Biggest Student Lender Will Cut Back
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Shares of Sallie Mae tumbled more than 13 percent as investors reacted to the companyâs disclosure that it would cut back on its core business of making student loans.
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Charles Schwab Corp. SCH.N, the  largest U.S. discount brokerage, has halved the level of assets  that clients need to avoid paying some fees.
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Time is running out for the best deals on student loans.
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President George W. Bush signed student loan legislation on Thursday that slashes federal subsidies to lenders such as Sallie Mae, Citigroup, Bank of America and many others.
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NEW YORK -- New Century Financial Corp. said Monday all of its lenders have cut funding or announced their intent to halt financing after the subprime mortgage lender failed to make payments, pushing the company further toward bankruptcy.
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House and Senate negotiators reached a deal Wednesday to boost aid to college students by cutting roughly $20 billion in government subsidies to banks that issue student loans.
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Impac Mortgage Holdings, a California home lender that suspended some operations last month, now plans to cease almost all lending and omit dividends for the rest of 2007 after âdisruptionsâ caused by rising defaults.
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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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UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.
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Countrywide Financial, the nationâs largest mortgage lender, said yesterday that it had lined up $12 billion of financing to help weather a housing slowdown that it expects to lead to widespread layoffs.
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The company said it will close its business in Britain that issues home loans and significantly scale back its mortgage business in the United States.
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AMSTERDAM: The Netherlandsâ biggest bank ABN AMRO announced it was cutting more than 4,000 back office and information technology staff on Thursday as it aims to bring its cost base in line with its competitors.
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The banking giant said it was scaling back its investment banking operations and shedding an additional 650 jobs.
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Countrywide Financial Corp, the  largest U.S. mortgage lender, said on Friday it plans to cut  10,000 to 12,000 jobs to cope with weak housing demand, rising  foreclosures and tightening credit markets.
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Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday it plans to cut 10,000 to 12,000 jobs to cope with weak housing demand, rising foreclosures and tightening credit markets.
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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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Business & money: Lenders move swiftly to cut home loan rates after the Bank of England cut the price of borrowing