Sallie Mae Posts Loss
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The student lender posted a fourth-quarter loss of $1.6 billion, citing higher provisions for loan losses due to the weakening credit markets.
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US student loan firm Sallie Mae says  private equity buyers are pulling out of a $25bn buyout of the firm.
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WASHINGTON -- Freddie Mac, the nation's second largest buyer and guarantor of home mortgages, reported a first-quarter loss of $211 million, mainly from erosion in the value of financial instruments it uses to hedge against interest rate swings.
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The parent company of Sallie Mae, the student lender, cut its profit forecast for 2008 on Wednesday and said that its offer to strike a new deal with a group of investors had been rejected.
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Washington Mutual, the savings and loan, said on Thursday that it had swung to a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio.
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Sallie Mae, the giant student loan company, yesterday said it would lay off about 3 percent of its workforce to cut costs in the face of shrinking federal subsidies and other financial pressures.
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NEW YORK, Jan. 23 -- Struggling student loan giant Sallie Mae reported Wednesday that it lost $1.6 billion during the fourth quarter of 2007, a sharp reversal from its $18 million profit during the corresponding period a year earlier.
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A bitter battle between Sallie Mae and New York investment firms ended with a whimper yesterday.
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Halliburton (HAL), the world&#39;s No. 2 oil field services company, posted a third-quarter net loss Tuesday as it took $230 million in charges to pay for its asbestos liability.
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Bear Stearns Cos Inc  on  Thursday reported its first quarterly loss in the company's  history, capping a fiscal year when the fifth-largest U.S.  investment bank took a beating on bad bets on risky subprime  mortgages.
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The company reported a fourth-quarter net loss of $2.58 billion,  citing a $6.1 billion charge related to transferring employees from a multi-employer pension fund.
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Washington Mutual Inc , the  largest U.S. savings and loan, posted a $1.87 billion  fourth-quarter loss on Thursday, its first quarterly loss in  more than a decade, battered by mortgage defaults and  write-downs.
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Countrywide Financial Corp ,  the battered mortgage lender being acquired by Bank of America  Corp , posted a $422 million fourth-quarter loss on  Tuesday, hurt by mounting defaults in a sinking housing market.
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The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures.
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LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.
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Sallie Mae Chairman Albert L. Lord sold $18.3 million worth of company stock last week, just days before the Bush administration unveiled a multibillion-dollar cut in subsidies to the lending industry that caused Sallie Mae shares to plummet.
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The company said its quarterly loss ballooned to $302.6 million as it struggled with its mortgage lending arm and said it is trying to renegotiate the sale of the unit.