Subprime hits auto sector as financing tightens
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Fallout from a crisis in the U.S.  subprime mortgage market rattled the auto sector on Tuesday  after the debt package for a General Motors asset sale was  postponed and borrowing costs on automakers&#39; debt surged.
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JPMorgan said that its exposure to subprime mortgages devalued its portfolio by $1.3 billion.
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Global credit squeeze undermining private sector sale of mortgage lender
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Earnings from Countrywide Financial prompted concerns that the subprime loan problem is slowing growth in the U.S. economy.
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The global financial turmoil, ignited by the subprime mortgage problems in the U.S., has exposed the downsides of spreading risk so broadly that upheavals are felt worldwide.
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Fresh troubles in the subprime segment of the US housing market have ignited fears of contagion that could affect the financial sector and possibly the broader economy, analysts say.
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In Baltimore and elsewhere around the country, subprime mortgages, which are driving the foreclosure rate, have gone disproportionately to women.
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In the wake of the subprime mortgage meltdown, traditional financial institutions have tightened up on who gets to borrow money. But some people are still finding ways to borrow what they need, thanks to another area of lending that is booming.
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The crisis in the US sub-prime mortgage market leads to losses at US consumer finance firm GMAC.
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ST. LOUIS  - Poor underwriting and investment decisions in subprime mortgage markets have led to the losses that are now even-handedly punishing lenders and investors, St. Louis Federal Reserve Bank President William Poole said on Friday.
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Large companies that bought subprime lenders during a boom in the market are now scrambling to sell them or scale back their exposure.
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The outlook for China's once sizzling auto market has cooled, prompting both foreign and domestic automakers to scramble to undercut their competitors by slashing prices by up to 20 percent.
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The largest U.S. retailer of used cars posted a lower quarterly profit and cut its outlook for the year, hurt by increased funding costs related to its auto finance unit.
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Pending sales of previously owned homes plunged 12.2 percent in July and planned lay-offs by companies surged 85 percent in August due to turmoil in the subprime mortgage market, independent reports showed on Wednesday.
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Investor's Business Daily - The U.S. economy is slowing as the housing and auto sectors slump, even as the jobs market becomes increasingly tight.
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The crisis in the U.S. subprime  mortgage market has heightened tension between mortgage lenders  and brokers who both hope to shape any laws aimed at stamping  out dangerous loans.
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The record rise of the euro against the  dollar hangs over the big U.S. automakers, whose returns from  European operations in particular have shrunk due to the weaker  U.S. currency.