US broker faces credit downgrade
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MARSH &amp; McLENNAN, the worldâs biggest insurance broker, was last night facing a potentially crippling downgrade of its credit rating by Standard &amp; Poorâs, after its borrowing power was all but frozen by its bankers.
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U.S. stocks fell on Thursday after a warning about U.S. subprime mortgage lending from Britain's HSBC  sparked a sell-off in financial stocks and investors worried that fallout from the housing slowdown may be far from over.
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Stocks declined on Monday after brokerages downgraded banks and credit card companies on signs consumers are falling behind on debt payments, suggesting yet another pillar of the economy is shaky.
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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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Credit Suisse said on Tuesday it was writing down a further 2.85 billion dollars (1.9 billion euros) worth of assets linked to the US housing market due to adverse conditions in the first quarter.
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Lawmakers this fall will consider stricter rules for credit rating agencies amid criticism they failed to accurately assess -- or warn investors about -- the risks that mortgage investments posed to financial markets.
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Moody's Investors Service may downgrade  A$83 billion ($75.5 billion) worth of Australian  mortgage-backed debt, in the latest spillover from the U.S.  subprime crisis.
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An Australian hedge fund felled by its  exposure to risky credit derivatives filed for bankruptcy  protection in the United States, and liquidators on Thursday  were assessing how much money, if any, would be returned to  investors.
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Accredited Home Lenders Holding Co.  , a U.S. subprime mortgage lender, said on Tuesday it  needed to raise cash after paying $190 million demanded by its  lenders, sending its shares down as much as 53.5 percent to a  record low.
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Japanese stocks traded lower on Monday, with the real estate sector taking a pummelling from US concerns about the credit market and the prospect of higher US interest rates.
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Goldman Sachs Group Inc.   subprime mortgage bonds issued last year are being downgraded  by rating companies at the fastest rate of any issuer,  according to Citigroup Inc. research dated June 22.
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Brokerage announces weaker-than-expected results dragged lower by a writedown in the value of some of its assets.
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Property stocks came under pressure on Friday after a leading broker warned clients that now was not the time to venture back into the sector.
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Freddie Mac , the No. 2 U.S. mortgage finance company, said on Monday it will no longer serve as a broker dealer in the multi-trillion-dollar mortgage bond market, a move some said is designed to lower risk and placate regulators.
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The brokerage you're using may not best serve your needs.
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Three US banks, including Bank of America, warn that losses linked to bad debt will get worse.
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H&R Block said yesterday that the sale of its subprime lending unit, Option One Mortgage, might fall apart as credit markets deteriorate.