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Rating agencies lowered the credit ratings on $1.9 trillion in mortgage backed securities from the third fiscal quarter (1 July—30 September) of 2007 to the second quarter (1 April–30 June) of 2008. One institution, Merrill Lynch, sold more than $30 billion of collateralized debt obligations for 22 cents on the dollar in late July 2008.
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On 15 September 2008, a day which has been dubbed Meltdown Monday by some News outlets, [9] the 94-year-old Merrill Lynch agreed to be acquired by Bank of America for $50 billion (~$69.5 billion in 2023). Also on that day Lehman Brothers, facing a refusal by the federal government to bail it out, filed for Chapter 11 bankruptcy protection. [11]
NEW YORK (CNNMoney.com) -- The worst housing financial crisis in decades is only going to get worse, a Merrill Lynch report said Wednesday. The investment bank forecasted a 15 percent drop in ...
Merrill Lynch B.V. Files Half-Yearly Financial Report AMSTERDAM--(BUSINESS WIRE)-- Merrill Lynch B.V. today informs its security holders that its Half-Yearly Financial Report for the six months ...
Investors, even those with "prime", or low-risk, credit ratings, were much more likely to default than non-investors when prices fell. These changes were part of a broader trend of lowered lending standards and higher-risk mortgage products, which contributed to U.S. households becoming increasingly indebted.
Source: Wikimedia Commons. Five years ago, Bank of America acquired Merrill Lynch, the nearly 100-year-old investment banking franchise. But it wasn't until today that Merrill Lynch officially ...
October: SEC effectively suspends net capital rule for five firms—Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns and Morgan Stanley. Freed from government imposed limits on the debt they can assume, they levered up 20, 30 and even 40 to 1, buying massive amounts of mortgage-backed securities and other risky investments. [100]
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