The jolt to the market due to U.S. subprime mortgage concerns has affected a number of companies worldwide, even if they have not invested in the troubled asset class.New Zealand's Macquarie Fortress Investments Ltd., for example, said July 31 that its Macquarie New Zealand Fortress Notes have been "adversely impacted by price volatility in the U.S. credit markets" even though it has "no direct exposure to U.S. subprime mortgages." The company said that although the decline in the funds' value is entirely due to supply-demand flows in the market and there are "no major concerns about the overall credit quality of senior loans in the portfolio," the investment manager has had to sell selected loans to meet margin calls. Moreover, there are concerns about whether the fund will be able to continue to meet margin calls if asset values continue to drop, Macquarie said.
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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.
6h ago -
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.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago