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Yen rises amid fears over US mortgage market
FT.com - The yen climbed on Tuesday amid concerns that problems in the US subprime mortgage market could spill over into the wider economy.
Treasury prices climb as safe haven
AP - A fresh round of ominous developments in the subprime mortgage market powered Treasury prices higher Monday, as some investors sought out a safe place to park some cash.
New Century Financial understated CSFBMC debt
Reuters - Troubled subprime lender New Century
Financial said on Tuesday it had understated debt owed to
Credit Suisse First Boston Mortgage Capital LLC by $500 million
on Monday.
Late mortgage payments reach high
AP - Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to a record high as borrowers with tarnished credit histories had trouble keeping up with their monthly payments.
Accredited Home sinks 54 pct as cash falls short
Reuters - Accredited Home Lenders Holding Co.
, a U.S. subprime mortgage lender, said on Tuesday it
needed to raise cash after paying $190 million demanded by its
lenders, sending its shares down as much as 53.5 percent to a
record low.
Subprime loans boost late payments, foreclosures
Reuters - Late payments on U.S. mortgages
increased in the fourth quarter to their highest level in three
and a half years and foreclosures rose, driven by subprime
borrowers with weak credit, the Mortgage Bankers Association
said on Tuesday.
Lenders initiate foreclosures at record pace
Reuters - Lenders launched foreclosure actions
against more than one of every 200 U.S. mortgage borrowers in
the fourth quarter of 2006, the biggest share of homes at the
start of the repossession process on record.
Dollar hit by weak retail figures
FT.com - The dollar lost ground against the yen on Tuesday, as subprime mortgage concerns sparked further unwinds of carry trades.
US indices down 2% on subprime fears
FT.com - The tentative gains made by Wall Street last week were rapidly erased on Tuesday as fears about subprime mortgage lending sparked a broad sell-off in stocks.
Massachusetts subpoenas firms on subprime research
Reuters - Massachusetts ordered two prominent Wall
Street financial firms on Tuesday to provide information on
their subprime research in the first probe by a U.S. state into
possible conflicts of interest over the troubled mortgage
lenders.
House, Senate lawmakers look at subprime bills
Reuters - Two senior Democratic lawmakers said
on Tuesday they were considering legislation to restrict risky
mortgage lending practices and protect borrowers after news
that foreclosures in the U.S. subprime mortgage sector were
rising.
Wall Street banks walloped by mortgage worries
Reuters - Worries about mortgage foreclosures
whacked the giants of Wall Street on Tuesday -- from Bear
Stearns to JPMorgan Chase & Co. -- as investors disregarded
analysts' views that the concerns are overblown.
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