Friday, August 08, 2008

Yahoo - "$1 trillion in losses? Bank on more" (8-8-08)

"So how high could losses go? Sonders points to the $1.6 trillion forecast from hedge fund firm Bridgewater Associates or even the $2 trillion number from Nouriel Roubini, the highly-respected professor of economics at NYU's Stern School of Business."

Yahoo - "Fannie Mae loses $2.3B in quarter as defaults rise" (8-8-08)

"Fannie Mae swung to a second-quarter loss that was more than triple what Wall Street expected as conditions in the housing market continued to deteriorate, forcing the mortgage finance giant to make bold cutbacks that will send shock waves through the mortgage market."

Bloomberg - "Bank Failures Have Customers Seeking FDIC Protection" (8-8-08)

"As U.S. regulators brace for more bank failures, consumers are wondering for the first time since the savings-and-loan crisis of the 1980s about the safety of their money. Harry Newton, a former publisher who lives in New York City, moved $604,000 in cash to seven different banks last month after the seizure of IndyMac Bancorp Inc. to ensure that his funds were covered by the Federal Deposit Insurance Corp."

Bloomberg - "UBS Agrees to Buy $19.4 Billion Auction-Rate Debt" (8-8-08)

"UBS AG, Switzerland's biggest bank, will buy back $19.4 billion of failed auction-rate securities and pay a $150 million fine, the largest settlement in a U.S. probe into whether banks stuck clients with hard-to-sell bonds"

Bloomberg - "Merrill Joins Citi in Buying Back Auction-Rate Bonds" (8-8-08)

"Merrill Lynch & Co. said it will offer to buy back about $10 billion in auction-rate securities from retail clients after Citigroup Inc. agreed to take similar steps under a settlement with U.S. and state regulators. Merrill will pay face value for the securities, according to a statement today from the New York-based firm. The buybacks will begin in January and continue for a year. The investments have been frozen in customer accounts since Wall Street firms backed away from the market in February, leading to claims by customers and investigations by the U.S. Securities and Exchange Commission and regulators in New York and Massachusetts."

Yahoo - "How Homeowners Can Benefit from Falling House Prices" (8-8-08)

"With home values down sharply and projected to decline further this year, this may be the time to challenge your property tax assessment. In fact, a few tax authorities are beating homeowners to the punch."

Bloomberg - "LandAmerica Rating Cut by S&P as Results Deteriorate" (8-8-08)

"LandAmerica Financial Group Inc., the No. 3 U.S. title insurer, had its credit rating cut by Standard & Poor's to below investment grade."

Bloomberg - "Housing Faces `Rough Patch' as Inventory Lingers, Preston Says" (8-8-08)

"A glut of unsold homes will continue to weigh on the U.S. residential real estate market even as the pace of price declines slows, said Steven Preston, secretary of the Department of Housing and Urban Development."

Bloomberg - "Beazer Reports Seventh Straight Loss as Demand Slumps" (8-8-08)

"The third-quarter net loss narrowed to $109.8 million, or $2.85 a share, from $118.7 million, or $3.09, a year earlier, the Atlanta-based company said today in a statement. The shares rose as much as 5.4 percent after revenue exceeded analysts' estimates."

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