credit crisis still has "a ways to go." (Wed, 11 Jun 2008 17:27:28 GMT)

Obama vice presidential search chief quits
Reuters - Democratic presidential candidate Barack Obama on Wednesday said the head of his vice presidential search team and former head of the mortgage giant Fannie Mae had decided to step aside. (Wed, 11 Jun 2008 18:55:31 GMT)

Banks giving short-term help to mortgagors
Reuters - The biggest U.S. banks that service more than 23 million mortgages totaling $3.8 trillion have focused on short term relief for troubled borrowers rather than permanent changes to mortgage conditions to prevent foreclosures, a top U.S. banking regulator said on Wednesday. (Wed, 11 Jun 2008 20:52:53 GMT)

AIG shareholders demand board changes
Reuters - Shareholders of American International Group Inc are demanding changes to the management and board of the world's largest insurer, which has been struggling with the fallout of the subprime mortgage mess. (Thu, 12 Jun 2008 01:42:34 GMT)

Thornburg Mortgage posts $3.31 billion loss
Reuters - Thornburg Mortgage Inc , a specialist in jumbo home loans that nearly went bankrupt in March, on Thursday posted a $3.31 billion first-quarter loss as the value of mortgages and other securities it owns plummeted. (Thu, 12 Jun 2008 11:26:49 GMT)

Thornburg Mortgage swings to $3.31 billion 1Q loss
AP - Thornburg Mortgage Inc. said Thursday it swung to a $3.31 billion loss in the first quarter, and expects loan delinquencies to continue to increase "modestly" for the rest of the year. (Thu, 12 Jun 2008 11:32:26 GMT)

Are You Paying Your Pro the Wrong Way?
The Motley Fool - When you're hiring a financial planner, it pays to screen carefully. For one thing, you need to understand exactly how planner candidates are paid, so that you can make an informed market decision. But remember -- not many worthwhile pros work for peanuts. You don't want to get so ruthless about cost that you end up with worthless advice. (Thu, 12 Jun 2008 13:16:29 GMT)

Inflation fear sends mortgage rates to 8 month high
Reuters - U.S. fixed mortgage rates surged to their highest in almost eight months after central bankers jolted financial markets with concerns of accelerating inflation. (Thu, 12 Jun 2008 16:12:59 GMT)

Installment Sales: The Time Is Ripe
BusinessWeek Online - It's a nice problem to have: enough money that you need to think about lessening estate taxes for heirs. And this is a good time to start estate planning, since the interest rates the government sets for one strategy, called installment sales, make it particularly attractive right now. (Fri, 13 Jun 2008 12:08:42 GMT)

US foreclosure filings surge 48 percent in May
AP - Soaring foreclosures are continuing to raise questions about the mortgage industry's claims that they are making a dent in the housing crisis. (Fri, 13 Jun 2008 18:23:03 GMT)

Appeals court denies Texaco's tax refund request
AP - A federal appeals court has denied Texaco Inc.'s bid for a $101 million tax refund after paying $1.25 billion to settle an overcharging complaint. (Fri, 13 Jun 2008 18:52:05 GMT)

Wachovia shares fall to lowest since 1992
Reuters - Wachovia Corp shares fell as much as 10.2 percent to their lowest level since 1992 on concern the fourth-largest U.S. bank might cut its dividend a second time, and after another mortgage lender with heavy exposure to California reported a jump in nonperforming assets. (Fri, 13 Jun 2008 19:53:22 GMT)

U.S. senator: No Countrywide VIP treatment received
Reuters - The chairman of the powerful Senate Banking Committee on Friday denied a media report that he received preferential mortgage terms from Countrywide Financial Corp, a key player in the U.S. housing crisis. (Fri, 13 Jun 2008 22:21:38 GMT)

