Posts Tagged ‘Economic Impact’

Asia Times Puts HSBC at Forefront of Subprime Crisis

Written by Timothy Blake on October 22, 2007 under Archives, Economic Impact, International, Outside the U.S., Root Causes

On October 23rd Asia Times Online said:

For the third time since March, we are in the midst of a significant market selloff, a sharp and painful expansion of what the markets call “risk aversion”.

MGIC Sings Mortgage Insurance Blues

Written by Timothy Blake on October 17, 2007 under Archives, Economic Impact

MGIC Investment Corp., the largest U.S. mortgage insurer, posted its first quarterly loss in 16 years and said it won’t be profitable in 2008 as foreclosures increase from record levels. The net loss of $372.5 million, or $4.60 a share, was the worst quarter for MGIC. Consider the bad exposure and MGIC is singing the mortgage blues. Their disputes with Radian did not help matters, as many Americans discovered a relationship between MGIC, Radian, and debt collectors.

Citi, JPMorgan Chase, BofA to create SIV’s to help market

Written by Timothy Blake on October 15, 2007 under Archives, Definitions, Economic Impact, Government Positions, Investors

The stock market was down sharply Monday as news that major U.S. banks will set up a fund to help bail out the credit markets stirred concerns about bad debt. Bonds fell after an upbeat economic reading. The stock market’s pullback follows concerns about debt but also as investors also await third-quarter reports due this week from more than 80 members of the Standard & Poor’s 500 index. In addition, oil pushed to new highs.

JPMorgan, Bank of America Ready for Losses

Written by Timothy Blake on October 08, 2007 under Archives, Economic Impact, Investors, Lenders

JPMorgan Chase and Bank of America are expected to disclose losses of about $3 billion in mortgage securities and leveraged loans when they report earnings this month, the Financial Times reported, citing an analyst. JPMorgan is likely to report mark-to-market losses on leveraged loans of about $1.4 billion and an additional $700 million in write-downs of mortgages and mortgage-backed securities, according to Howard Mason, analyst with Sanford Bernstein, the paper reported.

HSBC Says Britain to Face Growth Slowdown

Written by Timothy Blake on October 05, 2007 under Archives, Economic Impact, International, Job Losses

Britain’s economic expansion has been hurt by the crisis in the financial markets, Treasury chief Alistair Darling warned, apparently signaling a reduction in the growth forecast for 2008. His remarks came ahead of a crucial budget report to be delivered next week.

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