Continued "challenging" mortgage-related credit market conditions have caused Merrill Lynch to make "fair value adjustments" to exposed securities and businesses that it says will affect its third-quarter results.Merrill disclosed the concern in a Sept. 14 Securities and Exchange Commission filing, which it says it made "in anticipation of the closing" of its acquisition of First Republic Bank, set for Sept. 21. The company also reiterated past statements in which it noted that it is a "major player" in the areas exposed to the risk, namely the "subprime mortgage market, including certain collateralized debt obligations (CDOs), as well as other structured credit products and components of the leveraged finance origination market." Merrill Lynch can be found online at http://www.merrilllynch.com.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
5h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23 -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23 -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23