Lehman announces further mortgage cutbacks
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Lehman Brothers Holdings Inc said on Thursday it will fire 850 workers in its mortgage operations, just two weeks after the fourth largest investment bank said it was closing its subprime mortgage lending business.
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New Century Financial Corp. , the largest independent U.S. subprime mortgage lender, said on Monday its lenders plan to halt financing, pushing the company closer to bankruptcy amid dwindling cash and $8.4 billion in obligations that could come due immediately.
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Bank of America said Thursday that it would cut an additional 4,500 jobs from its work force, increasing the number pared since its acquisition of FleetBoston Financial by 36 percent, to 17,000.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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Lehman Brothers Holdings Inc  said on Tuesday quarterly earnings fell 3.2 percent on writedowns linked to mortgages and leveraged loans, but its shares rose as the results beat expectations and the investment bank said the worst of the credit correction was over.
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Stocks were little changed on Wednesday after comments from Lehman Brothers Holdings Inc. renewed worries about the mortgage market, but investors snapped up some bargains after Tuesday's 2 percent market fall.
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Bank regulators tightened standards for mortgage lending on Friday in a bid to curtail risky practices that have been blamed for a record level of foreclosures.
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SociÃ©tÃ© GÃ©nÃ©rale also announces further â¬2bn-plus write-down because of credit crunch
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New Century Financial Corp., the largest independent U.S. subprime mortgage lender, said on Monday its lenders plan to halt financing, pushing the company closer to bankruptcy amid dwindling cash and $8.4 billion in obligations that could come due immediately.
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Lehman Brothers Holdings will cease wholesale mortgage lending in the United States, a move that includes 1,300 job cuts.
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The US Federal Reserve cuts interest rates from 4.75% to 4.5% to help kickstart housing and credit markets.
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There was a sharp slowdown in mortgage lending last month, says the Council of Mortgage Lenders.
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The discount broker posts a loss as mortgage-related losses mount.
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The Federal Reserve will cut lending rates aggressively in the first half of 2008 as the United States faces a possible recession, PIMCO fund manager Bill Gross said in an investment outlook posted on Tuesday.
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Six of the biggest US banks are expected to announce plans to offer more help to those struggling with mortgages.
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Lehman Brothers Holdings Inc said on Thursday it will fire another 850 workers, or about 3 percent of its work force, as it scales back its mortgage lending efforts globally.
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Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and renewed concerns about the mortgage lending market.