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NEW YORK (AFP) — US banking giant Citigroup reported Friday a first-quarter net loss of 5.1 billion dollars, hurt by at least 12 billion dollars in write-downs amid soured subprime investments, and said it would cut an additional 9,000 jobs.
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According to an analysis by the Organization for Economic Co operation and Development, losses from the collapse in the US subprime mortgage market will total between USD 350 billion and USD 420 billion.
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ING, the American arm of the Amsterdam-based ING Group, whose roots date to more than a century ago, seems to have escaped the subprime woes that other financial services companies have experienced
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Black media executives vowed Thursday to highlight subprime lending woes and provide information to help thousands of borrowers who have seen mortgage payments rise as their home values drop.
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Boston-based Burns & Levinson has formed a subprime advisory team to advise investors, brokerages, fiduciaries and businesses whose investment portfolios and credit arrangements have been significantly disrupted
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the FBI is investigating 19 institutions relating to the subprime lending crisis and the financial and investment vehicles used by those firms.
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Sumitomo, Japan’s fifth-largest bank, said it will fall about 10 percent short of its full-year profit estimate, hurt by around $780 million in losses on subprime mortgage investments.
Japanese banks … haven’t escaped unscathed.
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That means doctors, lawyers, business owners and corporate execs looking for jumbo mortgages – those more than $417,000 – are apt to pay significantly higher interest rates than people with similar credit scores in line for smaller loans.
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I thought about grounding him and taking away Internet privileges until he had completed some significant open source coding project, but realized that his initial experiences with his new (to him) computer had defined his view of Linux in general.
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Google Web Security service, powered by Postini…stops web-borne spyware and viruses before they infiltrate your network. It can also enforce your appropriate use policies. Google’s solution can provide inbound and outbound detection.
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This story was leaked to the Wall Street Journal because Yahoo is likely to meet with Microsoft again soon.
April 20, 2008
links for 2008-04-21
April 19, 2008
links for 2008-04-20
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Welcome to the Getting Things Done Zone: Gurus, news, best practices and Office tips from pros like David Allen.
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his is the story of two Sunfish, and their journey from neglected to “better than new.”
April 18, 2008
links for 2008-04-19
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Alternative Energy Retailer is the premier monthly magazine serving the sellers, installers and designers of alternative energy systems.
Address : -
Info Select is the award-winning “Personal Information Manager” that helps you manage all your daily random information in a remarkably powerful way.
April 11, 2008
links for 2008-04-12
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Here is a list of quick and dirty ideas for developing balance between your work life and your personal life. These aren’t in-depth answers or processes for developing balance. They are thinking points.
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The Moraine Sailing Club (MSC) is a volunter club dedicated to promoting sailing and sailboat racing in Western Pennsylvania. The club is based at 3,225-acre Lake Arthur (located in Moraine State Park in Butler County, Western PA).
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Sunfish FAQ
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I bought everything at Home Depot for about $100. They will cut and thread galvanized pipe to order. Don’t use black pipe or it will rust quickly.
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Despite propaganda’s overwhelmingly influence in our current society I remain optimistic that, given enough time, the large scale dissemination of information will succeed, and the voice of the common people will prevail. Now it’s time to get back to
April 9, 2008
links for 2008-04-10
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Get started with the fundamental concepts of z/OS.
April 7, 2008
links for 2008-04-08
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Burry, 36, recently gained some fame making lots of money for his investors by betting against subprime mortgages. He told us what tipped him off and he has some theories about why so few people saw it coming.
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One of Europe’s biggest banks, UBS has been among the hardest hit by the sub-prime crisis and subsequent credit crunch. Shares in UBS have crashed by more than 60 per cent since highs last year,
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Obama spent his pre-elected career working right in the middle of the complex of law firms and activist groups which use law and regulations to push banks into vastly increasing their lending to Subprime borrowers
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The lenders who made those loans ignored the fact that the borrowers with poor credit shouldn’t get a home loan. Blame that mindset on the fact that the lenders could just pass the risk to investors who were eager to snap up high-yielding securities
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The Chelsea Building Society is to cut the loan-to-value (LTV) ratios and raise interest rates on its sub-prime range tonight.
