Tag Archives: mortgage-backed-bonds


Case will throw light on funds before Bear Stearns collapsed

Daily Telegraph – The funds collapsed as billions of dollars of bets made on mortgage-backed bonds and collateralised debt obligations (CDOs) unravelled, and when the time came to try to sell some of the funds’ sub-prime mortgages, no one wanted […]

Citigroup, Wells Fargo Battle for Wachovia Continues

New York (HedgeCo.Net) – The tug of war over Wachovia continued yesterday, as Citigroup and Wells Fargo tried to reach an agreement over the future of the Charlotte-based bank.  According to transcripts from a teleconference held between U.S. District Judge […]

Wachovia Hoping to Strike a Deal with Wells Fargo for $15 Billion

New York (HedgeCo.Net) – In an emergency hearing yesterday, U.S. District Judge John Koeltl left the door open for Wachovia to consider better offers, saying the law “appears” to permit bids from other potential buyers.  This decision comes at a […]

Citigroup Purchases Wachovia, Reclaims Throne

New York (HedgeCo.Net) – Citigroup Inc. has purchased Wachovia’s banking operations at a price tag of $2.16 billion, or roughly $1 a share, after losses stemming from bad mortgages rendered a resurfacing nearly impossible.  Citigroup will now have around 4,300 […]

They Just Don’t Get It

Washington Post – That is the technical economic term that best sums up a day in which the House of Representatives refuses to pass a $700 billion rescue plan pushed by the White House and congressional leaders from both parties, […]

UBS Writes Down Another Subprime-Related $6 Billion

New York (HedgeCo.Net) – Writedowns from major banks have reached the $500 billion mark, only one year after the subprime fallout forced mortgage-backed securities to plummet in value.  And it’s not over.  Some economists estimate that number will ascend upwards […]

Cuomo Pressing Major Banks in ARS Probe

New York (HedgeCo.Net) – Less than one week after UBS and Citigroup were called upon to buy back over $30 billion in bad auction-rate securities, New York Attorney General Andrew Cuomo is forcing JPMorgan, Morgan Stanley and Wachovia to follow […]

Wachovia, Fifth Third had losses in Citi hedge fund

Reuters – Wachovia Corp said on Monday it has had significant losses from a Citigroup hedge fund, joining Fifth Third Bancorp, which disclosed its loss in an April lawsuit. Wachovia spokeswoman Christy Phillips-Brown said a $315 million write-down the bank […]

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