October 26, 2007 – 9:28 am
Countrywide Financial Corp. reported Friday its first quarterly loss in 25 years. Countrywide’s mortgage-banking business suffered a $1.3 billion loss in the latest quarter. Since Countrywide is one of the largest lenders in the United States the development is viewed as insight into the actual status of mortgage lending and the subprime crisis. The company [...]
October 26, 2007 – 9:17 am
Bank of America Corp. on Thursday provided new details on 3,000 planned job cuts, saying it will eliminate 700 of the positions in the wholesale mortgage business. The Charlotte bank informed affected employees Thursday. Processing centers in Dallas; Richmond, Va.; and two California cities — Brea and Rancho Cordova — will be the hardest hit. [...]
October 25, 2007 – 2:39 pm
Back in July and early August we said lawsuits would begin after the subprime mess was sorted out. Given time for analysis, and after the shock and awe (or denial) lawsuits always follow. Now it’s time to see if elected officials in the United States cave to lobbying efforts or remember the people who elected [...]
October 25, 2007 – 10:35 am
National City Bank layoffs show the subprime crisis is not going away any time soon. The losses have forced the company to cut costs, laying off 2,500 employees, about $125 million in annual personnel expense. National City has also cut back on new non-agency mortgages and home equity products, and transferred $4.4 billion of loans [...]
October 25, 2007 – 10:27 am
For those of you that never heard of National City Bank I will give you some idea of their size and scope. The Cleveland, Ohio bank is one of the ten largest banks in the country in terms of deposits and mortgages. But the bank has heavy mortgage exposure in Michigan and Florida, two states [...]
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