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The origins of the subprime market

Friday, August 08, 2008
World Socialist Web Site, MI -
“We argue that, as the old inequality in home mortgage lending has slowly diminished, a new inequality has emerged that is characterized by less favorable loan term, sometimes problematic forms of housing, and a lack of adequate consumer protection from predatory and abusive practices.” ...

State College Business | Centre Daily

Aug 7, 2008
Centre Daily Times, PA -
LOS ANGELES — Today the Laborers' International Union of North America - LIUNA - released a report detailing the implications for homeowners and the nation's economy when five-year adjustable rate mortgages (ARMs) reset in 2010 and 2011. ...

LIUNA labor union zeroes in on Buckeye subdivision in warning of ARM mortgage resets - Phoenix Business Journal:

Friday, August 08, 2008
Charlotte Business Journal, NC -
The Laborers' International Union of North America warns that trouble is ahead for many more homeowners as five-year adjustable rate mortgages originated during the housing boom reset in 2010 and 2011. The labor group released its report, ...

Credit Crisis Review: ARMed for Failure - Seeking Alpha

Aug 4, 2008
Seeking Alpha, NY -
Many of the losses from loans made from 2000-2005 have now been recognized as rates have now reset on their 2/28 or 3/27 mortgages. Loans which were issued in 2006 and 2007 are seeing higher and higher delinquency rates as an effect of ...

Labor union protests KB Home on behalf of borrowers | L.A. Land | Los Angeles Times

Aug 7, 2008
Los Angeles Times, CA -
One of the biggest construction worker unions is warning of plenty more housing problems ahead -- particularly for borrowers living in new-home communities -- and is blaming the nation's home builders. Not only are housing ...

Union blames builders for mortgage problems - Los Angeles Times

Friday, August 08, 2008
Los Angeles Times, CA -
Lending units of KB Home, Lennar, Richmond American and other builders steered buyers into risky mortgages, a report by the group says. By Annette Haddad, ...

Union blames builders for mortgage problems - Los Angeles Times

Friday, August 08, 2008
Los Angeles Times, CA -
Lending units of KB Home, Lennar, Richmond American and other builders steered buyers into risky mortgages, a report by the group says. By Annette Haddad, ...

Free Preview - WSJ.com

Friday, August 08, 2008
Wall Street Journal -
By CHAD BRAY NEW YORK -- UBS AG has agreed to buy back $19.4 billion in auction-rate securities from individual investors, charities and small businesses, ...

UBS Goes The Extra Mile - Forbes.com

Friday, August 08, 2008
Forbes, NY -
LONDON - A day after Merrill Lynch and Citigroup said they would pay billions to settle claims of improperly selling auction-rate securities to their clients, UBS is going one step further, settling with even more of its customers. That would ...

Law Blog - WSJ.com : UBS to Cash Out of ARS Party, Will Buy Back $19.4 Billion Worth

Friday, August 08, 2008
Wall Street Journal Blogs, NY -
They’re folding like cards. In the waning hours of the auction-rate securities party, UBS has agreed to buy back $19.4 billion in ARS from individual investors, charities and small businesses. Here’s the early WSJ report. In June, Massachusetts got the ARS party started ...

The Associated Press: UBS to settle securities case for $19.4B

Friday, August 08, 2008
The Associated Press -
BOSTON (AP) — The Swiss bank UBS has reached a $19.4 billion agreement to buy back bonds in the biggest settlement yet over claims that banks misled investors to buy auction-rate securities, the Massachusetts Secretary of State's office said Friday. The agreement has been reached ...

ARS settlements to result in $4 bln of writedowns - BofA | Markets | Bonds News | Reuters

Friday, August 08, 2008
Reuters -
Aug 8 (Reuters) - Banc of America Securities said settlements related to auction-rate securities (ARS) may provide an end to one of the credit crunch's ...

UBS settles with U.S. regulators on failed auction-rate securities - International Herald Tribune

Friday, August 08, 2008
International Herald Tribune, France -
BOSTON: UBS, the biggest Swiss bank, agreed Friday to buy back $19.4 billion of failed auction-rate securities and pay a $150 million fine, the largest settlement in a U.S. investigation into whether banks stuck clients with hard-to-sell bonds. UBS will ...

UBS Announces Comprehensive Settlement, in Principle, for All Clients Holding Auction Rate Securities at the Estimated Cost of USD 900 Million - MarketWatch

Friday, August 08, 2008
MarketWatch -
NEW YORK, Aug 08, 2008 (BUSINESS WIRE) -- UBS announced today a settlement, in principle, with the New York Attorney General (NYAG), the Massachusetts Securities Division, the Securities and Exchange Commission (SEC) and other state regulatory agencies represented by North American Securities Administrators ...

UBS to buy back stricken debt securities | Reuters

Friday, August 08, 2008
Reuters -
The bank's settlement with state and federal regulators in the United States followed an announcement on Thursday that Citigroup (CN: Quote, Profile, ...

UBS to Settle Auction-Rate Probe (Update 2) - TheStreet.com

Friday, August 08, 2008
TheStreet.com -
UBSUBS on Friday said it had agreed in principle to a $18.6 billion settlement with state and federal regulators in the widespread auction-rate securities probe. The agreement, brokered by the Securities and Exchange Commission , state regulators in New York ...

Citigroup settlement frees funds of Florida clients - Tampa Bay Business Journal:

Friday, August 08, 2008
Bizjournals.com, NC -
Citigroup’s agreement to buy back more than $7 billion in auction-rate securities will give thousands of clients, including those in Florida, access to funds that had been frozen. Under terms of the settlement, Citigroup will offer to repurchase ...

UBS settles NY $11B securities probe - Business First of Buffalo:

Friday, August 08, 2008
Bizjournals.com, NC -
For the second time in as many days, new York state Attorney General Andrew Cuomo has reached a multi-billion dollar deal as part of an auction rate securities investigation. Cuomo said Friday that UBS Securities LLC and UBS Financial Services ...

UBS makes it official: $19b buyback deal unveiled - Daily Business Update - The Boston Globe

Friday, August 08, 2008
Boston Globe, United States -
UBS Financial Services Inc. said today it would buy back about $19 billion in auction-rate securities from its customers, under a settlement with the New York attorney general, the Massachusetts Securities Division, other state agencies and the Securities and Exchange Commission. Under ...

UBS Auction-Rate Settlement: It's Official - Forbes.com

Friday, August 08, 2008
Forbes, NY -
UBS officially announced its settlement with various state and federal regulators Friday. It agreed to buy back $8.3 billion of auction-rate securities that it sold individual retail customers and help institutional investors get out of another $10.3 billion in holdings. ...

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