Two subprime mortgage-related Bear Stearns funds that had seen their market value reduced to virtually nothing have filed for bankruptcy protection, according to AP/Yahoo Finance.A Bear Stearns spokesman had not confirmed this at deadline time, but did confirm a New York Post report that Bear has reportedly not been immune to the credit crunch that growing subprime concerns have spurred in the overall market, and has suspended withdrawals on one mortgage-related fund with a relatively small exposure to the subprime sector as a result. A Bear Stearns representative confirmed that the company suspended the withdrawals because it did not believe it was "prudent to sell assets in this current market environment."
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11