Newspaper wrap-up: When a troubled home loan is not
Posted Jun 19th 2008 8:00AM by Laurie Pasternack
Filed under: Newspapers, Magazines, Hewlett-Packard (HPQ), JPMorgan Chase (JPM), Anheuser-Busch Cos (BUD), Bear Stearns Cos (BSC)
.gif)
MAJOR PAPERS:
- Long Island, NY's Astoria Financial Corp (NYSE: AF) has found a novel way to reduce the number of its nonperforming loans by changing its internal policy on when mortgages are classified on its books as troubled, the Wall Street Journal reported. By counting home loans as non performing when the borrower misses at least three payments, not two, Astoria reduced its non-performers to $69M from $106M in three months.
- The Wall Street Journal also reported that the indictments of Matthew Tannin and Ralph Cioffi, two former Bear Stearns hedge-fund managers, are expected to cite a personal e-mail suggesting the funds were "toast," four days before they told investors they had little to worry about. JP Morgan Chase & Co (NYSE: JPM) has said it will cover the legal costs of the fund managers.
- Hewlett-Packard Company (NYSE: HPQ) is set to reorganize its printer unit. The Wall Street Journal said that the unit's five business units will be cut down to three to become more efficient at adapting to a marketplace in which consumers are relying less on printing.
- According to people close to the situation, the Financial Times reported that Anheuser-Busch Companies Inc's (NYSE: BUD) board of directors is planning to meet this week to discuss the $46B bid from rival brewer InBev.
Tags: AF, anheuser-busch, Astoria, Astoria Financial, AstoriaFinancial, Bear Stearns, BearStearns, BUD, Hewlett-Packard, HPQ, InBev, jp morgan, jp morgan chase, JPM, JpMorgan, JpMorganChase, Matthew Tannin, MatthewTannin, nonperforming loans, NonperformingLoans, Ralph Cioffi, RalphCioffi
Why is gold making a new high, trading at $1,118.00 per ounce?
Chasing Value: Ten stocks for 2010 -- Part 1 
Closing Bell: A six-day rally (AIG, REGN, M, MOT, PALM, RIMM)
