housing crisis

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Goldman Profit Drops 70%, Still Beats Estimates
 Goldman Profit Drops 70%, 
 Still Beats Estimates
EARNINGS REPORTS
Sep 16, 2008 8:37 AM CDT

Goldman Profit Drops 70%, Still Beats Estimates

Revenue cut by half, but firm helped by less mortgage exposure

(Newser) - Amid the financial industry's meltdown, survivor Goldman Sachs reported that third-quarter profit plunged by 70% —the sharpest decline in its history as a public company, but still enough to beat estimates of $1.71 per share. The bank dipped 7% in New York trading, Bloomberg reports, after reporting an...

Housing Will Bottom June 30, 2009: Cramer
Housing Will Bottom June 30, 2009: Cramer
OPINION
Sep 8, 2008 2:29 PM CDT

Housing Will Bottom June 30, 2009: Cramer

Bombastic guru lists 10 signs of a real-estate turnaround

(Newser) - Jim Cramer has spent over a year “shouting in my usual unhinged way” about the bleak real estate market, he writes in New York. But now he’s so confident housing’s headed for a bottom that he’ll name the exact date: June 30, 2009. Why?
  1. New home
...

Juggled Books at Freddie, Fannie Sparked Fed Takeover

Situation more dire than accounting revealed, probers found

(Newser) - Federal advisers pushed for a government takeover of Freddie Mac and Fannie Mae after discovering fuzzy accounting that failed to fully reveal the dire nature of the companies' financial situation, reports the New York Times. The practices, while not illegal, overstated the mortgage giants' capital cushions while attempting to delay...

Fannie-Freddie Merger: The Math Adds Up
Fannie-Freddie Merger:
The Math Adds Up
OPINION
Sep 2, 2008 10:54 AM CDT

Fannie-Freddie Merger: The Math Adds Up

As both companies plummet, combining them might make sense

(Newser) - With Fannie Mae and Freddie Mac struggling to stay afloat, arguments for a merger are gathering steam. “Sometimes size can be a strength,” writes Andrew Ross Sorkin in the New York Times. The companies spent $1.825 billion in total overhead in the first half of 2008 doing...

Home Sales Up in July; Market Glut Begins to Ease

Inventory still high as monthly declines ease

(Newser) - New home sales rebounded a bit in July, according to Commerce Department data released today, and the glut of properties on the market began to ease, Bloomberg reports. The 2.4% uptick in sales fell short of the pace economists were looking for—hitting a 515,000 annual pace rather...

Pressure Mounts for a Freddie, Fannie Bailout

Investors want Treasury to take the lead on mortgage giants sooner rather than later

(Newser) - A federal bailout for Fannie Mae and Freddie Mac looks more likely every day, both the Wall Street Journal and the New York Times report, as the mortgage giants find it increasingly difficult to borrow and their stock continues to take a pounding. Freddie was able to auction $3 billion...

Feel Good Again About Your Pricey House
Feel Good Again About
Your Pricey House
OPINION
Aug 17, 2008 7:59 PM CDT

Feel Good Again About Your Pricey House

In 10 years, you'll be back in the black

(Newser) - Bought an expensive house right before the subprime crash? Fret not, writes Chris Ayres in the Los Angeles Times. With 5% inflation, lower interest rates, and a mortgage tax deduction, buyers of pricey houses will be smiling in 10 years. "If you're a boom-time buyer who can still pay...

Greenspan: Housing Will Hit Bottom in 2009

Skilled immigrants would help end slump, he says

(Newser) - Alan Greenspan said housing prices could continue to edge lower through 2009, but should “stabilize or touch bottom” in the first six months of the year, reports the Wall Street Journal. And, the former Fed chief says, while a government bailout of Freddie Mac and Fannie May was the...

Bank Losses Soar on Falling Home Prices

Lenders swamped with foreclosures are selling them at firesale prices

(Newser) - The rising costs of carrying foreclosed homes are prompting banks to sell them off for as little as half of their original value, reports the Wall Street Journal, a strategy that’s costing financial institutions big money. The losses, and the specter of their continuing to rise, pummeled bank share...

