International Business News - IMB http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif The frustration didn't end for some IndyMac customers when they finally were able to withdraw their funds from the failing Southern California bank seized last week by federal regulators. http://www.ibtimes.com/articles/20080717/trouble-persists-for-some-indymac-customers.htm Thu, 17 Jul 2008 11:32:07 EDT The number of newly laid-off people signing up for jobless benefits rose last week as companies keep work forces lean given the economy's slowdown. The Labor Department reported Thursday that new applications filed for unemployment insurance increased by a seasonally adjusted 18,000 to 366,000 for the week ending July 12. That left new claims at their highest level since late June, when they spiked to 404,000. http://www.ibtimes.com/articles/20080717/more-people-sign-up-for-jobless-benefits.htm Thu, 17 Jul 2008 08:38:56 EDT The economy is deteriorating so quickly and dramatically that it threatens to overtake many proposals the presidential candidates have been offering for months. http://www.ibtimes.com/articles/20080717/as-economy-dominates-obama-mccain-seek-answers.htm Thu, 17 Jul 2008 08:20:38 EDT Government data due out Thursday is expected to show that initial claims for unemployment benefits rose last week after dropping in the prior week. Wall Street economists surveyed by Briefing.com forecast that claims rose to a seasonally adjusted 380,000 for the week that ended July 12. The Labor Department is scheduled to release the data at 8:30 a.m. EDT. http://www.ibtimes.com/articles/20080717/ahead-of-the-bell-jobless-claims-to-rise.htm Thu, 17 Jul 2008 05:53:07 EDT Inflation watch: Consumer prices jump in June WASHINGTON (AP)--In the latest shock wave to hit the economy, consumer prices rose 1.1 percent in June from the month before, far faster than the expected rate of 0.7 percent and almost double the reading from May, the Labor Department said Wednesday. http://www.ibtimes.com/articles/20080716/business-highlights.htm Wed, 16 Jul 2008 18:52:55 EDT The economy is deteriorating so quickly and dramatically that it threatens to overtake many proposals the presidential candidates have been offering for months. http://www.ibtimes.com/data/articleimgs/92548-mccain-2008-naacp.jpg http://www.ibtimes.com/articles/20080716/economy-dominates-obama-mccain-seek-answers.htm http://www.ibtimes.com/articles/20080716/economy-dominates-obama-mccain-seek-answers.htm Wed, 16 Jul 2008 18:18:29 EDT Regional bank shares advanced Wednesday, in line with the broader market, as Wells Fargo & Co.'s milder-than-expected second-quarter loss and decision to boost its dividend instilled some confidence in the sector. http://www.ibtimes.com/articles/20080716/sector-wrap-regional-bank-shares-advance.htm Wed, 16 Jul 2008 16:15:13 EDT The FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud, an official said Wednesday of the government's latest target following the collapse of the nation's subprime mortgage market. http://www.ibtimes.com/data/articleimgs/92395-indymac-customers.jpg http://www.ibtimes.com/articles/20080716/fbi-investigates-possible-loan-fraud-at-indymac.htm http://www.ibtimes.com/articles/20080716/fbi-investigates-possible-loan-fraud-at-indymac.htm Wed, 16 Jul 2008 17:22:28 EDT Real estate investment trust Alesco Financial Inc. said Wednesday it will record a loss of about $86 million on investments in IndyMac Bancorp Inc. debt. http://www.ibtimes.com/articles/20080716/alesco-to-record-86m-loss-tied-to-indymac-failure.htm Wed, 16 Jul 2008 11:04:16 EDT Industry data to be released Wednesday will show whether home loan applications fell as mortgage rates ticked up slightly. The Mortgage Bankers Association is scheduled to report its index of mortgage application volume for the week ended July 11 at 7 a.m. EDT. http://www.ibtimes.com/articles/20080716/ahead-of-the-bell-mortgage-applications.htm Wed, 16 Jul 2008 05:58:16 EDT Shares of several major banks recouped part of the previous day's losses Tuesday as Wall Street regained some confidence in the sector. "There was a little bit of panic for bank stocks yesterday," said Frederick