subprime mortgage crisis

German lender IKB Deutsche Industriebank AG, which has been badly hit by the U.S. subprime mortgage crisis, will be sold to U.S.-based private equity firm Lone Star Funds, the German company's biggest shareholder said Thursday.

UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said Tuesday that it had further losses and writedowns of $5.1 billion during the second quarter of 2008.

This past week was another challenging sequence of trading sessions for investors. Consumer confidence came in around 62, at its lowest level in 26 years, and the Royal Bank of Scotland suffered an 11 billion dollar writedown due to the US subprime mortgage crisis.

"Other than the areas affected directly by the credit crisis, most of our businesses performed well, with revenues near, or in some cases above, those in the first quarter of 2007"

Credit Suisse Group on Thursday posted a $2.1 billion net loss for the first quarter as the global effects of the U.S. subprime mortgage crisis continued to spread.

Switzerland's second-largest bank said it also had net writedowns of $5.3 billion for big buyout loans and mortgage securities.

Activist shareholders' attempts to unseat several Washington Mutual Inc. board members will come to a vote Tuesday when the thrift, badly battered by the subprime mortgage crisis, holds its annual meeting and reports what are expected to be abysmal first-quarter results.

The incoming chairman of UBS AG, Peter Kurer, said the Swiss bank would stick to its integrated business model, despite massive write-downs caused by the subprime mortgage crisis, according to a newspaper interview published Saturday.

The subprime mortgage crisis just keeps getting worse. Now mortgage industry is blackballing zipcodes they think are a bad investment.

So far they have blackballed 9600 zip codes. It looks like Austin was not affected by California and Florida should be hit hard by this.

Lawmakers aimed their sites at three corporate executives Friday as they questioned how the CEOs managed to take home hundreds of millions of dollars in compensation while their companies were taking a financial nosedive due to the subprime mortgage crisis.

Three corporate executives called in for a shaming by Democratic lawmakers Friday defended raking in hundreds of millions of dollars despite contributing to the subprime mortgage crisis that has their companies reeling from losses and the nation on the edge of recession.

IKB Deutsche Industriebank AG, wracked by losses from the U.S. subprime mortgage crisis, will sell 1.5 billion euros ($2.2 billion) in shares as part of a government-sponsored bailout, provided its shareholders agree to the move.