Project Lifeline: Bank of America, Citigroup, Countrywide, JP Morgan, Washington Mutual & Wells Fargo
With the credit crunch hitting the U.S. hard, a collection of banks are getting together in “Project Lifeline” with the aim of helping US homeowners.
US house prices are getting depressed thanks to unsold homes and six major US banks are about to announce their plans to offer help to US homeowners with their mortgages Read more
Countrywide Shares Plunge: report claims bankruptcy fabricated
If the United States financial market was not in a bad way as it is, now it’s being reported that Countrywide Financial Corp shares have plunged over 17% today Read more
Bank of America Layoffs: 3000 Jobs Lost
The Bank of America has announced that over 3000 jobs are going to be lost as the banking giant cuts back across the world.
The Bank of American layoffs included Read more
Fed Rate Cut By 0.5 pt, Federal Reserve Meeting Lowers Interest Rate to 4.75 pct
Today the Federal Reserve announced a Fed rate cut of half a point to 4.75 pct.
The announcement by Ben Bernanke after the Fed meeting has come after increasing pressure Read more
Wall Street Expects Fed To Cut Interest Rates: Stocks Set To Rise
An interest rate cut is what many investors on Wall Street are expecting Ben Bernanke and the Federal Reserve to do on Tuesday.
Due to the global credit crunch and the possibility of a major recession in the US, the Fed is under tremendous pressure to Read more
Banks Are Struggling as Mortgage Interest Rates Rise: But Its Good News for Savers
The current credit crunch in the financial markets may be causing trouble within the mortgage market but for people who have money saved up, they are benefits to be had as Read more
Buy-To-Let Investors Pour Back Into Real Estate Market
Despite the home loan and mortgage crisis, the “Buy-To-Let Take-Ups” are at record levels in the housing market.
Investors are returning because Read more
Technology Sector Leads Wall Street Stocks As Banks Fall
At the end of trading today, the mainstream stock market was actually little changed as declines in banking stocks were made up for by rises in the technology sector.
Banking stocks were falling as investors Read more
Mid-America Bank To Cut 390 Jobs By Next Year
The Mid-America Bank after having very recently been taken under new ownership, that being the likes of the National City Corporation have recently announced plans that include Read more
Countrywide Financial Corp Cuts 12,000 Jobs In Face Of US Housing Crisis
Due to the mortgage crisis and credit crunch that is affecting the US stock market and economy, the largest mortgage lender in the USA, Countrywide Financial has been forced to cut 12,000 – 10,000 jobs.
The Countrywide Financial job cuts represent Read more
Subprime Crisis, Bank of America and US spiralling toward recession
Despite emergency measures from financial institutions such as The Bank of America, the US subprime crisis continues to drag the American economy down into a recession.
Many feel that the fact that Read more
Bank of America agrees to pour $2 billion into Countrywide Financial Corp
Countrywide Financial has been in a great deal of trouble recently, due to the crisis in the sub prime mortgage market which stemmed from the credit crunch.
However, The Bank of America has agreed to help Countrywide Financial by giving the company a massive Read more
Countrywide Layoffs: More Trouble for Countrywide Financial
Things are not going well for Countrywide Financial. There were concerns of a possible bankruptcy after days where shares in Countrywide Financial fell the most since the stock market crash of 1987.
Now there is more bad news coming from Countrywide Financial, the biggest mortgage lender in the USA. Countrywide layoffs are Read more
Fed Discount Rate: Surge on Wall Street thanks to federal funds rates cut
After the Federal Reserve discount rate was dropped to 5.75pct, it sparked a rally on Wall Streets as a lower Fed funds rate means cheaper borrowing costs.
Cheaper credit comes as a great relief to the financial markets as Wall Street was experiencing a credit crunch but now Read more
Oil Prices Rise on Hurricane Dean, Oil Refinery Fire
Oil prices have risen to their current level of $71.80 on fears about hurricane dean and a fire at a US oil refinery.
Oil prices had fallen 9% on fear of a Read more
US Dollar Surges 2% In 2 Weeks
The US Dollar Index has gained roughly 2 per cent in recent trading, rising from around 80 to nearly 82.
It the rate of the US Dollar to the British Pound is now Read more
Countrywide Financial: More Bad Countrywide News, Countrywide Bankruptcy Ahead
Its more bad new for Countrywide Financial as fears of a Countrywide bankruptcy causes shares in the Countrywide bank and mortgage lender to fall another 16% today.
Countrywide Financial is the biggest mortgage lender in the USA and today Countrywide Financial said that it had got $11.5 billion in emergency loans in an attempt to stop a full blown Read more
Countrywide Financial Bankruptcy Fears Cripple Stock
Countrywide Financial plunged over 13 pct yesterday, which is the biggest one day decline in this stock since the historic stock market crash on 1987.
This is yet another case of mortgage fears sending ripples through the business world and the global financial markets Read more
Finance News: First Magnus Halt Loans?
First Magnus Financial, a well-known and well-used mortgage lender that is seen as Tucson’s main, locally based national firm and also known for being a significant major employers of the area, has recently announced that Read more
Countrywide Financial Corp: Merrill Lynch & Co says bankruptcy possible
Countrywide Financial Corp, the biggest mortgage lender in the US could very well be on the verge of bankruptcy, that is what Merrill Lynch & Co have said. Countrywide Financial Corp’s stock fell Read more