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JPMorgan expanding mortgage-modification program (AP)

Posted on October 31st, 2008
AP - JPMorgan Chase & Co. on Friday became the latest major bank to beef up its mortgage modification efforts as the government also considers a plan to help homeowners avoid foreclosure.

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Bernanke says GSE debt backing must be maintained (Reuters)

Posted on October 31st, 2008

Federal Reserve Chairman Bernanke pauses during remarks at the 2008 National Historically Black Colleges and Universities Week Conference in Washington, in this September 9, 2008 file photo. (Jason Reed/Files/Reuters)Reuters - Federal Reserve Chairman Ben Bernanke said on Friday that U.S. backing for the debt issued by home mortgage finance firms Fannie Mae and Freddie Mac in their current form must stand firm, even though it is appropriate to debate their future.


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Nevada, Michigan, Florida lead ‘underwater’ list (AP)

Posted on October 31st, 2008
AP - Here's a shocker: almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth.

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GMAC may become bank, eyes massive debt overhaul (Reuters)

Posted on October 30th, 2008
Reuters - GMAC LLC, the money-losing auto finance and mortgage provider, on Thursday confirmed it was seeking to become a bank holding company, and said it plans to overhaul and slash its debt load, barely four months after completing a $60 billion refinancing package.

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Banks asking for credit card debt forgiveness (AP)

Posted on October 30th, 2008

Chart shows total consumer credit outstanding and delinquency rates at all banks since 1991; two sizes;AP - With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.


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Insight: The masters lost our trust (FT.com)

Posted on October 30th, 2008
FT.com - Sherman McCoy, the fictional 1980s "Master of the Universe" Wall Street bond trader, had his sights set on a deal which could earn him $1.7m in commission payments, money he needs to pay off the mortgage on a lavish Park Avenue apartment.

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Bank of China books 3.8 billion dollars in investment losses (AFP)

Posted on October 30th, 2008

A branch of the Bank of China on Shanghai's historic Bund on October 24. The lender has said it had posted 26.3 billion yuan (US$3.8 billion) in potential losses on assets at the end of September, partially related to US subprime mortgage-backed securities.(AFP/File/Mark Ralston)AFP - Bank of China said it had posted 26.3 billion yuan (3.8 billion dollars) in potential losses on assets at the end of September, partially related to US subprime mortgage-backed securities.


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