More bad news from US

黑山老妖

Mortgage crisis widens at Accredited, HSBC, Lehman

Mortgage crisis widens at Accredited, HSBC, Lehman
Wed Aug 22, 2007 7:41PM EDT
By Jonathan Stempel

NEW YORK (Reuters) - Fallout from the U.S. mortgage and credit crisis spread on Wednesday as Accredited Home Lenders Holding Co, HSBC Holdings Plc and Lehman Brothers Holdings Inc announced job cuts and concern mounted about the longer-term impact on the economy.

Mortgage lenders announced plans to cut more than 4,000 jobs, bringing the total of announced housing-related job losses since Thursday to more than 12,600. Many of the cuts related to subprime lending, which involves loans to people with weaker credit.

"There is no functioning subprime market," said Bose George, a Keefe, Bruyette & Woods Inc. analyst. "This is the only way to weather the storm. Cut the work force, stop making loans they can't sell, and hope things get better."

Despite the problems, U.S. stocks advanced on Wednesday as takeover activity resurfaced, and investors gained confidence that the credit markets could stabilize, especially if the U.S. Federal Reserve cuts interest rates.

Accredited, a San Diego-based subprime specialist, will cut 1,600 of its 2,600 total jobs and shut most of its retail and wholesale operations by September 5. It also stopped taking loan applications.

Lehman, one of Wall Street's biggest mortgage bond underwriters, will close its Irvine, California-based subprime unit BNC Mortgage LLC, get rid of 1,200 jobs, and take $52 million in charges. It plans to continue making mortgages through its Aurora Loan Services LLC unit.

London-based HSBC, Europe's largest bank, will close a Carmel, Indiana, office and cut 600 jobs.

Many lenders face a credit shortage because investors will not buy debt they consider less than pristine, including asset-backed commercial paper backed by such things as mortgages.

Liquidity problems have spread beyond subprime lenders and raised fears of a global credit shortage as defaults mount, investors stop buying loans, and bankers refuse to extend credit to lenders.

vvguru

you are a massive bear and i am with you for the sake of index, but still stuck with a significant amount of shares.
hope market goes vertical before a final crash, but pleeeese don't range.

黑山老妖

Please tell me how massive of a bear I am?

Devil_Star

还好，美国银行昨晚来打救COUNTRYWIDE了～

黑山老妖

原帖由 Devil_Star 于 2007-8-23 16:18 发表
还好，美国银行昨晚来打救COUNTRYWIDE了～

Bank of America invests $2 bln in Countrywide

Devil_Star

原帖由 黑山老妖 于 2007-8-23 16:06 发表
Please tell me how massive of a bear I am?

还变身为黑熊精不成！？哈～

黑山老妖

原帖由 Devil_Star 于 2007-8-23 16:19 发表


还变身为黑熊精不成！？哈～

哈哈。本来黑山老妖就是一头黑熊精啊。

Devil_Star

原帖由 黑山老妖 于 2007-8-23 16:19 发表

Bank of America invests $2 bln in Countrywide

本来还有传闻说WARREN BUFFET想觊觎COUNTRYWIDE，可是被当事人否认了，如果他真的出手，美市想不升都挺难了～

黑山老妖

原帖由 Devil_Star 于 2007-8-23 16:21 发表
本来还有传闻说WARREN BUFFET想觊觎COUNTRYWIDE，可是被当事人否认了，如果他真的出手，美市想不升都挺难了～

是啊。如果WARREN BUFFET真的出手那就好了。说明没问题了。

Portal

这个大烂疮看样子是不会一下子就ok滴

黑山老妖

原帖由 Portal 于 2007-8-23 16:42 发表
这个大烂疮看样子是不会一下子就ok滴

就怕是牛皮癣。。。:si143

西边雨

星期3的新闻短期内不可怕，最怕的是又出未预期的新的坏消息

Devil_Star

收市后ASX200期货指数又飙高到今日的最高位，离PREVIOUS HIGH不远了。