Countrywide gave special treatment to US lawmakers: reports
AFP - Countrywide Financial, the largest mortgage lender at the center of the US housing crisis, regularly gave loans on favorable terms to prominent lawmakers and former cabinet members, according to US media. (Sat, 14 Jun 2008 20:06:00 GMT)

Reports: AIG board names Willumstad as new CEO
AP - American International Group Inc., which has lost billions on bad bets on the mortgage market, on Sunday named former Citigroup Inc. executive Robert Willumstad to replace the insurer's chief executive, The Wall Street Journal reported. (Sun, 15 Jun 2008 21:00:17 GMT)

A list of CEOs deposed during the credit crisis
AP - Some call them victims of the credit crisis, others call them the perpetrators. Here's a list of CEOs in the financial services industry who have been ousted over the past year in the wake of the mortgage market meltdown. (Mon, 16 Jun 2008 00:47:01 GMT)

AIG board names Willumstad as new CEO
AP - American International Group Inc., which has lost billions on bad bets on the mortgage market, on Sunday named former Citigroup Inc. executive Robert Willumstad to replace the insurer's besieged chief executive. (Mon, 16 Jun 2008 00:48:49 GMT)

AIG replaces CEO Sullivan amid subprime woes
Reuters - The world's biggest insurer, American International Group Inc , replaced CEO Martin Sullivan on Sunday after it suffered two quarters of record losses from risky mortgage bets and its share price more than halved over the past year. (Mon, 16 Jun 2008 03:20:07 GMT)

Lenders pledge speedy response on loan help
AP - Mortgage companies, facing criticism that they aren't doing enough to stem the housing crisis, are pledging to let troubled borrowers know whether they're approved for help within 45 days of receiving a homeowner's application. (Mon, 16 Jun 2008 21:27:44 GMT)

Goldman close to $7 bln SIV restructure: sources
Reuters - Goldman Sachs Group Inc has nearly completed a long-awaited rescue of a $7 billion structured investment vehicle, sources said, just as it adjusts to the credit crunch by laying off hundreds of bankers. (Tue, 17 Jun 2008 12:59:42 GMT)

Core producer prices slow, housing starts dip
Reuters - Producer prices rose by a larger-than-expected 1.4 percent in May after another jump in energy prices, but core inflation at the producer level moderated as forecast, government data on Tuesday showed. (Tue, 17 Jun 2008 13:16:09 GMT)

Housing starts in May hit 1991 low
Reuters - U.S. housing starts slid 3.3 percent in May to their lowest level in more than 17 years, while permits for future construction also fell, signaling more weakness ahead for the battered U.S. housing sector. (Tue, 17 Jun 2008 13:19:25 GMT)

US May housing starts fall to 17-year low
AFP - US housing starts slid 3.3 percent in May to the slowest pace in 17 years amid a prolonged slump in the real-estate sector, government data showed Tuesday. (Tue, 17 Jun 2008 14:28:14 GMT)

Senate nears vote on housing market rescue bill
Reuters - The U.S. Senate was expected to vote as soon as Tuesday on a housing market rescue bill to refinance distressed mortgages and create a new regulator for Fannie Mae and Freddie Mac, sources close to Senate talks said. (Tue, 17 Jun 2008 15:28:02 GMT)

US, China report no major economic breakthroughs
AP - Top finance officials from the United States and China pledged greater cooperation Tuesday on a range of economic issues from dealing with soaring energy prices to coping with the global shocks from America's subprime mortgage crisis. (Tue, 17 Jun 2008 20:10:07 GMT)

Stocks drop on bank warning, flood-hit firms
Reuters - Stocks fell on Tuesday after a major brokerage warned that U.S. banks would have to raise as much as $65 billion in capital to shore up balance sheets weakened by the mortgage crisis. (Tue, 17 Jun 2008 20:38:30 GMT)

