- Joined
- 17 January 2007
- Posts
- 2,986
- Reactions
- 33
Greenspan predicts a reccession, or possible reccession , or 30% percent chance of reccession, or no reccession at all!!!!!! Even the maestro doesn't know what's going on. Either that or he has been lent on from a great height
Deja moo - I've heard this bull***t before!
-------------------
March 9 (Bloomberg) -- Banks' losses from risky home loans made at low introductory rates are just beginning, U.S. Federal Reserve Governor Susan Bies said.
Bies, who has been Fed's top banking policy official in her tenure at the U.S. central bank, said today banks are likely to see more missed payments and foreclosures as consumers with weak credit histories begin to face higher monthly mortgage payments.
``What's happening is the front end of this wave of teaser- rate loans that are coming into full pricing,'' Bies said at a risk-management forum in Charlotte, North Carolina. ``So what we're seeing in this narrow segment is the beginning of the wave -- this is not the end, this is the beginning.''
Bies's comments reflect growing attention among bank regulators to the turmoil in the so-called subprime mortgage market and its impact on consumers and U.S. lenders.
----------
The housing slump is taking a toll. The economy expanded at an annual rate of 2.2 percent in the fourth quarter as residential construction posted its biggest decline since 1991. Growth slowed from a 4.1 percent average rate in the first half.
Housing won't bounce back soon, recent reports suggest. Construction spending in the U.S. fell by the most in three months in January, a report last week showed, pulled lower by the biggest decline in homebuilding since July.
-----------
March 9 (Bloomberg) -- New Century Financial Corp.'s stock fell for a second day, hitting its lowest level in more than eight years, as Merrill Lynch & Co. analyst Kenneth Bruce predicted the mortgage company will go bankrupt.
Talks with lenders to save Irvine, California-based New Century aren't likely to succeed, Bruce wrote in a report today. New Century, the second-biggest U.S. ``subprime'' mortgage company, said yesterday it won't make any more loans as it tries to replace credit lines revoked by its backers. The shares tumbled 66 cents, or 17 percent, to $3.21 as of 4:26 p.m. in New York Stock Exchange composite trading. They traded as low as $2.96, the least since October 1998.
The company's ``next disclosure is likely a bankruptcy filing,'' Bruce wrote in a report today that carried a ``sell'' rating. The company is likely to be liquidated, with little value left for shareholders, he wrote.
Loans to ``subprime'' borrowers -- people with blemished credit records or high debts -- are going sour at the highest level in at least seven years.
Deja moo - I've heard this bull***t before!
-------------------
March 9 (Bloomberg) -- Banks' losses from risky home loans made at low introductory rates are just beginning, U.S. Federal Reserve Governor Susan Bies said.
Bies, who has been Fed's top banking policy official in her tenure at the U.S. central bank, said today banks are likely to see more missed payments and foreclosures as consumers with weak credit histories begin to face higher monthly mortgage payments.
``What's happening is the front end of this wave of teaser- rate loans that are coming into full pricing,'' Bies said at a risk-management forum in Charlotte, North Carolina. ``So what we're seeing in this narrow segment is the beginning of the wave -- this is not the end, this is the beginning.''
Bies's comments reflect growing attention among bank regulators to the turmoil in the so-called subprime mortgage market and its impact on consumers and U.S. lenders.
----------
The housing slump is taking a toll. The economy expanded at an annual rate of 2.2 percent in the fourth quarter as residential construction posted its biggest decline since 1991. Growth slowed from a 4.1 percent average rate in the first half.
Housing won't bounce back soon, recent reports suggest. Construction spending in the U.S. fell by the most in three months in January, a report last week showed, pulled lower by the biggest decline in homebuilding since July.
-----------
March 9 (Bloomberg) -- New Century Financial Corp.'s stock fell for a second day, hitting its lowest level in more than eight years, as Merrill Lynch & Co. analyst Kenneth Bruce predicted the mortgage company will go bankrupt.
Talks with lenders to save Irvine, California-based New Century aren't likely to succeed, Bruce wrote in a report today. New Century, the second-biggest U.S. ``subprime'' mortgage company, said yesterday it won't make any more loans as it tries to replace credit lines revoked by its backers. The shares tumbled 66 cents, or 17 percent, to $3.21 as of 4:26 p.m. in New York Stock Exchange composite trading. They traded as low as $2.96, the least since October 1998.
The company's ``next disclosure is likely a bankruptcy filing,'' Bruce wrote in a report today that carried a ``sell'' rating. The company is likely to be liquidated, with little value left for shareholders, he wrote.
Loans to ``subprime'' borrowers -- people with blemished credit records or high debts -- are going sour at the highest level in at least seven years.