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sub prime mortgagesBBC Business - The Dutch-Belgian financial group Fortis has reported a big fall in profits as a result of its exposure to US sub-prime mortgages. Fortis lost 1.5bn euros ($2.3bn; £1.1bn) on assets backed by US mortgages given to home buyers with poor credit ... Read more
Fortis results hit by sub-primeThe Independent - UBS shares fell to their lowest for more than five years yesterday on concern that the ailing Swiss banking giant had sold SFr25bn (£12bn) of risky mortgages at a big discount and faced further writedowns from the US sub-prime crisis. Analysts at ... Read more
Mortgage 'fire sale' hits UBS sharesTimes Online - GE Capital also has billions of dollars of exposures in non-sub-prime mortgages, sub-prime consumer and nonUS auto lending”. He went on: “Off-balance sheet securitisations that could be uncertain - commercial real estate, residential real estate ... Read more
American economic news piles on the agonyGuardian Unlimited - Last year, Citigroup paid $34bn (£17bn) in salary and bonuses, almost 50 per cent more than in 2004. Yet, over the same period its net income plunged from $17.1bn to $3.6bn as it wrote off more than $18bn against its exposure to sub-prime mortgages ... Read more
Bankers who don't deserve bonusesBBC Brasil - What began in the autumn of 2006 with a rise in defaults on US sub-prime loans is now manifesting itself in growing delinquency rates on US mortgages in general and the growing unease of lenders about ostensibly good quality mortgages. Read more
Credit crunch 2.0Los Angeles Times - A pair of proposals ( HR 3609 and S 2136 ) would allow bankruptcy judges to rewrite mortgages for troubled debtors with sub-prime or nontraditional loans. Read more
Change the mortgage rulesTimes Online - The FBI probe is likely to focus on whether there is any evidence of fraud in the origination of mortgages and to what extent Countrywide management was aware of the liabilities its sub-prime business was building up. Read more
FBI investigates Countrywide over possible mortgage fraudDaily Telegraph - Dealings in Carlyle Capital, the heavily-leveraged fund manager under pressure after missing margin calls to its creditors because of its exposure to sub-prime mortgages, were suspended yesterday. Read more
US Congress opens fire on banking 'fat cats'Baltimore Sun - It's difficult to explain to a debtor going into bankruptcy why a vacation home can be adjusted but their prime residence ... support for increasing funding for housing counseling and allowing communities to purchase and renegotiate troubled mortgages. Read more
Seeking more aid for homeownersTimes Online - Elephant Loans & Mortgages , the UK sub-prime lender, has agreed rescheduling of loan terms with its lender, Trafalgar Capital Specialised Investment Fund, to extend the term of the loan and defer capital repayments. Read more
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