Firms failed to control risks of concentrated exposure to securitizations of U.S. subprime mortgage-related credit
A task force on the subprime crisis is making progress
Any regulatory system that promotes growth necessarily accepts a risk of a meltdown
Fitch Ratings has revised its rating outlook on State Street Corp. to negative from stable and has downgraded the investment bank’s individual rating on news that the firm is taking a charge related to subprime troubles.The rating agency says that this action follows State Street’s announcement that it will record a US$279 million after-tax charge […]
It is now possible that UBS will record a net loss for 2007
Crisis getting worse for global banks, says UBS
Consumers have begun to fall behind on non-housing related debt payments, BCA Research warns
High risk products combined with poor underwriting combined have had a substantial impact on defaults
U.S. could face US$2 trillion lending shock
Bank of Nova Scotia today announced that in its fourth quarter 2007 results there will be mark-to-market write-downs on non-Bank asset-backed commercial paper (ABCP) and structured credit instruments of approximately $190 million ($135 million after-tax).Scotiabank also announced that as a result of the bank’s domestic and international interests in Visa Inc., it will record a […]