Archive for January, 2008
Foreclosures in California rose more than 400 percent in the fourth quarter from a year earlier and default notice filings against distressed mortgage borrowers more than doubled, a report issued on Tuesday said. Realtors said the number of short sales is also increasing. The fourth-quarter default notices represented the highest number in more than 15 years, it said.
Shangahai – Trading in Bank of China was suspended Tuesday pending a major announcement, but the bank denied reports that it would post massive losses over assets linked to US subprime mortgages. The suspension came after Hong Kong media reported China’s third-largest bank could announce a significant writedown in 2007 on its 7.95 billion US dollars of investments in subprime-related securities.
A former analyst in Goldman Sachs Group Inc.’s fixed-income division was sentenced to “time served” Friday after pleading guilty to criminal charges last year in a series of insider-trading schemes that prosecutors said netted more than $6 million in illicit profits. At a hearing Friday, U.S. District Judge Victor Marrero sentenced David Pajcin, 30, to time served to be followed by three years supervised release. He also ordered Pajcin to forfeit $6.7 million and to pay a $10,000. Judge Marerro noted that Pajcin has been in custody 26 months since his November 2005 arrest.