The European Central Bank kept interest rates at a six-year high today to fight inflation even as the euro-region economy cools.
ECB policy makers meeting in Frankfurt left the benchmark lending rate at 4 percent, as predicted by all 59 economists in a Bloomberg News survey. The bank will wait until at least February to lower [...]
However, Whitney was proved correct: Citigroup pushed out its CEO, sought foreign investors and slashed its dividend. Her comments now carry added weight on Wall Street, and she has a new warning for ordinary Americans: The crisis in credit markets is far from over, and it increasingly will affect consumers.
“In fact, we believe that what [...]
Federal Reserve Bank of New York President Timothy Geithner called for greater central bank authority over banks so the financial system can better withstand shocks and recover from the credit crisis.
In addition, the Fed’s lending programs to commercial and investment banks will remain “until conditions in money and credit markets have improved substantially,” Geithner wrote [...]
Like many new entrepreneurs, Lee Richards struggled for a few years after founding Acadia Sports, an Irving mail-order business that sells fishing gear.
By his fourth year this year, sales were steady and he saw an opportunity to expand. But when he needed money to buy more inventory, his loan applications were rejected. “If you don’t [...]
It could get very bad. The disaster scenarios are easy to spin out if you want to. They would arise if the current turmoil in the credit markets spreads to real day-to-day business kinds of lending, the so-called commercial industrial loans that banks make, for example, or routine consumer credit – not just mortgages, but [...]
The U.S. mortgage market will recover slowly from a wave of bad loans that threw financial markets into crisis and the lending system will need repairs, Federal Reserve Governor Randall Kroszner said on Thursday.
“Recovery in the mortgage market will take time and will require more market and regulatory discipline,” Kroszner said in remarks to the [...]
 Mexico’s peso will rally through June on speculation the Federal Reserve will keep the benchmark U.S. lending rate at 2 percent this year, helping maintain the yield advantage of Mexican assets, Citigroup Inc. said.
The peso will rise to 10.3 against the dollar by June, Joel Virgen, an economist at Citigroup’s Banamex unit in Mexico City, [...]
The Bank of Israel on Monday left its benchmark lending rate unchanged at a record low following two months of cuts after the inflation rate rose to the highest in almost two years.
The rate charged to commercial lenders will remain at 3.25 percent, the bank said.
All 18 economists surveyed by Bloomberg had forecast the rate [...]
Fannie Mae, the largest U.S. home funding source, is setting a single national standard for down payments on mortgages it buys, including areas where home prices are falling, in an effort to stimulate the housing market.
On loans it purchases, the company will accept down payments as low as 3.0 percent for single-family, primary residences in [...]
U.S. developments, more quotes and background, and adds NEW YORK to dateline.
Bankers on both sides of the Atlantic are addressing problems with Libor, the leading global benchmark rate for inter-bank borrowing, while one brokerage is laying the groundwork for a supplemental New York-based backup.
The British Bankers’ Association is discussing its Libor interbank rate-setting procedure with [...]
