Mismarkings and pricing errors by "a small number of traders" at Credit Suisse, Zurich, have led to increases in the fair-value reductions of "certain asset-backed positions" in the company's structured credit business within investment banking. The fair-value reductions to these positions "reflect significant adverse first quarter 2008 market developments" and are estimated at approximately $2.85 billion, with an estimated net income impact of approximately $1 billion, Credit Suisse reported. The company said that so far, even with the increased reductions, it remains on track to turn a profit in the first quarter. The reductions may also affect previously released 2007 results. The investment banking/structured credit business on Wall Street has generally been hard hit by the credit crunch stemming from U.S. mortgage woes.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
10m ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
34m ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
42m ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
3h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25