National City signals worst over for loan losses
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National City Corp , the ninth-largest U.S. bank, said on Monday it is reserving $700 million for fourth-quarter loan losses, but indicated the worst may be over, sending its shares higher.
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Troubles in mortgageland may get worse before they get better, especially for subprime borrowers, whose spotty credit histories put them into more costly loans.
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WASHINGTON - A near-record low for an index that forecasts near-term home sales suggests borrowers in expensive areas are struggling to finalize purchases amid mortgage market woes.
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City fears that the Bank of England's rescue package could herald slide in house prices.
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Faced with the collapse of the subprime mortgage market that has pockmarked their cities with vacant houses, the nationâs mayors pleaded for a huge infusion of federal aid.
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SunTrust Banks Inc., the seventh- largest US bank, said it will restate results for the first and second quarters of this year because the company incorrectly calculated loan losses.
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A sharp and surprising downturn in Britain&#39;s economy made the City predict yesterday that interest rates have peaked, and signs emerged that the higher cost of borrowing is putting the brakes on the housing market and the manufacturing sector.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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Only $1 billion of the $77 billion the city is seeking from the Army Corps of Engineers is for infrastructure damages it says it suffered because of levee breaches during Hurricane Katrina. The rest is for such things as the city's tarnished image and tourist industry losses.
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Don't believe talk that the worst of the real estate downturn is over. Too many funky loans are out there.
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Business & money: Many have lost their homes after repayment pledge failed to avert repossession.
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A new read on foreclosure filings showed a double-digit drop for November, but don't expect the slowdown to last.
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Shares of subprime lender tumble after margin calls.
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More than a million homeowners could be at risk of serious financial difficulty in an economic slowdown, City regulator warns
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New fallout from the U.S. housing  slump hit mortgage and real estate companies on Tuesday as  subprime lender NovaStar Financial Inc  and title  insurer First American Corp  announced job cuts and  NovaStar&#39;s auditor expressed doubt the company will survive.
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National City Corp , a large U.S. Midwest bank, on Wednesday said third-quarter profit fell 80 percent, as mortgage losses mounted even after the sale of a subprime lending unit to Merrill Lynch & Co .
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The credit card and travel services company said Monday that net income was hurt by a charge to bolster reserves for bad loans.