Bad Loans Put Wall St. In a Swoon
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Stocks fell broadly and sharply after a report on mortgage defaults indicated that the troubled housing market will weaken further.
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While the markets shifted to a happier note on Friday, the week was a troubling one for many investors, as stock and bond prices fell sharply and long-term interest rates soared.
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Citigroup  and Goldman Sachs  are the most exposed to further writedowns from leveraged loans in the first quarter, as the value of loans and bonds created to finance leveraged buyouts plunges, Bank of America said.
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The stock market fell sharply last week as the subprime mortgage crisis spilled over into the broad financial markets.
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The economy looks pretty good. Wall Street weeps.
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Stocks traded lower on Tuesday, after rumors of more financial problems at Countrywide Financial Corp , the largest U.S. mortgage lender, sent housing-related shares down sharply, extinguishing a rally on Wall Street.
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Wall Street bonuses fell nearly 5 percent in 2007 after a relentless subprime mortgage crisis battered the stock market, forcing the country's biggest investment banks to write down billions in bad loans.
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Concern over subprime mortgages extended the stock marketâs worst weekly decline since March.
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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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Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and rising concerns about the mortgage market.
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Shares of Countrywide Financial, the nation's largest mortgage lender, plummeted yesterday on rumors, which the company denied, that it was contemplating a bankruptcy filing. The drop came on yet another bad day for the stock market, which has been off to a terrible start for 2008.
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Wall Street stocks were set to open lower on Friday amid fears of bigger-than-expected writedowns and loan-losses at financial companies and as Bank of America (NYSE:BAC) agreed to absorb Countrywide Financial (NYSE:CFC), the troubled mortgage lender.
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Not so long ago, highly leveraged companies could get loans to bail themselves out. Now they canât.
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The sluggish bond market took a toll on another Wall Street behemoth, as JPMorgan Chase reported a 13per cent drop in third-quarter earnings, far worse than Wall Street analysts had expected.
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Two Wall Street investment banks had dramatically different success in weathering market turbulence triggered by a subprime mortgage meltdown, as results at Goldman Sachs Group Inc  easily exceeded expectations, while Bear Stearns Cos Inc  fell far short.
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Weak chain-store sales, stumbling job growth and more record oil prices were too much for Wall Street&#39;s bulls to bear last week.
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Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and renewed concerns about the mortgage lending market.