Senate leaders have housing rescue bill deal
Reuters - U.S. Senate leaders have agreed to a bipartisan bill to establish a $300 billion rescue fund for troubled mortgages and a new regulator for Fannie Mae and Freddie Mac, lawmakers said on Tuesday. (Tue, 17 Jun 2008 23:21:42 GMT)

Citi offers early retirement to 1,350 in Japan
Reuters - Citigroup Inc has offered early retirement to the 1,350 employees of its Japanese consumer finance unit, as the subprime-hit U.S. bank retreats from consumer lending in the world's second-largest economy. (Wed, 18 Jun 2008 06:58:18 GMT)

Thornburg gets SEC subpoenas, survival in doubt
Reuters - Thornburg Mortgage Inc , the jumbo mortgage lender that lost $3.31 billion in the first quarter, said on Wednesday it has received subpoenas from U.S. securities regulators and its survival remains in doubt. (Wed, 18 Jun 2008 14:33:30 GMT)

Senate presses ahead on housing
Reuters - The Senate will begin debate on a major housing market rescue bill on Thursday, Senate Majority Leader Harry Reid said on Wednesday, spurning calls for delay by Republicans who cited concerns about a controversy involving two Democrats and a mortgage lender. (Wed, 18 Jun 2008 23:33:11 GMT)

Swiss central bank demands UBS, CS beef up capital
Reuters - Switzerland's central bank is demanding UBS and Credit Suisse build a bigger financial cushion to save a repeat of the subprime mortgage disaster that spoilt the country's reputation as an unshakeable powerhouse. (Thu, 19 Jun 2008 08:50:37 GMT)

Ex-Bear Stearns managers arrested at their homes
AP - Two former Bear Stearns managers have been arrested, federal authorities said Thursday, becoming the first executives to face criminal charges in the wake of the subprime market debacle. (Thu, 19 Jun 2008 14:08:19 GMT)

Rates on 30-year mortgages jump to 6.42 percent
AP - Rates on 30-year mortgages kept surging this week, rising to the highest level in nearly nine months, reflecting more concerns about what the Federal Reserve will do to combat a growing inflation threat. (Thu, 19 Jun 2008 16:48:53 GMT)

Washington Mutual cuts 1,200 jobs after big losses
Reuters - Washington Mutual Inc said on Thursday it eliminated 1,200 jobs, following mortgage losses that some analysts have said will keep the largest U.S. savings and loan from turning a profit before 2010. (Thu, 19 Jun 2008 19:52:36 GMT)

Bear Stearns execs among 400 charged in US mortgage fraud
AFP - Two former Bear Stearns hedge fund managers were indicted Thursday as officials unveiled charges against more than 400 people in a wide-ranging probe of mortgage abuses during the US housing boom. (Thu, 19 Jun 2008 20:18:23 GMT)

Ex-Bear managers charged, crackdown on mortgage fraud
Reuters - Two former Bear Stearns hedge fund managers were indicted on securities fraud charges and prosecutors said a separate mortgage fraud probe has led to charges against more than 400 people as the Bush administration cracked down on abuses that deepened the credit crisis. (Thu, 19 Jun 2008 20:58:28 GMT)

Stocks rise, helped by oil price tumble
Reuters - U.S. stocks rose on Thursday as a drop in oil prices fueled investor optimism about consumer spending, driving shares of transportation and retailers sharply higher. (Thu, 19 Jun 2008 21:04:08 GMT)

Hundreds swept up in mortgage fraud arrests
AP - More than 400 real estate industry players have been indicted since March — including dozens over the last two days — in a Justice Department crackdown on incidents of mortgage fraud nationwide that stem from the country's housing crisis. (Thu, 19 Jun 2008 21:08:28 GMT)

BofA to complete Countrywide buy by July: source
Reuters - Bank of America expects to complete its acquisition of mortgage lender Countrywide Financial Corp by July 1, a source familiar with the matter told Reuters on Thursday. (Thu, 19 Jun 2008 21:33:48 GMT)

