AP - The troubled British mortgage lender Bradford & Bingley will be nationalized and sold off in parts, with Spanish banking giant Santander SA taking over its retail deposits and branch network, British media reported Monday.
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AFP - Germany’s Hypo Real Estate, a mortgage bank, is on the brink of bankruptcy, the daily Financial Times Deutschland reported in an advance copy of its Monday edition.
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AP - The New Deal it is not. The government’s biggest economic bailout since the Great Depression is aimed not at relieving unemployment or reforming questionable business practices, but at resuscitating financial markets debilitated by lousy bets on the housing market.
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Reuters - Britain’s government will nationalize troubled mortgage lender Bradford & Bingley and is discussing the sale of its savings book and branches, people in the banking industry familiar with the matter said.
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AP - John and Jamie Petree couldn’t believe their luck. The home they bought in this Columbus suburb was near family and quality schools. Its huge backyard promised years of afternoon fun for their 2-year-old daughter and about-to-be-born son.
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AFP - British mortgage lender Bradford & Bingley, which has been hit by a housing downturn and weakness in the wider economy, may be nationalised, according to newspaper reports.
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AP - The Bush administration and Congress anxiously revived negotiations Friday on a $700 billion financial bailout, one day after the largest bank collapse in U.S. history provided a brutal reminder of the risks of failure. Democrats talked optimistically of agreement by the end of the weekend.
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AP - KB Home, one of the nation’s largest home builders, said Friday its third-quarter loss quadrupled from the year-ago period, missing Wall Street’s expectations as revenue plunged by 56 percent amid falling sales and home prices.
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Reuters - The U.S. government will file more charges by December 5 in the case of two former Bear Stearns hedge fund managers accused in the first major federal criminal case stemming from the subprime mortgage crisis, prosecutors said on Friday.
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AFP - The Australian government announced Friday it would invest four billion dollars (3.32 billion US dollars) in the mortgage market in response to the global credit crunch.
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