AP - Wall Street logged another winning day Wednesday as a drop in oil prices and a better-than-expected profit report from technology bellwether Cisco Systems Inc. helped corral the market's worries about the financial sector.
Reuters - Stocks rose on Wednesday, building on
the previous day's big gains, as a further drop in oil prices
and a reassuring outlook from Cisco Systems
overshadowed persistent credit concerns.
Reuters - Freddie Mac , one of the major
players in the U.S. mortgage market, on Wednesday posted its
fourth straight quarterly loss as it braced for a prolonged
housing market slump by setting aside twice as much money for
bad loans and cutting its dividend by at least 80 percent.
AP - Connecticut sued Countrywide Financial Corp. on Wednesday, becoming the latest state to take the mortgage lender to court over its lending practices. -- read full article
Wed, 06 Aug 2008 23:14:14 GMT - Yahoo! News: Personal Finance News
Reuters - American International Group Inc
posted its third consecutive quarterly net loss of more
than $5 billion on Wednesday as it wrote down bad
mortgage-related investments, sending its shares down almost 8
percent.
AFP - Troubled mortgage finance giant Freddie Mac reported a shocking loss in the second quarter that bodes ill for the US taxpayer after the government's huge rescue package.
AP - American International Group Inc. posted its third straight quarterly loss, a rude awakening to investors hoping that troubles in the insurer's mortgage market investments were starting to level off. -- read full article
Thu, 07 Aug 2008 04:52:56 GMT - Yahoo! News: Personal Finance News
Reuters - Freddie Mac on Wednesday
posted its fourth straight quarterly loss as it braced for a
prolonged housing crisis by setting aside twice as much money
for bad loans and plans to slash its dividend by at least 80
percent.
AP - NEW YORK (AP) — Freddie Mac on Wednesday posted a second-quarter loss that was more than three-times larger than Wall Street expected as a huge number of borrowers with good credit fell behind on their exotic and risky mortgages.
AFP - Troubled mortgage finance giant Freddie Mac on Wednesday reported a market-shocking loss in the second quarter as the US housing slump deepened and slashed its dividend at least 80 percent.
AP - Connecticut Attorney General Richard Blumenthal said Wednesday the state is suing Countrywide Financial Corp., alleging it misled borrowers into taking on risky home loans they could not afford. -- read full article
Wed, 06 Aug 2008 17:06:09 GMT - Yahoo! News: Personal Finance News
Reuters - Stocks extended gains on Wednesday as
a reassuring outlook from Cisco Systems and a further
drop in the price of oil overshadowed nagging concerns about
the housing slump.
Reuters - Members of a congressional housing
market oversight panel on Tuesday again urged the mortgage
industry to hold off on foreclosures until legislation meant to
help distressed U.S. homeowners can take effect on October 1. -- read full article
Tue, 05 Aug 2008 21:05:23 GMT - Yahoo! News: Personal Finance News
AP - The Treasury Department said Tuesday it had hired investment firm Morgan Stanley to help the government assess the risks facing mortgage giants Fannie Mae and Freddie Mac. -- read full article
Tue, 05 Aug 2008 21:45:31 GMT - Yahoo! News: Personal Finance News