Ethics panel examines lawmakers' Countrywide loans
Reuters - A Congressional ethics panel is examining allegations that two Senate Democrats, including the sponsor of a major housing bill, received preferential loans by troubled mortgage lender Countrywide Financial Corp, a member of Congress said on Thursday. (Thu, 19 Jun 2008 21:34:55 GMT)

Housing crisis brings Wall St arrests, veto threat
Reuters - The U.S. housing crisis produced its first high-profile Wall Street arrests on Thursday, while the Bush administration called for broadening the Federal Reserve's powers over investment banks and said it has charged hundreds of people in a mortgage fraud probe. (Thu, 19 Jun 2008 23:32:53 GMT)

US mortgage fraud probe nets 406, plus Bear Stearns two
AFP - Two ex-Bear Stearns executives were indicted Thursday as officials unveiled charges against 406 people in a huge probe into fraud, which helped fuel the housing crisis and infect the global economy. (Fri, 20 Jun 2008 01:19:41 GMT)

2 former Bear Stearns hedge fund managers charged
AP - Two former Bear Stearns hedge fund managers were hauled into jail Thursday and charged with lying to investors about the collapse of the subprime mortgage market, perhaps signaling the start of a wave of prosecutions arising from the housing meltdown. (Fri, 20 Jun 2008 11:15:56 GMT)

Merrill shares fall on rumors of profit warning
Reuters - Merrill Lynch & Co shares fell 5.5 percent Friday on rumors that the investment bank may issue a profit warning and take additional write-downs on its mortgage holdings, traders said. (Fri, 20 Jun 2008 14:15:54 GMT)

Dow closes below 12,000 on bank jitters, oil prices
Reuters - Stocks fell sharply on Friday with the Dow closing below 12,000 for the first time since mid-March as rising oil prices and warnings of more mortgage-related write-downs at banks reignited investor fears of worse to come. (Fri, 20 Jun 2008 21:59:40 GMT)

McCain and Obama on Tax Reform
BusinessWeek Online - Hardly anyone disagrees with this statement: The nation's tax system is a mess. The U.S. tax code is riddled with far too many deductions, credits, exemptions, exclusions, phase-ins, and phase-outs. Nobel laureate Milton Friedman noted half a century ago that constant changes in the tax code discourage long-term planning by households and businesses. He was right, but that hasn't stopped Democrats and Republicans from tinkering with taxes ever since the income tax was imposed in 1913. (Mon, 23 Jun 2008 12:08:41 GMT)

Financial shares erase Wall St gains
Reuters - stocks were little changed after opening up on Monday as concerns about the outlook for financial services companies punctured a recovery after Friday's market sell-off. (Mon, 23 Jun 2008 14:09:35 GMT)

Mortgage crisis spooking high-end developments
AP - With the developer forced into bankruptcy, Hugh Smith worries about the $1 million he and a partner sunk into bare lots at Promontory, a half-built, sprawling residence club in a post-Olympic town saturated with second homes for wealthy Boomers. (Mon, 23 Jun 2008 20:52:07 GMT)

Kodak sets $1 billion stock buyback, stock jumps
Reuters - Photography company Eastman Kodak Co said on Tuesday that it was awarded a $581 million tax refund and would repurchase up to $1 billion of its stock, driving its share price up nearly 17 percent. (Tue, 24 Jun 2008 13:58:13 GMT)

Countrywide vote on merger to end mortgage era
Reuters - Countrywide Financial Corp shareholders vote on Wednesday to approve the largest U.S. mortgage lender's purchase by Bank of America Corp, marking the demise of the company perhaps most closely associated with the nation's housing bubble and subsequent collapse. (Tue, 24 Jun 2008 16:38:01 GMT)

Kodak to buy back $1 billion in shares
AP - Eastman Kodak Co. said Tuesday it is buying back up to $1 billion, or about a quarter, of its outstanding stock, by tapping a $581 million tax refund and a cash surplus the picture-taking pioneer has amassed since selling its health-imaging business early last year. (Tue, 24 Jun 2008 20:34:54 GMT)