Fannie Misses Estimates, Slashes Dividend
Fannie Misses Estimates, Slashes Dividend
Earnings
Aug 8, 2008 8:37 AM CDT

Fannie Misses Estimates, Slashes Dividend

Stock drops 12% in early trading

(Newser) - Fannie Mae reported its fourth straight losing quarter today, Bloomberg reports, coming in $2.3 billion in the red and slashing its dividend. The $2.51-per-share loss far exceeded the 72-cent average predicted by analysts, much as Freddie Mac surprised investors two days ago. “Neither of these companies have...

Freddie Has 4th-Straight Loss as 2nd Quarter Charges Rise

Increase in foreclosures and associated fees, $1B writedown lead to $821M loss

(Newser) - Rising delinquencies and a still-skidding home market combined to make Freddie Mac’s second quarter losses three times worse than analysts predicted, reports Bloomberg. The government-backed mortgage enterprise lost $821 million, or $1.63, in the quarter, prompting it to also announce a third quarter slash in dividends from 25...

Study: Homeless Numbers Drop
 Study: Homeless Numbers Drop
Jul 30, 2008 7:43 AM CDT

Study: Homeless Numbers Drop

First study to count homeless over a full year finds numbers down 15% in '07

(Newser) - The number of chronically homeless Americans fell by 15% last year, a study has found. The survey is the first to track homelessness over a full year, the Los Angeles Times reports. Homeless advocates argue that the promising numbers may in part be due to different counting methods—and that...

Home Prices Fall Again; Rate of Decline Sets Record

Consumer confidence numbers offer ray of hope

(Newser) - Home prices continued to nosedive in May, a signal that the housing crisis may be worsening and a red flag for the credit markets and Wall Street, reports the New York Times. Every region covered by the S&P/Case-Schiller home-price index showed a drop compared to May 2007, with the...

Senate Passes Massive Housing Relief Bill

Bush is expected to quickly sign the measure into law

(Newser) - Congress has passed a housing rescue bill aimed at sparing 400,000 struggling homeowners from foreclosure. President Bush is expected to sign the measure quickly. The Senate passed the legislation by a 72-13 vote in a rare Saturday session. The measure lets homeowners who cannot afford their monthly payments refinance...

House Passes Huge Housing Rescue Bill

Measure should clear Senate soon; Bush says he'll sign it

(Newser) - The House today approved a massive bill to provide relief for struggling homeowners, communities hit hard by the housing crisis, and mortgage giants Fannie Mae and Freddie Mac, the Hill reports. The bill passed 272-152 hours after President Bush switched course and said he would not veto it. The measure...

Riding Mowers Sputter With US Economy

Housing downturn, gas prices bode ill for icon

(Newser) - Once a symbol of American prosperity, the riding lawnmower is running out of gas, the Washington Post reports. The whole business “is deeply troubled by the decline in housing starts,” said one industry group spokesman. Rising oil prices have also pummeled demand. But what’s really turning lawnmower...

Mortgage Insurers Feel Pinch, Pull Back on Loans

As more home loans fail, lenders ask more of beleaguered backers

(Newser) - Mortgage insurers facing mounting defaults are tightening their standards, adding another hurdle for potential homebuyers, the Wall Street Journal reports. Beleaguered and risk-averse banks are making more mortgage applicants apply for insurance, just as insurers are declaring more parts of the country “declining markets.” making insurance harder to...

As Speculation Swirls, Panic Stalks Freddie, Fannie

As mortgage giants face increased losses, investors uncertain of their futures

(Newser) - What started as a whisper Monday is a roar at week’s end as investors wrestle with the fate of mortgage giants Fannie Mae and Freddie Mac, the Wall Street Journal reports. While neither firm, which together own or back roughly half  the nation’s mortgages, faces imminent collapse, awareness...

Feds Mull Possible Bailout for Freddie and Fannie

The 2 mortgage giants continue to suffer with huge stock slides, losses

(Newser) - With the shares of mortgage titans Fannie Mae and Freddie Mac plummeting to their lowest points in more than 15 years, the Bush administration is weighing what to do in the event of a collapse, reports the Wall Street Journal. No rescue plan is imminent—both companies are expected to...

June Foreclosures Jump 53%
 June Foreclosures Jump 53% 
Jul 10, 2008 7:19 AM CDT

June Foreclosures Jump 53%

One in 501 US households hit with filings last month as crisis rolls on

(Newser) - The number of homeowners stung by the rout in the US housing market jumped last month as foreclosure filings grew by 53% over June a year ago, according to data released today. One in every 501 US households was hit with a foreclosure filing last month.

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