Personal Finance

• IndyMac Bancorp swings to 1st-qtr loss, sees 2008 loss (AP) Mon, 12 May 2008 13:38:44
  AP - IndyMac Bancorp Inc. said Monday it swung to a loss in the first quarter as deteriorating credit markets forced the mortgage lender to lower the value of mortgage-backed securities, and warned it would not post a profitable quarter in 2008.
• PMI Group swings to hefty 1Q loss on defaults (AP) Mon, 12 May 2008 13:36:20
  AP - Mortgage insurer PMI Group Inc. said Monday it swung to a first-quarter loss from year-ago profit, due to hefty payouts on default claims and charges to write off its investment in bond insurer FGIC.
• HSBC profits up despite $3.2 billion write-down (AP) Mon, 12 May 2008 11:10:39
  AP - HSBC Holdings PLC said Monday that first-quarter profit was better than a year ago, despite a $3.2 billion write-down on subprime mortgage assets in the United States.
• HSBC says Q1 profit up, bad debts jump (Reuters) Mon, 12 May 2008 10:49:25
  

  Reuters - Europe’s biggest bank HSBC Holdings said its profit in the first quarter was ahead of a year ago as growth in Asia helped counter over $5 billion in hits from bad debts on U.S. home loans and asset writedowns.

  
  
• HSBC says first-quarter profit up, bad debts jump (Reuters) Mon, 12 May 2008 08:38:48
  Reuters - Europe’s biggest bank HSBC Holdings said its profit in the first quarter was ahead of a year earlier as growth in Asia and elsewhere helped counter another big hit for bad debts on U.S. home loans.
• Citigroup eyes selling Japan consumer unit: paper (Reuters) Sun, 11 May 2008 05:26:06
  

  Reuters - Citigroup Inc is considering selling its Japanese consumer finance company CFJ KK or cutting the unit’s business significantly as part of its plans to shed assets, Japanese daily Nikkei reported on Sunday.

  
  
• Young widower pushes for change in Mass. life insurance law (AP) Sat, 10 May 2008 17:35:39
  AP - When Jenny and John Crowley learned they were having a baby, they did the responsible thing: they bought life insurance.
• Citigroup to slash 400 bln dlrs in assets (AFP) Fri, 09 May 2008 21:34:31
  

  AFP - Citigroup, reeling from the subprime mortgage crisis, said Friday it plans to sell roughly 400 billion dollars in assets in a streamlining reorganization aimed at restoring the US banking giant to profit.

  
  
• Citigroup aims to shed $400 billion of assets (Reuters) Fri, 09 May 2008 19:44:34
  

  Reuters - Citigroup Inc said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually, in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets.

  
  
• Countrywide falls on worry over B of A merger (Reuters) Fri, 09 May 2008 19:39:39
  

  Reuters - Countrywide Financial Corp shares fell nearly 6 percent on Friday on renewed speculation that Bank of America Corp will renegotiate or cancel its agreement to buy the largest U.S. mortgage lender.

  
  
• Mortgage credit losses could total $500 bln: Goldman (Reuters) Fri, 09 May 2008 19:25:36
  

  Reuters - Goldman Sachs economists expect a total of $500 billion in residential mortgage credit losses, a renewed slowdown in economic activity after the near-term boost from fiscal stimulus, and no monetary policy tightening in 2008 or 2009, according to a research note from the firm.

  
  
• AIG sees no signs of mortgage asset market rebound yet (Reuters) Fri, 09 May 2008 18:43:37
  

  Reuters - American International Group , after disappointing with a worse-than-expected loss on Thursday, did little to buoy investor spirits on Friday, telling shareholders it does not yet see signs of a rebound in the market for mortgage assets, which have cost it dearly over the past two quarters.

  
  
• ALL BUSINESS: Government-backed housing bailout badly needed (AP) Fri, 09 May 2008 17:56:44
  AP - A government-backed mortgage bailout is needed, and it must be done right away.
• On Wall St: The elephant in the room (FT.com) Fri, 09 May 2008 17:20:25
  FT.com - Fannie Mae (NYSE:FNM), the biggest buyer of US mortgages, this week demonstrated why it is the elephant in the room when it comes to the ranks of financial institutions deemed too big to fail.
• Citigroup to shed nearly $500B in assets (AP) Fri, 09 May 2008 20:38:11
  

  AP - Citigroup Inc.’s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review — but only after shrinking the company by about one-fifth first.

  
  
• Citigroup targeting 9 percent revenue growth (AP) Fri, 09 May 2008 13:02:00
  AP - Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets.
• US House-approved mortgage crisis bill faces veto (AFP) Fri, 09 May 2008 01:04:03
  

  AFP - The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto.

  
  
• House passes major housing rescue bill (Reuters) Thu, 08 May 2008 23:32:30
  

  Reuters - The U.S. House of Representatives on Thursday approved legislation to create a $300 billion mortgage-insurance fund and provide billions more in homeowner aid to stabilize a housing market shaken by a wave of foreclosures and a credit crunch.

  
  
• AIG posts 1Q loss of $7.8B, plans to raise $12.5B in capital (AP) Thu, 08 May 2008 21:32:31
  AP - American International Group Inc. said Thursday that it swung to a first-quarter loss of $7.81 billion because of losses tied to credit swaps and mortgage-related operations and that it plans to raise a total of $12.5 billion in new cash to shore up its capital base.
• Insurer AIG posts 1st-quarter loss on write-downs (Reuters) Thu, 08 May 2008 20:48:12
  

  Reuters - American International Group Inc , the world’s largest insurer, posted its largest ever quarterly loss on Thursday and said it would raise $12.5 billion to fortify its balance sheet.

  
  

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