AFP - Standard & Poor’s downgraded mortgage giants Fannie Mae and Freddie Mac from triple-A to AA+ Monday, citing their direct reliance on the US government, which it downgraded last Friday.
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S&P downgrades mortgage giants Fannie, Freddie (AFP)
Mortgage giant Fannie Mae seeks $5.1 bn from US (AFP)
AFP - The semi-public mortgage financing giant Fannie Mae said Friday it would seek an additional $5.1 billion from the US government, following a steep quarterly loss.
IMF maintains growth forecasts for Britain (AFP)
AFP - The International Monetary Fund on Monday maintained its growth forecasts for Britain but warned of risks from the eurozone debt crisis, spending cuts, volatile commodity prices and a weak housing market.
US sues UBS over dodgy subprime securities (AFP)
AFP - A US housing regulator filed a $900 million lawsuit against Swiss bank UBS on Wednesday over risky mortgage-backed securities it sold to mortgage giants Fannie Mae and Freddie Mac.
Weak economy, housing weigh on US banks (AFP)
AFP - The big US banks showed signs of resilience in their second-quarter earnings, but the sluggish economy and fallout from the subprime mortgage debacle weighed on profits.
US existing-home sales fall for third month (AFP)
AFP - Sales of previously owned US homes dropped in June for the third straight month amid an unexpected spike in contract cancellations, an industry group said Wednesday.
Samsung unveils new Galaxy tab to take on iPad (AFP)
AFP - South Korea’s Samsung Electronics launched a new version of its Galaxy Tab in its home market Wednesday in a bid to lure consumers away from Apple’s iPad.
British house prices rise in June: survey (AFP)
AFP - British house prices rose by 1.2 percent in June from the level in May, data from a major home-loans provider showed on Wednesday.
Bond-holders challenge Bank of America settlement (AFP)
AFP - A group of bond-holders on Tuesday challenged Bank of America’s record $8.5 billion settlement for losses on mortgage-backed securities, clouding its efforts to move past the subprime mortgage mess.
BofA sets aside $14 bn for US mortgage claims (AFP)
AFP - Bank of America said Wednesday it would set aside a massive $14 billion to settle claims from angry investors for losses on dodgy mortgage-backed securities in the country’s housing collapse.
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