MBIA details huge mortgage exposure, shares collapse
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MBIA Inc, the world's largest bond  insurer, said it had guaranteed $8.1 billion of the riskiest  mortgage securities, imperiling its entire net worth and  sending its shares plunging 26 percent.
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Troubled lender said to be undercapitalized; to issue mix of convertible and non-convertible shares. NEW YORK  - Fannie Mae, the largest US home financier whose top two executives left under fire
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Northern Rock, one of Britainâs biggest casualties of the credit crisis, sold part of its mortgage portfolio to JPMorgan as it seeks to repay about Â£25 billion, or $49 billion, in emergency financing.
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Wall Street stocks had a lacklustre day after MBIA (NYSE:MBI), a bond insurer, revealed billions of dollars in exposure to high-risk securities, causing its shares to drop as much as 30 per cent.
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US bond insurer MBIA shocks investors with scale of guarantees for risky US investments linked to home loans.
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MBIA Inc. (MBI.N: Quote, Profile, Research) , a leading US bond insurer, on Tuesday reported a 2.3 percent drop in third-quarter earnings as investor demand
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Countrywide Financial Corp., the largest U.S. mortgage lender, said on Monday that foreclosures rose to a five-year high and turmoil in the subprime market may hurt earnings, and its shares fell.
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Northern Rock, one of Europeâs biggest casualties of the credit crisis, sold some of its mortgage portfolio to JPMorgan Chase.
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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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Bankruptcy rumors followed by a denial put the lender's shares in flux.
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MBIA Inc,  a bond insurer  struggling to maintain the top credit ratings necessary for its  business, posted a quarterly loss on Thursday after a $3.5  billion writedown.
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EVEN MORTGAGE lenders cannot get their arms around the dramatic changes in the industry over the past several months. The fall of the subprime mortgage market and the subsequent resetting of underwriting guidelines, increases in foreclosure filings, and consumer anxiety have been dramatic to both borrower and lender alike.
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The bank cited huge write-downs of mortgage-related securities and higher provisions for future losses in credit card and home equity loans.
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Swiss bank UBS has revealed $26.6  billion in exposure to risky U.S. mortgages distinct from  subprime loans, increasing its vulnerability to the global  credit crisis and sending its shares sharply lower.
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MBIA Inc  said on Thursday it  would have the cash to meet commitments even after reporting a  worse-than-expected loss, but rating agencies kept the pressure  on the world's largest bond insurer with a series of actions  and warnings late in the day.
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Shares in one of Britain's largest lenders tumbled another 30 percent Monday as customers, driven by fears of insolvency, made run on the bank and withdrew billions.
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Global credit squeeze undermining private sector sale of mortgage lender