Merrill Lynch to close First Franklin CNBC says

Some say the timing displayed a lack of risk analysis, while others said an urge to jump on the subprime gravy train meant Merrill Lynch was out of touch with reality. No matter how you look at it, today was the end for Merrill Lynch’s subprime lending. They are reportedly shuttering its troubled subprime mortgage …

UK homeowner gets a free home after not paying for 15 years

In the UK a homeowner was given clear title to the home he lived in, even though he has not paid on the mortgage since 1993. The lender was NatWest. Although the courts say this case is very rare the man claimed squatters rights and the court agreed. In 1993 the lender told the homeowner …

HSBC missing from 6 banks trying to help America

Six major lenders, worried about the deepening mortgage crisis, said Tuesday they would grant a 30-day freeze on many foreclosures in order to consider delinquent borrowers’ pleas for lower monthly payments. Who is missing from the list? HSBC, of course. HSBC is a major lender with heavy losses from subprime. HSBC is also one of …