Sallie Mae Reports $1.6B Fourth-Quarter Loss
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NEW YORK, Jan. 23 -- Struggling student loan giant Sallie Mae reported Wednesday that it lost $1.6 billion during the fourth quarter of 2007, a sharp reversal from its $18 million profit during the corresponding period a year earlier.
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Bear Stearns Cos Inc  posted a much bigger-than-expected quarterly loss on Thursday, capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages.
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WASHINGTON -- Freddie Mac, the nation's second largest buyer and guarantor of home mortgages, reported a first-quarter loss of $211 million, mainly from erosion in the value of financial instruments it uses to hedge against interest rate swings.
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Washington Mutual, the savings and loan, said on Thursday that it had swung to a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio.
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Bear Stearns Cos Inc  on  Thursday reported its first quarterly loss in the company's  history, capping a fiscal year when the fifth-largest U.S.  investment bank took a beating on bad bets on risky subprime  mortgages.
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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Citigroup Inc on Tuesday posted its first quarterly loss since its creation in 1998, hurt by write-downs for exposure to subprime mortgages and other risky debt.
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Capital One Financial Corp , a  credit card issuer and bank, said on Wednesday that  fourth-quarter earnings fell on rising credit card loan losses  and losses related to a shut-down mortgage unit.
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Freddie Mac, the No. 2 U.S. mortgage finance company, on Thursday reported an unexpected net loss of $211 million for the first quarter, citing a souring outlook for mortgage credit risk that widened credit spreads.
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Hurt by rising losses from home equity loans, Wells Fargo & Co. said fourth-quarter profit fell, the first decline in more than six years.
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WASHINGTON -- Shares of Sallie Mae plunged Wednesday after the chief executive said the student lender would consider cutting its dividend next year to shore up its finances amid rising loan defaults and dwindling government subsidies.
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a larger-than-expected fourth-quarter loss on Tuesday, as a sinking housing market caused more borrowers to fall behind on payments.
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Countrywide Financial Corp  posted a $1.2 billion third-quarter loss on Friday, but its shares soared after the largest U.S. mortgage lender said it expects to be profitable in the fourth quarter and in 2008, and has weathered the worst of the housing downturn.
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SLM, the parent of Sallie Mae, which for years profited from placing large bets on its own stock going up, now faces a possible loss of more than $1 billion.
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Washington Mutual Inc , the largest U.S. savings and loan, posted a $1.87 billion fourth-quarter loss on Thursday, its first quarterly loss in more than a decade, battered by mortgage defaults and write-downs.
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MGIC Investment Corp, the largest U.S. mortgage insurer, posted on Wednesday a much larger-than-expected $1.47 billion quarterly loss as more homeowners fell behind on payments, and claims increased sevenfold.
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Merck posted a $1.63 billion fourth-quarter loss on Wednesday as charges for its Vioxx litigation settlement dragged down results and share prices.