Posts Tagged ‘bank’

Mortgages for illegal U.S. immigrants

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

When illegal immigrants want to buy a home in the United States a number of banks are experimenting with mortgages in which the lenders accept Individual Taxpayer Identification Numbers on loan applications in lieu of Social Security numbers. The IRS issues so-called “ITINs” solely to process tax payments, regardless of immigration status.

Australian Stocks Lose $60 Billion on Mortgage Blues

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

The biggest share market collapse since the September 2001 terrorist attacks yesterday carved $60 billion off the value of Australian stocks, as the US mortgage crisis claimed another hedge fund and sent shares of the nation’s premier investment bank, Macquarie Bank, into freefall. Investors are panicking that the worldwide squeeze on credit markets sparked by the crisis in sub-prime mortgages in the US will undermine the global economy.

Canadian Banks Not Effected Like Germany, Australia

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

With another lesson on how to instill or lose the trust of friends, Canada’s five largest banks may report losses related to the deteriorating U.S. subprime mortgage market but they should be “manageable,” bond rating agency DBRS said on Wednesday. In addition to their capital markets businesses, some Canadian banks have “modest” banking exposure from loans to U.S. subprime borrowers or to other mortgage lenders, the firm said. Canadian banks will report in late August.

Germany bails out IKB, worst crisis since 1931

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

US mortgage turmoil hit investor confidence on the other side of the Atlantic on Wednesday as details emerged of a German government rescue of a domestic lender that suffered heavy losses on subprime investments. The further government intervention suggested that the problems at IKB were much worse than thought. Mr Peer Steinbrück, German finance minister, phoned several banking executives – including Josef Ackermann, chief executive of Deutsche Bank – on Sunday to bring them on board.

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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