Bear Stearns, lender shares fall on credit worries

(Reuters) - Meanwhile the cost to insure debt of Countrywide Financial Corp. , the largest U.S. mortgage company, surged as investors fretted over the rising rate of late payments.




"There's continued nervousness about how credit market problems will effect these companies," said Richard Sichel, who helps manage $1.5 billion as chief investment officer at Philadelphia Trust Co. "They're worried that there might be more bad news ahead."


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Chile Peso Falls Most in 2 Months; Lower U.S. Earnings Lift Risk Aversion

(Bloomberg) -- Chile's peso fell the most in two
months as lower-than-expected earnings at U.S. companies reduced
investors' appetite for riskier emerging-market assets.

The currency extended a drop from a 14-month high as U.S.
stock benchmarks declined, signaling investors were pulling away
from riskier bets. Countrywide Financial Corp. and DuPont Co.
said the U.S. housing slump lowered profits. Shares of Texas
Instruments Inc., the world's biggest maker of chips that run
mobile phones, fell the most in almost two years after sales
missed analysts' estimates.


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Banks and brokers shares fall on subprime woes

(Reuters) - Declines were led by banks perceived to have high exposure to mortgages and other fixed income businesses, including Lehman Brothers Holdings Inc. , which fell 5 percent, and Bear Stearns Cos. , which fell as much as 4.1 percent.




Lenders specializing in mortgages dropped as well. Countrywide Financial Corp. shares fell 3.7 percent, while the shares of subprime specialist NovaStar Financial Inc. fell 8.7 percent.


Read more at Reuters.com Business News