Senate seen approving housing rescue bill
Reuters - The Senate was expected to approve as soon as Wednesday the biggest government program yet to tackle a deep housing market slump feared to be dragging the economy into recession. (Tue, 24 Jun 2008 21:23:52 GMT)

Ill. AG to sue Countrywide over lending practices
AP - The nation's biggest mortgage lender engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois' attorney general planned to file Wednesday. (Wed, 25 Jun 2008 03:41:06 GMT)

Illinois to sue Countrywide and CEO Mozilo
Reuters - The Illinois attorney general's office plans to sue Countrywide Financial Corp and Chief Executive Angelo Mozilo on Wednesday, claiming the troubled mortgage lender engaged in deceptive trade practices. (Wed, 25 Jun 2008 04:27:38 GMT)

Home Phone Service for $10 a Month?
BusinessWeek Online - It's quite an attention-grabber. Starting in July, T-Mobile USA will begin offering to pay off your mortgage or make your rent payments. It'll even give away two brand-new homes. It's all part of a new marketing campaign by the wireless operator, but the push isn't to promote a wireless service. T-Mobile is making all this noise over the fact that it's now selling home telephone service. (Wed, 25 Jun 2008 12:08:48 GMT)

Countrywide shareholders set to vote on BofA takeover
AP - Bank of America Corp.'s takeover of Countrywide Financial Corp. could be wrapped up as early as next week, but first it must clear one last hurdle — getting the OK from the struggling mortgage lender's shareholders. (Wed, 25 Jun 2008 13:36:35 GMT)

Calif AG sues Countrywide over alleged loan scheme
Reuters - California Attorney General Jerry Brown sued Countrywide Financial Corp and two top officers on Wednesday to stop the mortgage loan company from allegedly perpetrating a scheme to "mass produce loans for sale on the secondary market." (Wed, 25 Jun 2008 15:21:40 GMT)

Buffett sees opportunities in subprime business
Reuters - Warren Buffett, chief executive of Berkshire Hathaway (BRKa.N) (BRKb.N), sees some opportunities for investing in the subprime mortgage business, he told Reuters in an interview. (Wed, 25 Jun 2008 16:46:25 GMT)

Illinois AG sues Countrywide over lending practices
AP - Illinois Attorney General Lisa Madigan contends that thousands of Illinois homeowners paid a steep price for Countrywide Financial's "desire to dominate the marketplace." (Wed, 25 Jun 2008 16:53:44 GMT)

Calif. attorney general sues Countrywide Financial
AP - Countrywide Financial Corp. is accused of using misleading advertising and other unfair business practices to trick borrowers into taking on risky home loans they didn't fully understand in a lawsuit filed Wednesday by the California attorney general's office. (Wed, 25 Jun 2008 16:58:01 GMT)

SEC proposes reduced reliance on credit raters
Reuters - Securities regulators proposed weaning investors and Wall Street institutions from over-reliance on credit ratings, part of changes to the rating industry prompted by the subprime mortgage crisis. (Wed, 25 Jun 2008 18:41:59 GMT)

Countrywide sued for unfair lending; buyout approved
Reuters - Countrywide Financial Corp , widely blamed for helping foment the U.S. housing crisis through free-wheeling lending, was sued for alleged deceptive mortgage practices by officials in its home state of California and in Illinois on Wednesday. (Wed, 25 Jun 2008 21:05:00 GMT)

Countrywide shareholders OK sale to Bank of America
AFP - Shareholders of ailing Countrywide Financial, the largest US mortgage lender at the center of the housing crisis, approved its sale Wednesday to Bank of America. (Wed, 25 Jun 2008 21:47:55 GMT)

