Hints and tips:
...Meanwhile, Wall Street stalwarts like JPMorgan Chase and Goldman Sachs focused their energy on their home market and took a more cautious approach in Europe....
...(FT) News round-up Sycamore and L Brands call off Victoria’s Secret deal (FT) McGraw-Hill, Cengage jointly agree to terminate planned merger (BBG) Banks to book more than $50bn against bad loans (FT)...
...With the cost of servicing debt so low, and central banks having committed to keep interest rates low for an extended period of time, there is no immediate pressure on the chancellor to “balance the books...
...We also think the sector is much less disrupted than banks....
...(Reuters) ABG Shipyard, the Indian group, has told shareholders that “problems” servicing its loans in a timely manner have led it to seek a debt restructuring agreement with its lenders....
...abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers....
...Countrywide Home Loans Servicing LP, et al is ostensibly brought on behalf of a class of purchasers of certain mortgage pass-through certificates for which CWALT, Inc. and various issuing trusts filed registration...
...Some finance houses have also invested in mortgage servicing groups, which collect mortgage payments, so they can gain expertise in evaluating pools of home loans....
...A number of experts see the rescue of Bear Stearns, the investment bank, by the Fed and JPMorgan Chase as a watershed....
...The chaos in the US housing market and structured finance rippled into the wholesale markets in which banks raise short-term finance....
...Financial stocks bore the brunt of the selling, with an index of investment banks down 8.5 per cent and a broader index of S&P 500 financial stocks falling 1.6 per cent....
...Given a lack of defaults, the instruments should perform fine if one can survive the P&L volatility of the tranches....
...MARIE-CHRISTINE LOMBARD, 48 Group MD, TNT Express Paris-born Lombard trained at Chemical Bank (later taken over by Chase Manhattan)....
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