Mortgage and Financial News From 2007-11-5 Page 8

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• Citigroup Turns to Robert Rubin

  BusinessWeek - Prince stepped down at an emergency board meeting on Nov. 4, joining Merrill Lynch CEO Stanley O'Neal as the second top Wall ... Prince was undone by the mounting losses on securities backed by risky mortgages (BusinessWeek.com, 11/1/07) and loans to ...
  2007-11-05 02:55:00

• Markets fear banks have $1 trillion in toxic debt

  The Independent - The admission that it was unable to assure investors that a potential $11bn write-down for sub-prime mortgages would not ... It seems we’re entering a second phase of the credit squeeze. We’re going back to a place where liquidity is drying ...
  2007-11-05 05:04:00

• Aussie stocks end two-session slide; banks firm

  Reuters UK - The second-round effects of the subprime crisis are washing through with the Citigroup announcement and the credit ... Citigroup, the top U.S. bank, was unable to assure investors a potential $11 billion write-down for subprime mortgages won't ...
  2007-11-05 03:45:00

• Munich Re Third-Quarter Profit Rises 69% on Tax Gain (Update6)

  Bloomberg - Nov. 5 (Bloomberg) -- Munich Re, the world's second-biggest reinsurer, reported a 69 percent increase in third-quarter ... of financial-services companies dropped after New York-based Citigroup Inc. announced yesterday that its subprime mortgages ...
  2007-11-05 09:26:00

• European Bonds Gain as Losses at Citigroup Stoke Haven Buying

  Bloomberg - Nov. 5 (Bloomberg) -- European government bonds rose for a third day after Citigroup Inc. said subprime mortgages and related ... European stocks also declined as Bear Stearns Cos. downgraded Credit Suisse Group, Switzerland's second-biggest bank, and ...
  2007-11-05 09:19:00

• Gramercy Capital buying American Financial Realty Trust

  CNBC - About 70 percent of the debt is comprised of mortgages held by commercial properties owned. Shares of American Financial soared ... Lewis Ranieri, chairman of American Financial, said tight credit markets would constrain the company's second restructuring ...
  2007-11-05 02:27:00

• ECB, After Hard Birth, Comes of Age in Crisis

  Wall Street Journal - The summer's mounting financial crisis, sparked by rising defaults on U.S. subprime mortgages, had fully crossed the Atlantic ... Working on the second floor of the bank's high-rise, the team watches everything from global stock-exchange movements to ...
  2007-11-05 05:33:00

• 'Marketplace' Report: Citigroup Rattles Market

  NPR News - The company's losses are from bonds tied to subprime mortgages. Citigroup CEO Charles Prince resigned Sunday and former ... Prince stepped down after an emergency board meeting Sunday, becoming the second corporate head to succumb to over exposure ...
  2007-11-05 02:27:00

• Weill's Profit Machine Breaks Down on Citi Writedowns (Update6)

  Bloomberg - The biggest U.S. bank by assets fell 5 percent today in New York trading after saying that subprime mortgages and related ... The company said its capital ratios ``will return within the range of targeted levels by the end of the second quarter of ...
  2007-11-05 01:15:00

• Sector Wrap: Banks Decline

  Forbes - Renewed worries about tightening credit and further expected writedowns from ailing subprime mortgages sunk shares of major U ... For the second straight day, shares of Merrill Lynch hit a 52-week low of $53.86. On Friday, one banking analyst said ...
  2007-11-05 12:25:00

• UPDATE 1-Fitch cuts Citigroup debt rating; S&P may follow

  Reuters - Moreover, deteriorating credit conditions in the consumer lending space, particularly in first and second lien mortgages, suggest that the company, not just the investment bank, could face a difficult environment across a number of fronts in the ...
  2007-11-05 07:24:00

• Warsaw shares close down for second session, KGHM leads drop - UPDATE

  Forbes - WARSAW (Thomson Financial) - Warsaw shares closed lower for the second session as investors sold copper miner KGHM amid ... warned it plans to book between 8 and 11 bln usd in additional losses linked to subprime mortgages. KGHM led the decline as a ...
  2007-11-05 08:07:00

• Munich Re says may beat 2007 goal, subprime no fear

  San Diego Union-Tribune - The world's second-biggest reinsurer said it was increasingly confident of reaching its full-year target of making up to 3 ... Munich Re said it faced little additional risk from its investments in the market for risky mortgages in the United States ...
  2007-11-05 03:53:00

• Fannie Mae releasing Q1-Q3 earnings

  CNBC - Washington-based Fannie Mae, which is the largest U.S. buyer and guarantor of home mortgages and the second-largest U.S. financial institution after Citigroup Inc., last Friday filed its first proxy statement since April 2004. It has scheduled an ...
  2007-11-05 03:24:00

• Yen Strengthens as Writedowns Spur Reduction in Carry Trade (Bloomberg.com)

  Nov. 6 (Bloomberg) -- The yen rose for a second day versus the dollar and the euro on speculation writedowns on subprime- related assets will prompt traders to pare investments bought with money borrowed in Japan.
  2007-11-05 04:27:55

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