State Street Takes Subprime-Linked Charge

Published January 04, 2008, 3:00 p.m. EST

1 Min Read

State Street Corp., Boston, has taken a $279 million net charge after taxes for the fourth quarter to establish a reserve designed to address costs related to active fixed-income strategies exposed to subprime mortgage markets.State Street has also named James S. Phalen, executive vice president and head of international operations for investment servicing and investment research, as the new interim chief executive officer of State Street Global Advisors. William W. Hunt, the previous SSGA CEO, has resigned. SSGA, State Street's investment management arm, manages its fixed-income strategies.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

MBS

Freddie must join MBS buying to ease 7% rates: CHLA

On a day when the 10-year Treasury hit levels last seen in 2007, the Community Home Lenders of America celebrated an X post by Bill Pulte on increased MBS buys.

By Brad Finkelstein
Originations Editor

1h ago
Cyber Security

Ransomware gang claims big hack at NFM Lending

The Interlock group allegedly seized over 2 terabytes of data from NFM Lending, including its Encompass data, employee files and other internal information.

By Andrew Martinez
Reporter

1h ago
RMBS

Mortgages to well-heeled self-employed back $1.5 billion in RMBS from Verus

Non-qualified mortgages account for 23.1% of the series 2026-7 pool, by balance, and 43.4% of the loans in the pool were made to investors for business purposes and are exempt from the Ability-to-Repay rules.

By Donna M. Mitchell
Editor

September 23
Servicing

Sharma's promotion at Sagent sets up next phase for Dara

Besides promoting Sridhar Sharma to CEO from president, the company named Andrew Bon Salle, ex-Fannie exec, as its new chairman, both replacing Chris Marshall.

By Brad Finkelstein
Originations Editor

September 23
Risk-based capital

Proposed bank capital rules could deepen private credit ties

Several proposed updates, including lower risk-weight floors for certain securitizations and corporate loans, could make it more attractive for banks to finance or hold certain private credit-related assets, experts say.

By Maria Volkova
Reporter

September 23
Federal Reserve

Fed's Barr: 'Further policy adjustments are likely'

Federal Reserve Gov. Michael Barr appears to be among the majority of monetary policymakers who foresee at least one more rate hike before the end of the year.

By Kyle Campbell
Staff writer

September 23

Load More