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: Wall Street Law BlogTime Machine Vol.2: Bloomberg, March 2006- Sagging mortgages could hurt investment banks
By Brett D. Sherman
EXACTLY 2 YEARS AFTER BEAR STEARNS COLLAPSED, WE THOUGHT WE'D SHARE SOME WARNING SIGNS FROM ALMOST EXACTLY 2 YEARS BEFORE THE EVENTS OF MARCH 2008...
Here is an excerpt from Bloomberg's fine report,
Bear Stearns, Lehman Mortgage Growth Crimped by Housing Market "Executives at Lehman Brothers Holdings Inc. and Goldman Sachs Group Inc. said revenue from mortgage bonds in the U.S. is dropping as rising interest rates depress home sales. Lehman, the fourth-biggest U.S. securities firm, is cutting almost 200 jobs at two home-lending units in California.Bear Stearns Cos. Chief Financial Officer Sam Molinaro said on a March 16 conference call after the company reported first-quarter earnings that he sees ``weakness'' for new mortgages across the industry."
Please check out the Bloomberg piece in its entirety. It raises some interesting questions (as usual) - like, if you know there are problems with your main revenue stream in 2006, how can any competent risk management not take steps to make sure that the problem cannot snowball in the way that it did, driving two legendary firms out of business.
Full post as published by Wall Street Law Blog on March 16, 2010 (boomark / email).
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