mortgage lender Countrywide Financial Corp posts a $1.2 billion third-quarter loss after writing down $1 billion in subprime loans. October 24 - MERRILL LYNCH stuns Wall Street by writing down $8.4 billion in bad investments related to subprime lending. bank posts a 10 percent decline in Q3 profit, to $1.69 billion from $1.88 billion a year earlier, having suffered $1.3 billion of writedowns due to credit market turmoil. October 19 - WACHOVIA CORP - The fourth-largest U.S. bank by market value, says Q3 profit fell 57 percent due to losses, with net income down to $2.38 billion from $5.51 billion a year earlier. September 13 - NORTHERN ROCK - Britain’s biggest casualty of the credit crisis suffers a bank run after needing emergency funding from the Bank of England and is nationalized five months later. subprime loans.Īugust 9 - BNP PARIBAS - The French bank bars investors from redeeming cash in three funds as it was unable to calculate their value due to credit market turmoil. July 30 - HSBC says its charge for bad debts was $6.35 billion in the first half of the year, up 63 percent from $3.89 billion in the same period last year due to U.S. According to the court, there were $35.1 billion of claims. In March 2008 a federal bankruptcy judge cleared the way for New Century creditors to vote on a liquidation plan. filed for bankruptcy protection amid a surge in homeowner defaults, the biggest mortgage lender to collapse in the slumping U.S. subprime defaults for its first-ever profit warning.Īpril 2 - NEW CENTURY - New Century Financial Corp. Here is a chronology of some of the major losses suffered by banks affected by the credit crisis:įebruHSBC - Europe’s biggest bank HSBC Holdings blames U.S. against mortgage originators (a subsidiary of Deutsche Bank has already. UBS wrote down an additional $19 billion in ailing assets, bringing to $37 billion its hit from the subprime crisis. housing prices in 2007-2008, as many as two million homeowners have faced or are. (Reuters) - UBS AG doubled its writedowns from the subprime crisis on Tuesday, dumped its chairman and sought more emergency capital in a second attempt to reverse its fortunes.
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