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Senate shoots down most ideas that would aid homeowners rather than builders and bankers
By Cynthia Tucker
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Specifically, investigators found that Lyder allegedly forged business certificates indicating that the homebuyers owned businesses and therefore had a source of income. Lyder then allegedly submitted those forged business certificates to Fremont on behal
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While the Fed scrambles to cut interest rates and bail out Wall Street firms, help for ordinary people is being neglected. Unfortunately, blaming the victim has been an all-too-common response to national disaster these days. Remember Hurricane Katrina…
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Fair Finance Watch has identified worsening disparities by race and ethnicity in the higher-cost lending of the nation’s largest banks, and it largest non-bank mortgage company, Countrywide
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The subprime mortgage crisis is actually two crises: One is struggling homeowners who can’t cope with rising payments. The other is a national credit crunch set off by the plunging price of mortgage bonds. Both are weighing down the Main Street economy.
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investment houses and homeowners are in trouble
politicians are being asked to approve a bailout
the idea proposed recently by Barney Frank, D-Mass.: Lenders should take a hit, generously discount the existing loans and give struggling homeowners a chance
April 5, 2008
links for 2008-04-06
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The party’s over, the hangover hurts, and woozy consumers are finally asking, “What the heck just happened?”
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Fitch Affirms $967.6MM and Downgrades $608.2MM from 6 CSFB 2005 .
(7º) Subprime Transactions -
“It’s so difficult to know who are the villains today. They look like wallpaper” …
“Maybe they’re in banks, maybe they are the insurance companies, maybe they’re in labs, even in the subprime crisis” -
Learning vi or vim is not easy. But it doesn’t have to be that difficult, either. It is, in any case, faster, more powerful, and more productive than editing with any other editor, so you would do very well in investing the time and effort to learn it.
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In other words, the story is a description of the US’ profoundly incompetent Palestinian policy, one which has exacerbated problems with each new development. As one Fatah commander described it, the whole plan seemed destined to leave Hamas in control.
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Option One is another subprime saga victim to be “rescued” by an enterprising and moneyed investor seeking future gains from other’s woes. In a statement, Wilbur Ross & Co. acknowledged “the problems of the subprime lending industry” but still regards the
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Moyer, who helps oversee $7 billion at Tennenbaum Capital Partners LLC, is part of the rush of more than 70 hedge funds … to snap up distressed mortgages and securities from banks battered by the subprime meltdown.
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Tracking the housing finance breakdown: a saga of corruption, hypocrisy, and government complicity.
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What Americans need now is not lectures about how they lack the wherewithal to own a home, but sound banking and lending practices that give credit-worthy consumers access to mortgages under terms allowing repayment over time at reasonable rates.
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The collapse of the subprime mortgage market in late 2006 set in motion a chain reaction of economic and financial adversity that … has created depression-like conditions in the housing market, and has led the American economy to the brink of recession.
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Subprime Fallout
(links to several subprime articles)
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Where did the Japanese get all this debt? Among other places, from a Connecticut-based registered investment advisory firm called Aladdin Capital Management. Amin Aladin, one of its founders, is a Japanese speaker with longstanding ties to Japan
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Pendulum now swinging towards more regulation, not less
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Fremont General Corp (FMT.N: Quote, Profile, Research) said on Friday that U.S. banking regulators declared its banking unit undercapitalized and has required the company to raise money or find a buyer in two months.
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When did executives know the value of subprime mortgage-backed securities were actually much lower than what appeared on their companies’ books?
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“As long as the music is playing it doesn’t matter that there’s not enough chairs,” Dolde said. “When housing prices were going up everything was fine.”
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Shares in UK banks today appeared to shrug off the latest multi-billion dollar sub-prime hit unveiled by one of Europe’s biggest finance houses.
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UBS Chairman Marcel Ospel, whose resignation was announced on Tuesday, threw in the towel after the Swiss bank said it was seeking its second emergency capital injection in a matter of months as its subprime losses soar.
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Recall that Ameriquest was the Super Bowl half-time sponsor in 2004. Just like Pets.com a few years prior, we should’ve seen that one coming.
April 1, 2008
links for 2008-04-02
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The following is a list of subprime-related write-downs made by European banks up to April 1. The banks have taken over $68 billion of charges and write-downs due to the crisis so far.
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Lehman Brothers Holdings Inc. (NYSE:LEH) is considering halting all new loans from its two British subprime mortgage units and putting further pressure on subprime borrowers whose mortgages are coming to the end of fixed-rate terms, the Financial Times re
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The overall write-downs by UBS so far of 37.4 billion dollars are far greater than those of American banks Citigroup (21.1 billion dollars in 2007) and Merrill Lynch which has booked 19.4 billion dollars in write-downs.
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financial research firm Celent say the U.S. banking industry will lose 200,000 jobs over the next 12 to 18 months.
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If you had to come here for this information,
and you didn’t buy the sail from us,
you have to ask yourself 2 questions.
Why didn’t my dealer tell me this? and Why did I buy my sail from him?
