Hints and tips:
...One of them, TeamHealth, was sold to Blackstone for $6.1bn in 2017. Another, Envision, was acquired by KKR for $9.9bn the following year....
...He describes not ditching business generated by mortgage brokers — who set the terms on home loans and then came to the bank to underwrite them — as “the worst thing we missed”....
...Steve Eisman‘The Big Short’ fund manager, now at Neuberger Berman The US mortgage market essentially imploded between January and August 2007....
...It invested heavily in both property equity and in loans to SunCal, a Californian developer, and in Archstone-Smith, a property investment trust with upmarket apartment buildings across the country....
...In 2006 and 2007, Citi included loans in residential mortgage-backed securities that a third-party firm had identified as failing to meet underwriting and legal standards....
...owns part of a mortgage lender....
...and small business loans....
...It controls 18 per cent of credit card spending, and about 3 per cent of home loans....
...– ignored “pervasive” deficiencies in the underlying loan pools and the servicing of the loans....
...The number of banks in the US has dwindled from 8,533 just before the onset of the crisis in late 2007 to 6,891 at the end of last year, according to data from the Federal Deposit Insurance Corporation....
...The rise of financial capitalism For 20 years or more, between the mid 1980s and the great crash of 2007-8, banking and financial services experienced a gilded age....
...Citigroup made $4.2bn in net income in the second quarter, as a strong performance in trading and investment banking helped Mike Corbat, chief executive, post the best six months of profits since 2007....
...In 2006, 1.4m mortgages were approved by banks. Last year, the figure was only 610,000. While gross mortgage lending is up this year, it remains far off the £362bn lent to homebuyers in 2007....
...at least $55.41bn, according to S&P Capital IQ LCD – the highest since the $88.94bn sold in 2007, just before the financial crisis....
...(Financial Times) Lampert, Sears CEO’s hedge fund is returning billions to Goldman clients “who had invested with ESL Investments Inc. in 2007, according to people with knowledge of the matter....
...It now operates 41 namesake stores, compared with 54 in early 2007....
...The benchmark closed at its highest level since December 2007....
...bad loans....
...The Dow Jones Industrial Average moved 0.6 per cent higher to 13,471.22....
...Car insurer Admiral Group led the blue-chip risers for a second day, up 3.6 per cent to £10.92....
...“We expect selected investment trusts and the hedge funds we invest in to make money where they can access private sector loans or structured credit....
...Annualised net losses on subprime loans that backed auto deals climbed from an average of 6 per cent between 2004 and 2007 to 11 per cent at their peak at the end of 2009....
...For example, with EMI, GSO put up almost half the $1.5bn in debt and an additional $50m in equity for a 6.2 per cent stake when the Sony-led group bought its music publishing division from Citigroup....
...Woori Bank, a unit of Woori Financial Group, is South Korea’s largest victim of the US subprime mortgage mess....
...The SEC is continuing to investigate Citigroup and BofA’s Merrill subsidiary for their sale of mortgage-related securities in 2006 and 2007....
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