Sovereign Bancorp & AIG
Sovereign Bancorp, the #2 U.S. savings and loan, who posted a 43% profit decline in the quarter...
is having solvency issues and plans to raise $1 to $2 billion in an equity offering. Shares down 69% in the last year.
Sovereign operates about 750 banking offices in eight U.S. states and ended March with $81.9 billion of assets.
American International Group hasn't had two consecutive quarterly losses since its initial public offering in 1969.
Today, AIG reported its 2nd straight quarterly loss with a Q1 net loss of $7.81 billion vs earnings of $4.13 billion, a year earlier.
The insurer reduced the value of contracts it sold to protect fixed-income investors by $9.11 billion and marked down other holdings by $6.09 billion.
AIG's mortgage insurer, United Guaranty had a $352 million operating loss vs profit of $7 million a year earlier.
U.S. homeowners with private mortgage insurance defaulted on 37% more loans in March than a year earlier,
Operating profit at AIG's American General Finance fell 78% to $11 million as the mortgage lender increased its allowance for loan losses.
The world's largest insurer by assets, facing solvency issues, plans to raise $12.5 billion.
S&P lowered AIG's credit rating to AA- from AA, shares down 38% in the last year. Hattip to Bloomberg.
is having solvency issues and plans to raise $1 to $2 billion in an equity offering. Shares down 69% in the last year.
Sovereign operates about 750 banking offices in eight U.S. states and ended March with $81.9 billion of assets.
American International Group hasn't had two consecutive quarterly losses since its initial public offering in 1969.
Today, AIG reported its 2nd straight quarterly loss with a Q1 net loss of $7.81 billion vs earnings of $4.13 billion, a year earlier.
The insurer reduced the value of contracts it sold to protect fixed-income investors by $9.11 billion and marked down other holdings by $6.09 billion.
AIG's mortgage insurer, United Guaranty had a $352 million operating loss vs profit of $7 million a year earlier.
U.S. homeowners with private mortgage insurance defaulted on 37% more loans in March than a year earlier,
Operating profit at AIG's American General Finance fell 78% to $11 million as the mortgage lender increased its allowance for loan losses.
The world's largest insurer by assets, facing solvency issues, plans to raise $12.5 billion.
S&P lowered AIG's credit rating to AA- from AA, shares down 38% in the last year. Hattip to Bloomberg.
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