loans
Intravenous Finance
Governments around the globe launched aggressive schemes with speed induced by shear panic over the weekend in order to stop the global financial meltdown. Central banks in Europe and America will now guarantee a veritable stew of rotten bank loans and governments will purchase equity stakes in many of these retched and limping debt-peddling institutions.
The [...]
Banks Bounce Back from the Dead
Bank shares are back in style. Even after staggering losses were announced by the likes of Wachovia, which registered a $8.9 billion loss in the second quarter, and Washington Mutual, which posted a $3.3 billion stain of red ink in the same period, their shares traded up by 27 percent and 6 percent, respectively.
The share [...]
Citigroup smacked by reckless bets
Citigroup reported a 57% decline in profits for the third quarter of 2007. Apparently it received some nasty wounds from souring fixed-income investments and sinking consumer loans. This sad quarter reflected approximately $5.9 billion of write-offs; once light was shed upon faltering securities prices and proprietary trades gone terribly wrong.
Much of the damage inflicted upon [...]
Pending Home Sales Plunge
More bad news emerged on Wednesday from the beleaguered housing market. The National Association of Realtors reported that pending sales of existing homes collapsed by 12.2 percent in July. The Pending Home Sales Index, as it is known, is based on actual contracts signed, and it swooned to register 89.9- the lowest level since September [...]
Take my house, please!
The housing market has been cooling off as of late. The sale of single-family homes declined 5 percent from June to July, and are off 11.4 percent from a year ago. Although the national median home price rose 1.5 percent over the past twelve months, there are signs that the frothiest coastal markets are [...]
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