Firm to exit wholesale mortgage business
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E-Trade Financial Corp. slashed forecasts for 2007 profit as the discount brokerage exited the wholesale mortgage business because of a slew of bad home loans. The New York company, which in recent years relied heavily on mortgage lending to power earnings, warned an already jittery Wall Street that it is not immune to the tightening of global credit markets. E-Trade ...
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Freddie Mac will shut down the market-making operations of its securities sales and trading unit as it restructures some mortgage-securities operations, the government-sponsored home-mortgage company said Monday.
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Company said Thursday that it's seeking alternatives that might include selling off its cell phone business.
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One of Britain's biggest property funds shuts its doors to withdrawals after panic selling
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The company said it would eliminate 275 jobs and slash direct mortgage lending to preserve cash after it was forced to cancel a $101.2 million rights offering.
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Wholesale division goes into overdrive
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Global credit squeeze undermining private sector sale of mortgage lender
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Investment bank Lehman Brothers Holdings Inc  on Thursday said it would stop U.S. wholesale mortgage lending because of a continued slump in credit and housing markets, a move that will cut 1,300 jobs and result in a $40 million charge.
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Online brokerage E*Trade Financial  said on Tuesday that it will exit the U.S. institutional sales business as it tries to streamline operations, but analysts still question its financial health.
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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 discount broker finally throws in the towel on home mortgages.
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Morgan Stanley  on Wednesday said it will eliminate 1,000 jobs as it scales back its U.S. residential mortgage operations and closes its British residential mortgage lending business, Advantage Home Loans.
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Business & money: Â· Absolute tied into risky American firmsÂ·  Rush for the door after co-founder resigns
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Morgan Stanley  on Wednesday  said it will eliminate 1,000 jobs as it scales back its U.S.  residential mortgage operations and closes its British  residential mortgage lending business, Advantage Home Loans.
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Bank of America Corp  on Thursday said it will stop offering home mortgages through brokers by the end of the year, resulting in a loss of 700 jobs, so that it may focus on lending directly to consumers.
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Accredited Home Lenders, a top subprime mortgage loan company in 2007 whose risky practices forced it to stop lending and slash its staff, is again reaching out to borrowers with sketchy credit even as the housing downturn deepens.
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The mortgage lending crisis deepened on Tuesday, as Impac Mortgage Holdings Inc  said it will quit most lending activities, while Accredited Home Lenders Holding Co  posted a big quarterly loss and said its survival remained in doubt.