Yesterday | International Herald Tribune
The U.S. Interior Department declared the polar bear a threatened species on Wednesday, saying that it must be protected because of the decline in Arctic sea ice due to global warming. via International Herald Tribune
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Subprime Mortgage Crisis Forum & PollsWednesday May 14 | Maktoob Business
Subprime crisis hits earnings at Deutsche Post
German logistics group Deutsche Post reported a wider-than-expected 18.4 percent drop in first quarter earnings on Wednesday as turbulence on financial markets hit earnings at its Postbank banking unit. via Maktoob Business
Tuesday May 13 | The Journal News
MBIA reports record loss of $2.4 billion
“While our operating results this quarter were clearly disappointing, they are consistent with developments in the credit markets”
MBIA Inc. reported a net loss of $2.4 billion during the first quarter as the Armonk bond insurer faced continuing fallout from the weakening housing market and the subprime mortgage crisis. via The Journal News
Monday May 12 | TurkishPress.com
HSBC profits rise despite $3.2 bln subprime hit
“HSBC has made a strong start to the year despite the turbulence in global financial markets”
Logo of HSBC in the Kwun Tong district in Hong Kong on May 08. Global bank HSBC has said that first-quarter profits climbed, despite writing off an additional 3.2 billion dollars from its exposure to the US ... via TurkishPress.com
Monday May 12 | ZanesvilleTimesRecorder.com
Half of Cleveland's subprime loans ended in disaster
“The reason we saw such huge growth in independent brokers was because they wanted brokers to do the dirty work”
CLEVELAND - About half of the city's subprime mortgage loans written by top lenders in 2005 ended in foreclosure filings, leading to Cleveland having one of the highest foreclosure rates in the nation, The ... via ZanesvilleTimesRecorder.com
Sunday May 11 | UPI
Saturday May 10 | The Mankato Free Press
Our View: Mortgage bailout bears risk
The American Dream of owning a home could turn into a nightmare for taxpayers. As various agencies of the federal government move to mitigate the subprime mortgage crisis, the ultimate price could be paid by ... via The Mankato Free Press
Friday May 9 | Raw Story
Citigroup to slash 400 bln dlrs in assets
“The company hopes that this will allow them to put capital back in its core business, which will then increase the firm's return on equity”
Citigroup, the US bank hardest hit by the subprime mortgage crisis, said Friday it plans to slash its assets by some 400 billion dollars over the next two to three years. via Raw Story
Friday May 9 | Fort Worth Star-Telegram
German insurer Allianz 1Q net profit falls 65 percent
“Although we are seeing somewhat lesser tension in U.S. residential mortgage prices as well as cautiously rebounding equity markets, it is hard to predict when the stormy weather will end”
German insurer Allianz SE said Friday first-quarter net profit fell 65 percent due to difficult market conditions as it wrote down $1.3 billion tied to the U.S. subprime crisis. via Fort Worth Star-Telegram
Thursday May 8 | Charlotte.com
House approves housing rescue plan, defying veto threat
“Diminishing the number of foreclosures is in the interest not simply of those who will avoid foreclosure, but people in their neighborhood, (in) the cities in which they are located, and the whole economy.”
The House on Thursday passed a massive homeowner rescue plan to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers and bolster an economy crippled by the housing crisis. via Charlotte.com
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