mortgage news from FierceFinance
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Wachovia turnaround underway?
The pressure is on for Robert Steel, the new CEO of Wachovia, who has raised the number of jobs the bank will cut. The AP reports that in a quarterly SEC filing, the bank Read more...
SPOTLIGHT: Morgan Stanley axes top analysts
Financial News Online reports that as part of Morgan Stanley's latest layoffs, several highly regarded stock analysts have been let go. Read more...
ALSO NOTED: Merrill Lynch changes stock rating system; Merrill Lynch, Citigroup execs look to former colleagues for talent; and
Company News:> Freddie beats expectations. Article> More on the Clear Channel agreement. Read more...
Should Bank of America walk away from Countrywide?
MarketWatch notes that Countrywide is a bad position. Basically, its debts exceed its assets. Negative equity, of course, doesn't exactly speak well for the mortgage giant's future. Of immediate Read more...
Can everyone be wrong?
Back when the subprime crisis had not fully bloomed, there were a few brave souls who were convinced--absolutely!--that the mortgage edice was about to crash. You can imagine the pitch meetings. Read more...
Wachovia raising $7 billion
Wachovia, aiming in part to blunt the effects of its first quarter loss, says it will raise $7 billion to shore up its capital position. It appears it will issue some common and some preferred Read more...
Are Alt-As next to blow up?
The Financial Times notes that the many rumors that UBS had sold its entire portfolio of Alt-A related bonds to Pimco may well have been true, given the big UBS writedown this week. Some think the Read more...
Citigroup continues to tinker with execs
Vikram Pandit is not shy about tinkering with his talent. The New York Times notes that the elevation of John Havens to head the newly combined investment banking and alternative investment group is Read more...
ALSO NOTED: UBS downgrades financial firms; Chanos tied to Spitzer scandal; and much more...
Company News: > UBS considering 8,000 layoffs. Article > Chanos tied to Spitzer scandal. Read more...