U.S. student lender Sallie Mae plans loan cuts
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Sallie Mae shares fell 13 percent on Friday to their lowest level in more than seven years after the largest U.S. student lender said it plans to make fewer loans and may face higher borrowing costs.
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SLM Corp., the student loan company known as Sallie Mae, Wednesday said fourth-quarter profit more than doubled as loans originated through its owned or affiliated brands were up 18 percent for the full year.
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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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US student loan firm Sallie Mae drops its lawsuit against a consortium that walked away from taking it over.
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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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General Electric Co.'s finance company in Japan is scaling back operations, trimming about 15 percent of its work force here ahead of a new cap on borrowing rates that is forcing Japanese lenders to cut costs.
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Sallie Mae, the Reston student loan company, said yesterday that it would try to raise $2.5 billion by issuing new stock and use the proceeds to help it satisfy a standing agreement to repurchase its shares.
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The House voted to cut federal subsidies to student lenders and halves interest rates on federally backed loans.
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Final legislation that would slash federal subsidies to student lenders could be bad news for the threatened $25 billion takeover of student loan company Sallie Mae by a group of private equity firms and banks, an analyst said on Thursday.
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The U.S. House of Representatives voted 273-149 on Wednesday to slash federal subsidies paid to college student-loan companies such as Sallie Mae and Citigroup and boost grants to students, ignoring a White House veto threat.
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Shares dropped to a five-year low after the student lenderâs chief executive, Albert L. Lord, said a dividend cut may be needed to bolster finances hurt by loan defaults and borrowing costs.
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A group of private equity firms and  banks have threatened to scuttle their planned $25 billion  buyout of Sallie Mae, the student lender said on Wednesday, in  the most dramatic sign yet that a once-booming takeover market  may be cooling.
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Standard & Poor's may cut 612 residential mortgage-backed securities backed by U.S. subprime loans, affecting $12 billion in debt, the rating company said on Tuesday.
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The Bush administration on Monday proposed cutting subsidies and fees collected by institutions that make college loans, sending sector leader Sallie Mae's  stock price reeling.
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The value of Sallie Mae Chairman Albert L. Lord's stake in his firm has declined sharply since the unraveling of his months-long effort to sell the student loan company to a group of private investors.
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The consortium that agreed to buy student lender Sallie Mae for $25 billion said on Wednesday that as of today conditions for the closing of the deal would not be met.
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Sallie Mae said on Wednesday that it plans to sell about $2.5 billion of stock and mandatory convertible securities to help pay off obligations linked to the student loan company's share buyback program.