Posts Tagged ‘sub-prime’

Subprime Fiasco no Coincidence

Written by Timothy Blake on October 06, 2007 under Archives, Editorial

Does it seem important to anyone else that banks, realtors, and insurance lobbied so strongly for deregulation and greater independence from government scrutiny? It does not seem coincidental that the mortgage products failing so miserably in 2006 and 2007 were not even available to borrowers until late 2004 and 2005. Option ARMs, low doc/no doc, stated income, were not available until after consumer protection was restricted in the best interest of the financial institutions.

Bear Stearns Alt-A absorbs Sub-prime Encore Credit

Written by Timothy Blake on October 04, 2007 under Archives, Editorial

Bear Stearns Residential Mortgage and Encore Credit Corporation will be a single unit under the name Bear Stearns Residential Mortgage, the bank said in a statement. The move will mean reducing staffing by 310 jobs. Encore Credit is a sub-prime mortgage lender, while the Bear Stearns Residential Mortgage lends for Alt-A mortgages.

UBS Feels the Sub-prime Mortgage Blues

Written by Timothy Blake on October 02, 2007 under Archives, Editorial

UBS announced $3.4 billion in write-downs, including deep mortgage losses at a hedge fund it operated, and said it would report its first quarterly loss in nine years. It slashed 1,500 jobs and ousted the head of its U.S. investment banking operations, saying its new CEO, Marcel Rohner, would run the division.

Barclays risks loss in sale of sub-prime arm

Written by Leatherneck on September 24, 2007 under Archives, Outside the U.S.

Barclays FirstPlus portfolio mostly comprises second mortgages – loans secured against the borrower’s home, over and above a mortgage. In an environment of falling house prices, these loans effectively become unsecured borrowings – and are one of the segments of the market where bankers are becoming increasingly nervous.

Value of Dollar Drops for Overseas Investors

Written by Timothy Blake on September 15, 2007 under Archives, Economic Impact, Editorial

One after another, the economists who took the lectern at last week’s monetary symposium at Jackson Hole, Wyoming, devoted themselves to the sub-prime debacle facing the American economy. There is the likelihood of plummeting house prices – one eminent professor talked of 40% declines, and their long-term effect on the dollar.

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