Goldman, Bear Stearns struggle with mortgages
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Goldman Sachs Group Inc.  and Bear Stearns Cos. Inc.  are learning that it's a tough time to be in the U.S. mortgage business.
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Investors in two struggling Bear  Stearns Cos.  hedge funds that made bad bets on risky  mortgages will almost surely file lawsuits in hopes of  recouping losses, but legal experts say they could have a tough  time proving their case.
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An effort to save a troubled hedge fund at Bear Stearns hit a major hurdle when Merrill Lynch threatened to sell off its collateral.
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After escaping a rising tide of  subprime defaults earlier this year, leading U.S. investment  banks and brokerages face an opaque offshoot of those risky  mortgages.
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Two Wall Street investment banks had dramatically different success in weathering summer market turbulence as results at Goldman Sachs Group Inc  easily exceeded expectations, while those at Bear Stearns Cos Inc  fell far short.
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Two Wall Street investment banks had markedly different success weathering summer market turbulence as results at Goldman Sachs Group Inc  easily exceeded expectations while those at Bear Stearns Cos  fell far short.
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Goldman Sachs Group Inc.  Chief Financial Officer David Viniar predicted that the U.S. subprime mortgage market, which has suffered rising defaults and generated losses for lenders over the past year, will get worse before it gets better.
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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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Banks, which have used a glut of cheap  money to help fuel a boom in real estate and leveraged company  buyouts, may face a rough ride when lending conditions turn  sour, the Bank for International Settlements said on Sunday.
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U.S. financial markets were rattled by  news on Tuesday that late payments on U.S. mortgages had  reached their highest level in 3-1/2 years, while regulators  began a probe of subprime mortgage lending and called for  legislation.
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U.S. stocks fell on Thursday as warnings of losses stemming from bad home loans by two of the top three U.S. subprime mortgage lenders hurt shares of home loan companies and banks like Citigroup Inc.
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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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Goldman Sachs Group Inc's  bet that securities backed by risky home loans would fall in value brought nearly $4 billion of profits in the year ended November 30, the Wall Street Journal reported on its Web site on Thursday, citing people familiar with its finances.
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As subprime mortgage defaults grow, investment banks find themselves reluctantly holding mortgages.
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Wall Street investment banks Goldman Sachs Group Inc. and Bear Stearns Cos. on Thursday said fiscal second-quarter profit was squeezed by the nation's mounting home-loan defaults.
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As the investment bank with the most exposure to mortgages, Bear Stearns was particularly vulnerable to the crisis in the U.S. credit markets this summer.
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A hedge fund managed by Bear Stearns  Cos. Inc.  is scrambling to sell large amounts of  mortgage-backed bonds in a potentially troubling sign for the  broader mortgage-backed bond market, The Wall Street Journal  reported in its online edition.