Mortgage and Financial News From 2008-3-6 Page 5

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• S&P Cuts WaMu Credit Rating

  Forbes - ... Mortgage credit ... credit, laid off more than 3,000 workers, and shifted more energy to its 2,250 retail bank branches and Web site. Bad loans helped drag WaMu to a $1.87 billion loss in the fourth quarter of 2007, and executives have said fallout from the mortgage ...
  2008-03-06 02:25:00

• US mortgage lender and county, European bank all point to new weakness ...

  International Herald Tribune - ... biggest bank unloaded $24 billion (€15.67 billion) of opaque mortgage securities in a fire sale. Those on the front lines — from bond traders to investment managers — say the latest batch of bad news indicates a harrowing new time in the credit ...
  2008-03-06 01:06:00

• S&P cuts Washington Mutual credit rating citing mortgage losses

  Seattle Times - Standard & Poor's has cut Washington Mutual's credit rating. The service says the mortgage crisis is worse than it predicted at the start of the ... Bad loans helped drag WaMu to a $1.87 billion loss in the fourth quarter of 2007.
  2008-03-06 03:01:00

• Credit market woes hit stocks

  CNN Money - Washington Mutual ( WM , Fortune 500 ) tumbled after S&P cut its credit rating on the mortgage lender, saying WaMu is facing bigger losses on bad home loan bets than the ratings agency had anticipated.
  2008-03-06 03:08:00

• Thornburg Defaults Spark More Credit Fears

  BusinessWeek - The liquidity crunch at Thornburg Mortgage ( TMA ) has gone from bad to worse this week. On Mar. 5, the company said it had failed to meet a $28 million margin call on a $320 million repo loan, prompting one of its lenders to declare it in default on ...
  2008-03-06 03:22:00

• Isakson pushes tax credit to attract buyers (Atlanta Journal-Constitution)

  With the nation's housing crisis deepening, Democrats are pushing legislation to let judges lower the monthly mortgage payments of bankrupt homeowners. The sense of urgency increased Thursday when reports showed foreclosures shot to an all-time high in 2007's final quarter, and that homeowners had more debt on their houses than equity in them for the first time since 1945. But Sen. Johnny ...
  2008-03-06 04:28:35

• Financial Innovation: Engine of Growth or Source of Instability? (Federal Reserve Bank of St. Louis)

  University of Illinois-Springfield Springfield, Ill. March 6, 2008 *I appreciate comments provided by my colleagues at the Federal Reserve Bank of St. Louis. David C. Wheelock, assistant vice president in the Research division, provided special assistance. I take full responsibility for errors.
  2008-03-06 04:37:28

• Credit and Mortgage Woes Sink Stocks (NYTimes.com via Yahoo! Finance)

  Stock markets fell sharply amid renewed anxiety about the availability of bank loans — and fears that the Federal Reserve may be unable to curb the credit slump.
  2008-03-06 04:40:32

• Should You Unlock Capital From Your Home? (The Motley Fool)

  Does it make sense to borrow more money against your home?
  2008-03-06 04:49:08

• Mortgage 'fire sale' hits UBS shares (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.
  2008-03-06 04:56:43

• (AFX UK Focus) 2008-03-07 00:45 GMT: SKorean shares open sharply lower on Wall Street's slump (Interactive Investor)

  SEOUL (Thomson Financial) - South Korean shares opened sharply lower on Friday as investors scurried to unload holdings, shaken by Wall Street's slump following more bad news from the credit market and fears of monetary tightening in China.
  2008-03-06 05:13:00

• (AFX UK Focus) 2008-03-07 00:44 GMT: Australian shares fall on Wall Street losses - UPDATE (Interactive Investor)

  SYDNEY (Thomson Financial) - Australian shares tumbled Friday following losses on Wall Street, where concerns about the ailing credit market were reignited after Thornburg Mortgage Inc and a Carlyle Group bond fund revealed troubles with mortgage-backed investments.
  2008-03-06 05:13:10

• CWB Reports Strong First Quarter Earnings on Record Total Revenues

  CNW Group - CWB has no direct exposure to any troubled asset backed commercial paper, collateralized debt obligations, U.S. subprime mortgages or monoline insurers.
  2008-03-06 05:28:00

• Sri Lanka Sinhaputhra Finance credit downgraded by Fitch

  Lanka Business Online - The Negative Outlook is indicative of the need for SFL to reverse the trend of weakening collections and declining ... consisted of leases second-hand commercial vehicles, and a significant proportion was also secured by property mortgages.
  2008-03-05 11:09:00

• All the Day's Political News From Newspapers, TV, Radio, and Magazines

  US News and World Report - Hillary would then have to convince the uncommitted superdelegates to reverse the will of the people. ... and "even with some relief efforts under way by industry and government, foreclosures and late payments on home mortgages are ...
  2008-03-05 05:44:00

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