Mortgage and Financial News From 2007-10-24 Page 01

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  • Frank Says Mortgage Bill Needed to Restore Confidence (Update2)

    Bloomberg - The Massachusetts Democrat fended off Republican criticism of a provision to hold mortgage securitizers partly responsible for bad loans, saying ... criticized the plan, saying it could stifle lending to consumers with less-than-perfect credit ...
    2007-10-24 10:55:00

  • Moody's Profit Falls 13% as Credit Slump Slows Demand (Update5)

    Bloomberg - ... in the first half, declined 6 percent as defaults on U.S. subprime home loans sliced demand for mortgage ... Moody's is ``very sensitive to the credit markets, whether for good or for bad,'' said Neil Godsey, an equity analyst at Friedman, Billings ...
    2007-10-24 01:25:00

  • David Prosser's Outlook: Merrill Lynch piles on the credit misery

    The Independent - ... gossip doing the rounds in recent days that Merrill Lynch would announce credit ... Yesterday, Merrill's said its write-down for sub-prime mortgage and CDO investments ... Yet day by day, the bad news continues to seep out. This week alone, two ...
    2007-10-24 03:48:00

  • Bloody Wednesday Ends With Late Rally

    Forbes - Merrill announced a $7.9 billion write-down related to bad mortgage bets and losses due to the credit crunch. Far beyond the $5 billion the company had initially forecast, the write-down sent investors fleeing. Merrill was off the day's lows on the ...
    2007-10-24 03:05:00

  • Merrill Lynch takes $7.9B loan hit

    CNN - Inc. took a $7.9 billion writedown in the third quarter due to bad mortgage bets, well exceeding its initial estimates and ... The Wall Street firm said Wednesday heavy losses on home loans given to borrowers with poor credit, and collateralized ...
    2007-10-24 05:43:00

  • Bank of America to cut jobs after bad 3Q results

    MSNBC - Bank of America to cut jobs after bad 3Q results Second-largest bank to slash 3 ... for the unit increased $865 million due to consumer and small business credit costs ... loss related to structured products, including asset- and residential mortgage-backed ...
    2007-10-24 04:09:00

  • Mexico stocks drop on weak U.S. home sales data

    Reuters - U.S. sales of previously owned homes fell further than expected in September to a record low annual pace amid troubles in the subprime mortgage and credit markets, the National Association of Realtors said. Bad news for the U.S. economy is bad for ...
    2007-10-24 02:01:00

  • Merrill Lynch takes $7.9 billion hit from credit crisis

    Houston Chronicle - Merrill Lynch & Co., the world's biggest brokerage, said Tuesday the summer's credit crisis triggered a bigger-than-expected $7.9 billion writedown during the third quarter. Bad bets on mortgage securities and leveraged loans used for corporate ...
    2007-10-24 07:05:00

  • Stocks Lower, but Pare Sharp Losses

    CNBC - The worse-than-anticipated loss indicated the financial sector may be in a more dire situation than anticipated because of the credit squeeze that was triggered in part by spikes in mortgage defaults. In a conference call with investors, Merrill CEO ...
    2007-10-24 12:28:00

  • Merrill Takes $8.4 Billion Credit Hit

    Wall Street Journal - ... surprise that led the firm's stock price to fall 5.8% as its credit rating ... valuation of the firm's current $20.9 billion portfolio of mortgage-related securities, which Merrill said has shrunk from $40.9 billion in late June.
    2007-10-24 09:03:00

  • Sector Glance: E-Brokers' Shares Fall

    CNBC - NEW YORK - Shares of electronic brokerages mostly fell Wednesday after Merrill Lynch & Co. shocked financial markets by disclosing that the expected costs of bad mortgage credit were three-quarters steeper than the bank thought just three weeks ago ...
    2007-10-24 03:05:00

  • Merrill Lynch clobbered by credit crisis (Crain's New York Business)

    Bad bets on mortgage securities and leveraged loans prompted the firm to write down a bigger-than-expected $7.9 billion.
    2007-10-24 01:12:24

  • Merrill 3Q roiled by mortgage crisis (Lexington Herald-Leader)

    Merrill Lynch & Co. on Wednesday took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans. The world's largest brokerage was caught off guard by its bad bets, leading to its first loss in six years. Merrill Lynch's quarterly performance was the worst by far of the Wall Street firms. The ...
    2007-10-24 07:40:59

  • Sector Glance: E-Brokers' Shares Fall (AP via Yahoo! Finance)

    Shares of electronic brokerages mostly fell Wednesday after Merrill Lynch & Co. shocked financial markets by disclosing that the expected costs of bad mortgage credit were three-quarters steeper than the bank thought just three weeks ago.
    2007-10-24 03:01:09

  • Merrill Lynch Posts Steep Third-Quarter Loss, Roiled by Mortgage and Credit Crisis (Canadian Business)

    NEW YORK (AP) - Merrill Lynch & Co., the world's biggest brokerage, on Wednesday said the summer's credit crisis triggered a bigger-than-expected $7.9 billion writedown during the third quarter.
    2007-10-24 05:58:05

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