Subprime mortgage sector rattles markets, triggers probes
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U.S. financial markets were rattled by news on Tuesday that late payments on U.S. mortgages had reached their highest level in 3-1/2 years, while regulators began a probe of subprime mortgage lending and called for legislation.
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Pending sales of previously owned homes plunged 12.2 percent in July and planned lay-offs by companies surged 85 percent in August due to turmoil in the subprime mortgage market, independent reports showed on Wednesday.
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New Century Financial Corp.  on  Tuesday said the U.S. Securities and Exchange Commission is  investigating the subprime mortgage lender, after the agency  recently asked to meet with management to discuss its  accounting.
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After escaping a rising tide of  subprime defaults earlier this year, leading U.S. investment  banks and brokerages face an opaque offshoot of those risky  mortgages.
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America&#39;s biggest mortgage lender was thrown into turmoil yesterday when the industry watchdog accused it of having major accounting problems and doubted the &quot;soundness&quot; of the company.
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The meltdown of the subprime mortgage market is producing a whoâs who of winners and losers among hedge funds.
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A steep sell-off swept through global stock markets on Tuesday as investor confidence was hit by the escalating woes of the US subprime mortgage market and weak US retail sales data.
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The Securities and Exchange  Commission is investigating how banks, credit rating firms and  lenders valued and disclosed complex mortgage-backed securities  that ultimately led to the subprime crisis, a top agency  enforcer said on Saturday.
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Stocks dropped on Wednesday after weak data heightened concerns about turmoil in the subprime mortgage market, while the Federal Reserve's Beige Book later suggested conditions may not have deteriorated enough to trigger a rate cut.
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Stocks fell on Wednesday, with the major indexes all down more than 1 percent, on worries about troubles in the subprime mortgage market spreading.
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Fallout from a crisis in the U.S. subprime mortgage market rattled the auto sector on Tuesday after the debt package for a General Motors asset sale was postponed and borrowing costs on automakers' debt surged.
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Weeks after problems with subprime mortgages began roiling the industry, advertisers are offering reassurances about their stability and ability to ride out the storm.
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The market has been shaken by uncertainty surrounding bond insurers and whether they will be able to handle large losses in the value of mortgage-backed bonds.
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The crisis in the U.S. subprime  mortgage market has heightened tension between mortgage lenders  and brokers who both hope to shape any laws aimed at stamping  out dangerous loans.
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Turmoil in the subprime mortgage market took its toll on two Wall Street investment banks today, as second-quarter profit at Bear Stearns dropped 33 percent and Goldman Sachs squeezed out a modest 1 percent rise in profit.
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New problems in America and Europe,  wrought by the faltering U.S. mortgage sector, jolted financial  markets on Wednesday as investors looked for a rapid central  bank response.
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Authorities are investigating stock sales and accounting errors at the New Century Financial Corporation, which specializes in subprime lending.