Thrifts lose on bad mortgage loans (Philly.com)
WASHINGTON - Savings and loan associations lost a combined $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans, the government reported yesterday.
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Defining banking stocks -- the good and the bad (AP via Yahoo! Finance)
Ronald Hermance, head of Hudson City Bancorp, has never made a subprime loan. His bank doesn't keep risky mortgage securities on the books, and is headed toward another record year of profits.
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B&B sinks as bad debts worsen (Reuters via Yahoo! UK & Ireland News)
Troubled lender Bradford & Bingley sank to a first-half loss, hit by 155 million pounds in writedowns and investment losses, and said bad debts had risen more than half since the end of 2007.
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How to raise money when times are tough (Independent)
After a decade of cheap and easy credit, getting your hands on a mortgage, personal loan or credit card has become much tougher and much more expensive over the past year.
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Color of Money Book Club (Washington Post)
Personal finance columnist Michelle Singletary hosted an online discussion with Carolyn Warren, author of "Mortgage Rip-Offs and Money Savers" (John Wiley & Sons), on Thursday, Aug. 28 at Noon ET.
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The Credit Crunch Cuts Deeper and Wider (BusinessWeek Online via Yahoo! News)
On Wall Street, the yearlong credit crunch continues to hog headlines. For example, the future is still in question for investment banks like Lehman Brothers and mortgage financiers (BusinessWeek.com, 8/22/08) Fannie Mae and Freddie Mac .
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Troubled Fannie Mae shakes up leadership (UPI)
NEW YORK, Aug. 28 (UPI) -- The Federal National Mortgage Association, battered by the meltdown in the U.S home loan business, has shaken up its senior management, officials said.
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When money is tight, leave that 401(k) alone (Fort Worth Star-Telegram)
This economy has left people behind on credit card bills, short on mortgage payments and low on cash to cover basics like gas and food. Those are budget gaps that have to be filled, and too often, people are raiding their 401(k) to come up with the extra money. If you’re one of those thinking about it, I want you to stop. When you pull money out of your 401(k) prematurely — in other words, ...
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FDIC chief sees more struggles for banks (San Diego Union-Tribune)
WASHINGTON – Sheila Bair anticipated the mortgage crisis long before most other regulators. But she never dreamed it would wreak so much havoc on so many banks. More than a year after the credit crisis first flared, Bair, the chairwoman of the Federal Deposit Insurance Corp., warned yesterday that the outlook for the ailing banking industry was bad – and getting worse.
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S&Ls lose $5.4B, set aside billions more to cover bad loans (The Tennessean)
WASHINGTON — U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans.
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