Mortgage and Financial News From 2007-11-6 Page 15

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  • Dollar Falls to Record Low Against Euro; Fed May Reduce Rates

    Bloomberg - Morgan Stanley, the second-biggest U.S. securities firm, may write down $6 billion from the value of mortgages and related securities, according to David Trone, an analyst at Fox- Pitt Kelton Cochran Caronia Waller. Mark Lake, a spokesman at Morgan ...
    2007-11-06 11:05:00

  • Morgan Stanley May Write Down $6 Billion, Trone Says (Update1)

    Bloomberg - ... losses on mortgages and related securities, writing down their value by as much as $6 billion, according to David Trone, an analyst at Fox-Pitt Kelton Cochran Caronia Waller. Trone cut his recommendation on Morgan Stanley, the second ...
    2007-11-06 10:44:00

  • Second Verse, Same As First

    Forbes - ... bets on subprime mortgages. Another firm rumored to have significant subprime exposure, insurance giant American International Group (nyse: AIG - news - people ) (AIG), had seen a similar decline but was rising for a second straight ...
    2007-11-06 10:22:00

  • Commerzbank Posts 3Q Net Profit Gain

    Forbes - ... writedown in the third quarter on its 1.2 billion euros ($1.74 billion) in exposure to securities tied to mortgages made to borrowers with weak credit histories. That was on top of a 46 million euros ($66.64 million) writedown made in the second ...
    2007-11-06 10:58:00

  • IndyMac loss dwarfs own forecast

    CNBC - Pretax credit losses quadrupled from the second quarter to $407.7 million, while losses from the sale of mortgages totaled $167.2 million. Results also reflected costs to eliminate 1,547 jobs, as well as hedging gains. Quarterly mortgage production ...
    2007-11-06 10:01:00

  • IndyMac Reports $202.7 Million Loss as Mortgages Sag (Update1)

    Bloomberg - Nov. 6 (Bloomberg) -- IndyMac Bancorp Inc., the second- largest independent U.S. mortgage lender, reported its first loss in more than eight years in the third quarter as the company made fewer loans. The company lost $202.7 million, or $2.77 a share ...
    2007-11-06 04:38:00

  • Fitch Takes Rating Actions on 7 Large Banks; Downgrades National City ...

    Forbes - Additionally, meaningful exposures in residential construction lending, home equity and second mortgages remain and are likely to present NCC with challenges. The economic prospects for some of NCC's core markets are less than robust and while ...
    2007-11-06 09:32:00

  • Commerzbank Posts 3Q Net Profit Gain (AP via Yahoo! Finance)

    Commerzbank AG named a new chief executive Tuesday and said its total writedowns related to the U.S. subprime crisis totaled $488.3 million during the second and third quarters, more than expected.
    2007-11-06 10:54:36

  • Fannie Mae to become current with financial reporting (bizjournals.com via Yahoo! Finance)

    Fannie Mae, which is emerging from an accounting scandal, will become current in its financial reporting requirements on Nov. 9, when the company plans to file its first-, second- and third-quarter reports with the Securities and Exchange Commission.
    2007-11-06 09:40:31

  • Ambac Rebuts Insurer Loss Estimates by Morgan Stanley (Update1) (Bloomberg.com)

    Nov. 6 (Bloomberg) -- Ambac Financial Group Inc., the world's second-largest bond insurer, disputed conclusions by Morgan Stanley that the industry's losses will worsen.
    2007-11-06 09:40:15

  • Commerzbank Profit Rises 56%; Mueller to Step Down (Update4) (Bloomberg.com)

    Nov. 6 (Bloomberg) -- Commerzbank AG, Germany's second- largest bank, reported a 56 percent increase in third-quarter profit following tax gains and named board member Martin Blessing to succeed Klaus-Peter Mueller as chief executive officer.
    2007-11-06 09:39:47

  • Morgan Stanley May Write Down $6 Billion, Trone Says (Update1) (Bloomberg.com)

    Nov. 6 (Bloomberg) -- Morgan Stanley may become the next big Wall Street firm to report losses on mortgages and related securities, writing down their value by as much as $6 billion, according to David Trone, an analyst at Fox-Pitt Kelton Cochran Caronia Waller.
    2007-11-06 10:57:47

  • Second Verse, Same As First (Forbes)

    Paced by stumbling Citigroup, the Dow was in negative territory yet again Tuesday.
    2007-11-06 09:06:04

  • Morgan Stanley Writedowns May Reach $6 Billion, Fox-Pitt Says (Bloomberg.com)

    Nov. 6 (Bloomberg) -- Morgan Stanley, the second-biggest U.S. securities firm, may write down $6 billion from the value of mortgages and related securities, according to David Trone, an analyst at Fox-Pitt Kelton Cochran Caronia Waller.
    2007-11-06 08:57:51

  • Housing's Loss Is Nobody's Gain

    Forbes - So I'm the only home owner on the East coast whose real estate laid an egg ... Lower interest rates are coming. It may take three successive cuts in Fed funds and ... From 2001 to 2005, subprime mortgage loans grew five-fold to $625 billion annually ...
    2007-11-06 09:03:00

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