| Stocks close up despite credit concerns at end of losing week;C$ surges
TORONTO - The Toronto stock market cruised to a flat finish Friday with investors reluctant to make big bets at the end of another losing week and fresh concerns over writeoffs of securities backed by mortgage debt. New York indexes racked up a moderate gain even as investors were discouraged by reminders not to expect another interest rate cut when the U.S. Federal Reserve meets next month and a rough outline of what the ultimate damage could total from the American housing sector implosion. Toronto's S&P/TSX composite index added 5.93 points to 13,530.36 after credit concerns pushed the index down 250 points Thursday. The main Toronto index fell 339.46 points Friday or 2.4 per cent on the week. On Friday, the financial sector moved down 0.37 per cent and Bank of Montreal (TSX:BMO) shares 46 cents lower at $56.66 as it said it is booking $320 million in writedowns arising from disorder in world credit markets, joining the list of big banks hurt by the collapse of the U.S.
Watch Tower: How to handle credit card goons?
The recovery agents work on commission basis. He is not a salaried man to draw his salary at the end of month. His income is totally dependent upon how much he can get out of you- AV Bagur Those of us who have heard and/or seen the bank's recovery agents will only know how dreadful and demeaning it is to be accosted by them, either on phone or physically. Their voice and tenor is deliberately modulated to make you tremble in your knees. Their countenance, meant to put the fear of Yama -the god of death in you. That apart their lingos, adjectives and language would make gutter language appear musical. Even the female tele-callers of this breed are no better. Some pose of lawyers and others as cops with an arrest warrant in their hands ready to execute you at their will. All said and done, if you understand how a recovery goon works and the law of the land, you will be able to handle the recovery agents properly and not succumb into paying extortionists amounts when the recovery agents comes calling.
Liquidity, Not Collateral Problems, Caused CDO Rating Cut-Fitch
NEW YORK -(Dow Jones)- In the blitz of downgrades to collateralized debt obligations, one ratings cut this week stood out. Fitch Ratings downgraded Thursday five slices of a CDO - called Duke Funding High Grade II-S/ EGAM I Ltd. - managed by Ellington Global Asset Management LLC, not because of its collateral but because it faces steeper financing costs in money markets where it goes for funding. The ratings action underscores the extent of the credit crunch triggered by the subprime mortgage debacle. It also highlights the pitfalls of leverage, or borrowed funds, that this CDO depended on. The rating cuts, of as many as 10 notches on a AA+ slice, affect $463.25 million of securities made up of mortgages, including subprime home loans. Fitch also left the door open to further downgrades.
West Village owner sues partners over debt from 2001
One of the owners of the West Village project has sued three partners over an allegedly unpaid debt that dates from 2001. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- The requested content is restricted to registered users.
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