Cannon, chief equity strategist for Keefe, Bruyette & Woods. "Hopefully we're seeing a situation where people are saying, 'Wait a second, depositors are good.' People are going back to a little more sense of relief." http://www.ibtimes.com/articles/20080715/sector-snap-banks-pare-some-of-prior-days-losses.htm Tue, 15 Jul 2008 15:18:54 EDT Shares of Washington Mutual Inc. regained some of the previous day's loss Tuesday morning after the Seattle-based bank reassured investors that it has enough spare cash to handle the economic downturn. http://www.ibtimes.com/articles/20080715/washington-mutual-reassures-street-shares-rebound.htm Tue, 15 Jul 2008 11:32:04 EDT Fitch Ratings on Monday downgraded IndyMac Bank's servicer ratings to the lowest rating and removed them from Rating Watch Negative. Fitch downgraded the primary servicer rating for Alt-A and subprime residential loans to "RPS5" from "RPS3," and for prime products to "RPS5" from "RPS3+." Fitch rates residential mortgage servicers on a scale of 1 to 5, with 1 being the highest rating. Servicers collect and distribute payments on a loan. http://www.ibtimes.com/articles/20080715/fitch-downgrades-indymacs-servicer-ratings.htm Tue, 15 Jul 2008 09:21:56 EDT In the nearly steady stream of bad news about banks, many consumers are likely wondering if any bank is really safe. Those companies that did not go heavily into the subprime mortgage market are generally in better shape. But financial institutions of all sizes are nonetheless facing problems with souring debt in a weak economy, even if they haven't been hit hard like Wachovia Corp., or like IndyMac Bancorp Inc., which was taken over by the government last Friday. http://www.ibtimes.com/articles/20080715/analyst-warns-on-wachovia-amid-more-bank-worries.htm Tue, 15 Jul 2008 16:53:14 EDT RESCUE PLAN REACTION: The rescue plan put together by the Bush administration and the Federal Reserve for mortgage giants Fannie Mae and Freddie Mac got mixed reviews on Monday on Wall Street. http://www.ibtimes.com/articles/20080714/summary-box-feds-propose-help-for-mortgage-giants.htm Mon, 14 Jul 2008 18:59:48 EDT Fannie-Freddie lifeline puts taxpayers on the hook WASHINGTON (AP)--Now that the federal government has thrown a lifeline to mortgage giants Fannie Mae and Freddie Mac, taxpayers could be on the hook for billions more if the crisis of confidence spreads. http://www.ibtimes.com/articles/20080714/business-highlights.htm Mon, 14 Jul 2008 18:50:27 EDT Treasury bond prices rebounded Monday on concerns that more financial institutions could fail in the wake of IndyMac's demise. Bank shares plunged after IndyMac Bancorp Inc., beset by massive losses in mortgages and customers cashing out their deposits, was taken over by the Federal Deposit Insurance Corp. late Friday. Weakness in stocks and uncertainty about the financial health of corporate America tends to lure investors to the safe harbor of government bonds. http://www.ibtimes.com/articles/20080714/treasurys-rise-as-financial-sector-drops.htm Mon, 14 Jul 2008 17:56:49 EDT The government's seizure of IndyMac Bank raises concerns for many consumers about whether their banks might be next. While it is unlikely the nation will see thousands of banks fail as they did during the savings and loan industry collapse in the late 1980s and early '90s, analysts predict there will be more battered financial institutions that are unable to survive in today's marketplace. http://www.ibtimes.com/articles/20080714/what-if-my-bank-fails.htm Mon, 14 Jul 2008 18:29:02 EDT Several regional bank stocks were among the biggest decliners on the New York Stock Exchange Monday as investors worried about the prospect of more bank failures after the government's takeover of IndyMac Bancorp Inc. http://www.ibtimes.com/articles/20080714/sector-snap-regional-bank-shares-tumble.htm Mon, 14 Jul 2008 15:04:06 EDT Shares of M&T Bank Corp. hit an eight-year low Monday after the regional bank said its second-quarter profit fell 25 percent as it set aside $100 million to cover bad loans. http://www.ibtimes.com/articles/20080714/m-t-bank-shares-hit-8-year-low-on-2q-results.htm Mon, 14 Jul 2008 14:54:30 EDT