Posts Tagged ‘bank’

Merrill fourth quarter write down – big, bigger, or really big?

Written by Timothy Blake on January 11, 2008 under Archives, Economic Impact

Something is bothering the market today, with the Dow down 210.70 at mid-day. Fourth quarter results will be out soon and some are holding their breath. For instance, a report in the New York Times says Merrill Lynch could write down as much as $15 billion in the fourth quarter. Analyst estimates to this point have been around $12 billion. What ever the number is it comes on top of $8.4 billion in the third quarter, and the departure of former Chief Executive Officer Stan O’Neal.

Bank of America to buy Countrywide, expects third quarter closing

Written by Timothy Blake on January 11, 2008 under Archives, Lenders

Bank of America put an end to speculation today and announced Friday that it has agreed to pay about $4 billion in stock to acquire Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis. Our readers will remember when the wheels fell off back in August 2007. Countrywide immediately announced that they had no liquidity problems. It only took five months for rumors of bankruptcy to start.

Increase in Credit Card Defaults Seen in 4Q 2007

Written by Timothy Blake on January 08, 2008 under Archives, Editorial

Earlier in the 2007 analysts were confounded that the credit card defaults were not higher when compared to the jump in mortgage default and foreclosure. We addressed that issue, with real people’s reaction to protecting their credit cards. Now credit card defaults are on the rise.

SUBPRIME is Officially a Word – Thank You 2007

Written by Timothy Blake on January 08, 2008 under Archives, Editorial

2007 was a banner year for the mortgage and real estate industry. Three in the top 10 of the top 100 of the dumbest investment mistakes were a direct result of a word that didn’t exist outside of the risk analysis departments or lenders’ boardrooms. Now ‘SUBPRIME’ is officially a word, compliments of 2007 and the mortgage meltdown. Now I can officially add it to my word processor spell checker and will no longer have to fight the program or hyphenate the term.

Countrywide Financial Singing Mortgage and Bankruptcy Blues

Written by Timothy Blake on January 08, 2008 under Archives, Economic Impact, Investors, Lenders

Today seems like the day to write articles about Countrywide Home Mortgage, but Countrywide seems to be adding to their own problems. Countrywide Financial Corp. dropped the most in two decades in New York trading on speculation that it needs cash to continue operating its mortgage business. There have been rumors about Countrywide and bankruptcy. As ironic as it seems there were actually two reports about Countrywide and bankruptcy.

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