Investors

Australia See Woes, U.S. Says Not Spreading

Written by Timothy Blake on August 03, 2007 under Archives, International, Investors

August 3 – In Australia Members Equity Bank Ltd. scrapped a A$500 million ($429 million) sale of mortgage-backed bonds, the first Australian company to withdraw a planned offer as the U.S. subprime mortgage rout spreads across credit markets. The lender, which counts former Reserve Bank of Australia Governor Bernie Fraser as a director, pulled the sale after failing to find enough buyers, it said in a statement today.

Prudential still buying securites backed by subprime

Written by Timothy Blake on August 02, 2007 under Archives, Investors

Here is a news report from August 2, 2007 that we wonder about. Mortgage BLues will monitor this situation closely:

Blocked from pulling money out – like 1929 again?

Written by Timothy Blake on August 01, 2007 under Archives, Investors

Boston-based hedge fund manager Sowood Capital Management LP said yesterday that it lost $1.5 billion in July after declines in the corporate debt markets. Banks and insurers ranging from UBS AG in Zurich to CNA Financial Corp. in Chicago have reported losses related to subprime mortgage debt. UBS, the world’s biggest money manager, replaced Peter Wuffli as chief executive officer in July after three quarters of declining earnings and losses at one of its hedge funds that invested in securities linked to subprime loans.

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