White House leaves door open on housing rescue (Reuters)
Countrywide falls on worry over B of A merger (Reuters)
Mortgage credit losses could total $500 bln: Goldman (Reuters)
AIG sees no signs of mortgage asset market rebound yet (Reuters)
On Wall St: The elephant in the room (FT.com) 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. Foreclosure Bargains on the Block (BusinessWeek Online) BusinessWeek Online - At the end of 2006 a new 4,000-square-foot home with a three-car garage in a small gated subdivision in Las Vegas sold for $1 million. On May 6 the bank that owns the now foreclosed property at 7604 Noche Oscura Circle agreed to sell it for $500,000 ($32,900 below the already discounted asking price). German insurer Allianz 1Q net profit falls 65 percent (AP) AP - German insurer Allianz SE said Friday first-quarter net profit fell 65 percent due to difficult market conditions as it wrote down $1.3 billion tied to the U.S. subprime crisis. Housing aid bill faces veto by President Bush (AP)
U.S. House Passes Anti-Foreclosure Bill Facing Bush Veto Threat (Bloomberg) Bloomberg - May 9 (Bloomberg) -- The U.S. House of Representatives passed legislation to let a federal agency insure up to $300 billion in mortgages to help homeowners avert foreclosure, a day after the White House threatened to veto the measure.
All News Lines - Local and World Wide, Updated Hourly
|
| |||||||||||||||||||||||||||||||||
|
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.
Reuters - The White House on Friday set out
terms for a possible deal on a housing market rescue plan, as a
sweeping package backed by the House of Representatives was on
its way to an uncertain greeting in the Senate.
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.
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.
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.
AP - Democrats' plans to help hundreds of thousands of homeowners struggling with rising subprime mortgage rates and plummeting house values could be sidetracked by President Bush's threatened veto and the backing of many congressional Republicans.
