Tuesday, March 25, 2008

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "U.S. home foreclosure filings jumped 60 percent and bank seizures more than doubled in February as rates on adjustable mortgages rose and property owners couldn't sell or refinance as prices fall, Irvine, California-based RealtyTrac Inc., a seller of foreclosure data, said March 13.

Mortgage Resets

About $460 billion of adjustable-rate mortgages are scheduled to reset this year, according to analysts at Citigroup Inc.

Financial sector losses and job cuts have been mounting since August, when subprime mortgage defaults began escalating, undermining the value of bonds backed by those loans.

Citigroup Inc. will cut 2,000 more trading and investment- banking jobs than previously announced, a person familiar with the plan said last week. That's on top of about 4,000 disclosed in January.

``This year we will have a larger number of reductions as we continue to strengthen the business and lower our expense base,'' the bank said in an emailed statement."

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