Mortgage and Financial News From 2007-9-17
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Pound Falls Below $2 as Northern Rock Woes Fuel Bank Concern
Bloomberg - ... queued to withdraw their savings for a third day, sending the U.K. mortgage lender's ... The pound fell to the lowest since Aug. 22 and traded at $1.9963 by 10:35 a.m. in ... debt on speculation the central bank won't be able to raise interest rates from 5 ...
2007-09-17 04:00:00 -
Dollar Steady Before Fed Decision; Sterling Falls Below $2
CNBC - ... the euro, with markets braced for a cut in U.S. interest rates on Tuesday. Continuing uncertainty in financial markets caused by funding problems at Britain's fifth-biggest mortgage ... basket of currencies the pound fell as low as 102.1, its lowest ...
2007-09-17 06:59:00 -
Sterling falls sharply as rate outlook dims
Reuters UK - LONDON (Reuters) - The sterling trade-weighted index fell to its lowest since October 2006 on Monday as troubles at one of the country's largest mortgage lenders ... Analysts said that meant that the Bank may have finished tightening interest rates ...
2007-09-17 03:39:00 -
UPDATE 3-Gold hits 16-month high, eye on Fed rate talks
Reuters UK - Federal Reserve will cut interest rates, which may lift bullion's appeal. The Fed ... Worries about the wider implications of the U.S. subprime mortgage crisis -- and the ... Platinum hit an intraday low of $1,262 an ounce, its lowest since Aug. 31 ...
2007-09-17 07:49:00 -
Cost of Options Hedging Against Pound Drop Reaches 3-Year High
Bloomberg - ... rose to a three-year high as depositors withdrew funds from mortgage lender Northern Rock Plc and the U.K. currency slid a fourth day. ... traded at $2.002, from $2.0074 on Sept. 14, and touched the lowest ...
2007-09-17 07:14:00 -
FOREX-Sterling dips, yen rises as risk aversion mounts
Reuters - LONDON, Sept 17 (Reuters) - Sterling fell to its lowest level in a year on ... versus the euro, with markets braced for a cut in U.S. interest rates on Tuesday. However, continuing uncertainty in financial markets caused by problems at mortgage ...
2007-09-17 08:04:00 -
REFILE-Sterling takes a beating, hit by N.Rock crisis
Reuters UK - LONDON, Sept 17 (Reuters) -The sterling trade-weighted index sank to its lowest in about a year on Monday, as troubles at one of the UK's largest mortgage lenders backed the view that UK interest rates have peaked and may even need to be cut. Last ...
2007-09-17 07:21:00 -
TIPS Prove Treasuries' Best as Fed Mulls Lower Rates (Update2)
Bloomberg - ... as Calabasas, California-based Countrywide Financial Corp., the biggest U.S. mortgage ... Traders speculating the Fed will cut rates drove the dollar to a record low of $1 ... confidence increased in September, their sentiment index remained near the lowest ...
2007-09-17 06:52:00 -
Sterling falls sharply as rate outlook dims (Reuters via Yahoo! UK & Ireland News)
The sterling trade-weighted index fell to its lowest since October 2006 on Monday as troubles at one of the country's largest mortgage lenders dimmed expectations for a near-term interest rate increase by the Bank of England.
2007-09-17 01:22:00 -
Northern Rock shares plunge as customers flee
Reuters UK - Savings/Loans/Cards ... The country's fifth-biggest mortgage lender, which on Friday was rescued by emergency Bank of England funding, said there was ...
2007-09-17 08:04:00 -
Credit Suisse, Citigroup Take Losses on LBO Debt (Update3)
Bloomberg - That income dried up as the subprime mortgage crisis spread to other parts of the debt market including leveraged loans, bringing deals to a virtual halt. The value of announced private- equity transactions fell to $19.2 billion last month from $87.4 ...
2007-09-17 08:39:00 -
Bank stocks: Are they safe yet?
CNN Money - In the savings and loan crisis, where mortgage lenders had made large numbers of irresponsible loans , financial stocks dropped almost 50 percent over a period of 12 months. That compares with a drop of only 20 percent for the S&P 500. The second ...
2007-09-17 07:06:00 -
Credit crisis drives FTSE-100 into the red again
Times Online - Alliance & Leicester which also has a funding gap between its deposits and the amount of its mortgage loans, was down 14 per cent at 750.5p - a near five year low. Citigroup moved its rating from a hold to sell and cut its price target from 975p to ...
2007-09-17 03:10:00 -
Yen Gains as Investors Cut Risks on Northern Rock; Pound Falls
Bloomberg - Sept. 17 (Bloomberg) -- The yen rose for the first time in six days against the euro as investors cut riskier investments funded by loans in Japan after shares of U.K. mortgage lender Northern Rock Plc fell to a seven-year low. Japan's yen advanced ...
2007-09-17 08:25:00 -
ABN Amro Repeats 2007 Financial Targets
Forbes - The bank said its forecast for bad loans had not increased, and repeated it "has a very limited exposure to the subprime segment" which includes mortgage loans to borrowers with shaky credit histories. The fight for ABN has entered its final stages ...
2007-09-17 06:59:00