I thought this was cool.
The New York Stock Exchange has made real-time price data available to the public free of charge via Google and CNBC. So if you’re in to stocks but not in to paying for real time pricing you can follow along at either of the two sites. Google and CNBC are picking [...]
The Case Shiller Housing Price Index fell 15.3% year over year (yoy) last month, the largest drop in the survey’s existence. The biggest losers continue to lose big, with markets such as San Diego, Miami and Las Vegas posting the largest gains. Every market in the 20-market survey lost over the past month (edit: meant [...]
AMBAC, MBIA and FGIC are trying to unwind $125 billion in contracts written to insure subprime mortgage debt with banks across the country as the mortgage insurers try to recover from the beating they’ve taken during the housing bust. Since the big bond insurers ratings have been cut on capital concerns they are working quickly [...]
Citigroup may be near another round of layoffs this week as it attempts to reach its goal of 6,000 layoffs in response to the deteriorating credit markets. The company has already laid off approximately half that number, and sources inside the company say more are on the way.
This shouldn’t really surprise anyone. Citi has been [...]
Countrywide’s continued bleeding of cash (more than $2.5 billion over the last 3 quarters) has reduced the value of the Bank of America buyout deal by a billion dollars, reports Bloomberg. The original $4 billion bail out is now valued at a $3 billion deal.
The retail branches, servicing portfolio and remarketing opportunity numbers must pencil [...]
WaMu, a bank that I consider one of the most under-discussed potential failure candidates as this credit crisis worsens, reported job cuts for 1,200 positions across the country in an effort to reduce costs and trudge back towards profitability.
WaMu has huge exposure to option ARM loans, with a ton of their profit booked as deferred [...]
Fifth Third, one of the larger mid-Western banks (that our good friend Tom works for) has announced plans to raise $2 billion ($1 billion in stock sales and $1 billion in divestitures) in fresh capital and a cut to the dividend to shore up its balance sheet in the wake of the mortgage meltdown. Regional [...]
The MBA’s mortgage application index fell nearly 10% last week driven down by the highest interest rates in a year. High rates, coupled with declining property values and tighter underwriting guidelines continue to put pressure on the mortgage market.
From Bloomberg:
Mortgage applications in the U.S. declined last week, led by a slump in refinancing as borrowing [...]
UCLA’s Anderson school of business reported that they see the first ‘dim flicker’ of light at the end of the housing collapse in California, citing year-over-year transaction increases in areas like Riverside (one of the hardest hit by the bubble). To me this just smacks of analysts wanting to be the first to call bottom [...]
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