Mortgage and Financial News From 2008-1-16

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• Hong Kong stock index tumbles 5.4 percent on US recession fears

  CNBC - ... Wednesday in a sell-off sparked by fears the U.S. was sliding into a recession and on concerns about the extent of the credit ... tumbled nearly 280 points, or 2.2 percent, overnight after Citigroup said it had written down US$18.1 billion in bad assets ...
  2008-01-16 01:34:00

• GET NO CREDIT

  New York Post - Other big banks also tumbled from the sudden one-two punch of rising credit card defaults on top of Citi's more than $100 billion in bad mortgage bets on their books. "The market clearly believes these banks have more confessions ahead of them," said ...
  2008-01-16 01:05:00

• House prices falling 'like in early 90s' - This is Money

  House prices falling 'like in early 90s'This is Money, UK - 1 hour agoWe answer the question on everyone's lips: Merryn Somerset-Webb says falling sterling is bad news for house prices. Video: What will happen to house prices ...
  2008-01-16 12:18:36

• Stocks slide as world markets fall - The Times

  Stocks slide as world markets fallThe Times, South Africa - 1 hour agoThe bank reported its first quarterly loss since 1998 and slashed its dividend, announcing on Tuesday a hefty $18.1 billion write-down for bad mortgage ...
  2008-01-16 12:20:19

• South Africa: Year of the Rat - AllAfrica.com

  South Africa: Year of the RatAllAfrica.com, Washington - 1 hour agoWell, what with the US cutting rates and trying to bale out irresponsible mortgage lenders, the final, spectacular bursting of the property and credit ...
  2008-01-16 12:28:39

• GET NO CREDIT - New York Post

  GET NO CREDITNew York Post, NY - 1 hour agoOther big banks also tumbled from the sudden one-two punch of rising credit card defaults on top of Citi's more than $100 billion in bad mortgage bets on ...
  2008-01-16 12:33:14

• Citi loss boost recession fears - InTheNews.co.uk

  Citi loss boost recession fearsInTheNews.co.uk, UK - 1 hour agoThe largest bank in the US said that it will write-down $18.1 billion (£9 billion) as a result of bad mortgage investments and credit costs, ...
  2008-01-16 12:48:33

• Nigeria: Banks And the E-Business Challenge in 2008 - AllAfrica.com

  Nigeria: Banks And the E-Business Challenge in 2008AllAfrica.com, Washington - 1 hour agoAs I write, pen- in- hand, Citi and Merrill are facing serious uncertainty as a result of mortgage crisis that they are enmeshed with. ...
  2008-01-16 12:54:13

• Housing Market Tracker - Global/US Subprime Outlook - Seeking Alpha

  Housing Market Tracker - Global/US Subprime OutlookSeeking Alpha, NY - 59 minutes agoNearly half of these mortgages were subprime, National Community Reinvestment Coalition [NCRC] found... Though women and men have roughly the same credit ...
  2008-01-16 12:57:24

• HSBC Has Biggest Drop in Hong Kong Since 2001 on Citigroup Loss - Bloomberg

  HSBC Has Biggest Drop in Hong Kong Since 2001 on Citigroup LossBloomberg - 57 minutes ago11, 2001, terrorist attacks on the US Citigroup's $9.83 billion loss and its $18 billion writedown on mortgage-related investments sent financial stocks ...
  2008-01-16 12:59:17

• Asian Stock Markets Plunge - The Associated Press

  Asian Stock Markets PlungeThe Associated Press - 56 minutes agoInvestors saw more damage from the credit crisis when Citigroup said Tuesday it had written down $18.1 billion in bad assets. That help send the Dow Jones ...
  2008-01-16 01:00:44

• Hong Kong Stocks Have Biggest Drop Since Sept. 11 Attacks - Bloomberg

  Hong Kong Stocks Have Biggest Drop Since Sept. 11 AttacksBloomberg - 52 minutes agoCitigroup posted a record loss on an $18 billion writedown for mortgage defaults and cut its dividend by 41 percent after executives had said they intended ...
  2008-01-16 01:04:40

• Traders head for the exit - Edmonton Journal

  Traders head for the exitEdmonton Journal, Canada - 49 minutes agoTORONTO - Canadian equities went into near-free fall on Tuesday as investors were swamped by a barrage of bad news from bloodbaths in the financial sector ...
  2008-01-16 01:06:55

• NYC's Financial Future Could Be Grim - The Epoch Times Ireland

  NYC's Financial Future Could Be GrimThe Epoch Times Ireland, Ireland - 49 minutes ago(Mario Tama/Getty Images) NEW YORK—Since subprime borrowers—with low income or bad credit history—across the nation started defaulting on their mortgages in ...
  2008-01-16 01:07:15

• Business digest - Lansing State Journal

  Business digestLansing State Journal, MI - 33 minutes agoMerrill Lynch has been raising capital after losing billions of dollars on bad bets in the mortgage market. The Korean Investment Corp., Kuwait Investment ...
  2008-01-16 01:23:05

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