International

European Commission Saw Problems in 2006, Others say 2005

Written by Leatherneck on August 16, 2007 under Archives, International, Opinion

The European Commission will look into credit agencies’ apparent slow response to the subprime mortgage crisis, saying the issue will be addressed in the Committee of European Security Regulators second annual report. Many of us knew there was a problem in 2005, suggesting U.S. bankruptcy law changes were a sign of lenders protecting themselves. Here is what the European Commission said about 2006:

HSBC Canada Recomended Trusts from Coventree

Written by Leatherneck on August 16, 2007 under Archives, International

There is more trouble at Coventree Inc. , the firm at the epicenter of the debt crunch in Canada – and another company that has bought debt repackaged and sold by the structured finance specialist is also sounding alarms. Redcorp Ventures Ltd. , a Vancouver mineral exploration and development company, issued a statement Thursday morning disclosing that fully $102.2-million of its approximately $239.8-million in cash investments is tied up in A notes issued by five of the nine trusts Coventree manages. And which bank recomended the trusts?

Basis Capital Fund Management Hedge Fund Loses 80 pct

Written by Leatherneck on August 15, 2007 under Archives, International, Investors

Another hedge fund is singing the mortgage blues as it lost significant value from hits in the subprime mortgage sector. Basis Capital Fund Management Ltd. has announced that its Yield Fund lost as much of 80% of its value in the last 30 days. Basis Capital Fund Management Ltd. is an Australian company. They disclosed the revaluation Monday in a letter to investors. The losses have worsened since a month ago, when it said the fund may decline more than 50 percent. The firm managed $1 billion in March.

Canadian banks hurt by subprime, singing the blues

Written by Leatherneck on August 13, 2007 under Archives, International

The Toronto Stock Exchange’s main index closed lower on Monday after soaring in the morning as financial issues, weighed down by credit market worries, couldn’t hold gains. Canadian banks and other financial services institutions, which account for about 30 percent of the overall index, have taken a beating from the fallout of worries over the faltering U.S. subprime mortgage market. Back in March Canada painted a different picture.

Subprime Sieze Up Averted in Europe, Subprime Blamed

Written by Leatherneck on August 09, 2007 under Archives, International

Major central banks swept in to calm credit markets spooked by mounting losses on Thursday and injected cash to prevent the financial system from seizing up. The European Central Bank pumped a record 94.8 billion euros ($130.6 billion) into Europe’s money markets as banks scrambled for cash after France’s biggest listed bank, BNP Paribas , froze withdrawals from three funds. It cited U.S. subprime mortgage market problems.

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