Residential mortgage delinquencies and defaults are becoming more common among borrowers in the category just above subprime, American International Group (NYSE: AIG) said on Thursday. In a presentation on its subprime exposure, AIG, the world’s largest insurer and one of the biggest mortgage lenders, said total delinquencies in its $25.9 billion real estate portfolio were […]
Bear Stearns Cos.’ decision to liquidate two bankrupt hedge funds in the Cayman Islands instead of New York may limit creditors’ and investors’ ability to get their money back. While most of their assets are in New York, the funds filed for bankruptcy protection July 31 in a court in the Caymans, where they are […]
Wall Street investment bank and brokerage Bear Stearns overhauled its top management ranks at the weekend, but its shares continued to fall Monday amid concerns about its exposure to mortgage-related securities. The bank’s president and co-chief operating office Warren Spector announced his resignation from Bear Stearns on Sunday as the bank said it had appointed […]
Bear Stearns Cos., the manager of two hedge funds that collapsed last month, blocked investors from pulling money out of a third fund as losses in the credit markets expand beyond securities related to subprime mortgages. The Bear Stearns Asset-Backed Securities Fund had less than 0.5 percent of its $900 million of assets in securities […]
Putting another nail in the coffin of the troubled High-Grade Structured Credit Strategies hedge fund, lenders at Bear Stearns Cos. have seized most of the fund’s collateral following its failure to meet a recent margin call. Bear’s move, which according to someone close to the situation came after more than a week of waiting for […]