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...And the riskiest business to be in was subprime mortgage. So Citi ran right into it....
...Years of cheap money and booming interest in private asset classes has made things more complicated....
...Incidentally, a plethora of media outlets (inc....
...The dramatic series of events would also catapult Corazon Aquino, wife of the slain senator, to the presidency....
...When Frank Sledge took out a mortgage on the eve of the 2008-09 recession, he set off a series of personal disasters that ended in bankruptcy, foreclosure and ejection from his Florida home.Unable to obtain...
...He was placed in its bond-trading department, and, given his real estate knowledge, was mainly trading mortgage-backed bonds. He proved a rare talent, and by 1978 was running the department....
...(NYT) Boardroom brawls The unexpected triumph of first-time activist Engine No. 1 over ExxonMobil was just the start....
...He generated hundreds of millions of dollars in part by selling mortgage-backed securities, but then made a fateful error....
...(FT) News round-up Biggest US shopping complex shows threat to mortgage-backed bonds (FT) Man Utd earnings slip into red as broadcast revenue slumps (FT) Chinese search giant Baidu reconsiders US listing...
...While many of the borrowers had questionable personal credit ratings, the CWABS Asset-Backed Certificates Trust 2005-11 were deemed much safer credits....
...Astra said it “implements relative-value arbitrage strategies across asset classes both in the US and Europe, with a focus on corporate and mortgage-backed credit”....
...Credit spreads in mortgage-backed securities had widened to all-time highs and worries over Lehman's liquidity had caused a 31 per cent share price decline over the previous two days....
...This year VinaCapital, an investment fund that manages $1.8bn in assets, launched the $100m VinaCapital Ventures VC fund, one of the biggest local funds for start-ups....
...Rite Aid dropped 26.5 per cent, while Walgreens shares rose 1.7 per cent....
...It made a series of acquisitions as other operators struggled, including purchasing the US operations of the UK insurer Aviva....
...In the spring of 2013, Jobs’s successor as CEO of Apple Inc., Tim Cook, decided the company needed to borrow $17 billion. Yes, borrow....
...The bank also paid $7bn to settle a Department of Justice claim that it misled investors over duff mortgage-backed securities it sold in the run-up to the financial crisis....
...Sep 2014: HSBC agrees to pay $550m to settle US government allegations that it mis-sold mortgage-backed securities in the run-up to the financial crisis....
...In the financial crisis, tranches of subprime non-agency mortgage-backed securities were used as collateral in repo and short-term lending markets, and they were thought to be safe as money....
...Total assets at the end of 2009 were listed as $2.1m, $1.4m of it cash and the rest value attributed to the plane....
...Citigroup climbed 3 per cent to $48.42 after the bank agreed to a $7bn settlement with the Department of Justice to resolve a long-running investigation into the sale of mortgage-backed securities....
...(FT’s Global Markets Overview) Citigroup is set to pay more than $7bn to resolve a long-running US government investigation into the bank’s sale of mortgage-backed securities, people familiar with the matter...
...But the strategy proved destabilising in 2008, when lenders in the repo market lost confidence in mortgage-backed collateral and pulled back on funding....
...the absence of lower-cost products such as interest-only mortgages....
...(Financial Times) Six banks sued over trustee roles: A group of big investors including Blackrock and Pimco are suing six different banks including Deutsche Bank and HSBC for their role as trustees of mortgage-backed...
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