Rates on 30-year mortgages rise to 6.45 percent
AP - Rates on 30-year mortgages rose again this week, climbing to the highest level in more than nine months, reflecting more concerns about how the Federal Reserve will respond to higher inflation pressures. (Thu, 26 Jun 2008 17:04:14 GMT)

HSBC Mortgages to lay off 48 in Chesepeake
AP - Forty-eight workers at HSBC Mortgage Services' Chesapeake facility are losing their jobs. (Thu, 26 Jun 2008 18:39:00 GMT)

Bank of America to cut 7,500 jobs post-merger
Reuters - Bank of America Corp on Thursday said it expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial Corp , the largest U.S. mortgage lender. (Thu, 26 Jun 2008 20:02:15 GMT)

BofA to cut 7,500 jobs after Countrywide deal
AP - Bank of America said Thursday it will cut about 7,500 jobs after it closes its acquisition of mortgage lender Countrywide Financial Corp. (Fri, 27 Jun 2008 09:29:17 GMT)

A Beacon of Sanity in Subprime
BusinessWeek Online - "Send money." That was Brendan McDonagh's plea to top brass after he was tapped last year to clean up HSBC's mortgage mess in the U.S. McDonagh, 49, had just inherited a massive pile of troubled loans, and as he saw it, the cash was critical to staving off a wave of foreclosures at the world's second-largest bank by assets. "It's an economic fact," says the Irish native, who favors pin-striped suits with bright ties. "The more people we can keep in their homes, the better it is for them, the bank, and the country." (Fri, 27 Jun 2008 12:08:40 GMT)

A Smart Idea Spoiled
BusinessWeek Online - Lewis S. Ranieri, the father of securitization, never imagined his brainchild would cause so much trouble. The Brooklyn-born innovator, who started his career in the Salomon Brothers mail room and worked his way up to the investment bank's mortgage trading desk, crafted in 1977 the first private pool of home loans sold on Wall Street. His creation is now at the center of the credit crisis -- an outcome he predicted in early 2005 when he warned that the mortgage market's excesses would "blow up in our faces." (Fri, 27 Jun 2008 12:08:40 GMT)

Resolution scraps investment plan for Bradford & Bingley
AFP - British investment group Resolution said Friday it had abandoned its funding plan for home-loans provider Bradford & Bingley because of opposition from management at the group it sought to buy. (Fri, 27 Jun 2008 13:18:35 GMT)

Stocks waver after Thursday's big drop
AP - Stocks fluctuated Friday after a sharp dive in the previous session, with investors anxious about a new oil price record but relieved about increases in personal incomes and spending. (Fri, 27 Jun 2008 14:13:35 GMT)

Treasury's Paulson says believes in strong dollar
Reuters - Treasury Secretary Henry Paulson said on Monday he believes in a strong U.S. dollar and that U.S officials were working to resolve the country's economic problems, including regulatory mistakes that led to excesses in the mortgage and banking sectors. (Mon, 30 Jun 2008 08:34:53 GMT)

H&R Block swings to 4Q profit
AP - H&R Block Inc., the nation's largest tax preparer, said Monday it swung to a fourth-quarter profit, helped by a record-setting tax season and the sale of its troubled mortgage arm. (Mon, 30 Jun 2008 11:53:35 GMT)

Tips for Homeowners on the Brink
BusinessWeek Online - Mortgage rates are skyrocketing. Credit is locked up. Economic pressures are rising. Time to bail on that McMansion? (Mon, 30 Jun 2008 12:08:41 GMT)

Wachovia quits offering risky mortgage loan
AP - Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. (Mon, 30 Jun 2008 21:49:13 GMT)

Florida sues Countrywide over mortgages
Reuters - Florida sued mortgage lender Countrywide Financial Corp for predatory lending practices on Monday, alleging the company at the center of the U.S. mortgage crisis made subprime loans to people who could not repay them. (Mon, 30 Jun 2008 22:24:07 GMT)