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Breaking News Forum Dow, Nasdaq fall on subprime lender woes at News Forum - AP - Stocks plunged Tuesday, driving the Dow Jones industrials down more than 240 points in their second-biggest drop of ...

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Old 03-13-2007, 03:37 PM   #1
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Default Dow, Nasdaq fall on subprime lender woes

AP - Stocks plunged Tuesday, driving the Dow Jones industrials down more than 240 points in their second-biggest drop of the year as troubles piled up for subprime lenders.



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Old 08-21-2007, 12:47 AM   #2
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T-burg shedding cargo...

Troubled US mortgagee in $25bn asset sale
August 21, 2007 - THORNBURG Mortgage said overnight it had sold $US20.5 billion ($25 bilion) of assets as it seeks to weather the financial storm buffeting the troubled US housing industry.
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Thornburg, a nationwide lender based in Santa Fe, New Mexico, said it had sold billions of dollars in mortgage-backed securities to improve its finances which have been ravaged by credit problems sweeping the sector. It did not name a buyer.

Thornburg revealed its asset sale as Capital One Financial Corporation, a big bank and loan company based near Washington, said it was closing down a mortgage business it operates, GreenPoint Mortgage. Capital One said it would face a charge of $US860 million in closing down GreenPoint and also announced it would be laying off 1900 staff.

Thornburg and Capital One announced their moves just days after Countrywide Financial Corp., the biggest US mortgage lender, said Thursday it had borrowed $US11.5 billion from 40 major banks to bolster its stressed finances. The US housing market downturn, spiking foreclosures and tightening credit - caused in part by banks and investors shunning mortgage-backed securities - have triggered a wave of problems for mortgage companies.

Countrywide, Thornburg and Capital One have significant financial firepower they can employ to ride out such market shocks, but dozens of other lenders have been forced out of business. Thornburg said it acted amid "unprecedented conditions in the mortgage financing market.''

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