| Behind Subprime Woes, A Cascade of Bad Bets
Three years ago, Colorado truck driver Roger Rodriguez was in the market for a new mortgage loan. With radio and Internet ads trumpeting easy approvals, he picked up the phone. That call set into motion Mr. Rodriguez's descent into the subprime mortgage mess. Over the next several months, his adjustable-rate loan passed through many hands. These included a local Denver broker, Livingston, N.J., finance company CIT Group Inc. and a Greenwich, Conn., unit of Royal Bank of Scotland Group PLC. Eventually, a piece of Mr. Rodriguez's loan landed in mutual funds run by a Tennessee investor named James C. Kelsoe ... .
Australian shares tipped to open weaker
Elsewhere, resources companies Oilsearch Ltd, Lihir Gold Ltd, Perilya Mines Ltd, Origin Energy Ltd and Energy Resources of Australia Ltd post their latest production reports. It's a thin week for economic data, with financial markets focussed on the Reserve Bank of Australia board meeting on February 5, when the central bank is widely expected to lift interest rates. Subscribe to our Email Newsletter .
Peoples Bancorp Announces Fourth Quarter Earnings Results
NEWTON, N.C., Jan. 22 /PRNewswire-FirstCall/ -- Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK - News), the parent company of Peoples Bank, reported net income of $1.6 million, or $0.28 basic and diluted net income per share, for the three months ended December 31, 2007 as compared to $1.9 million or $0.33 basic and diluted net income per share, for the same period one year ago. December 31, 2006 per share amounts have been restated to reflect the 3- for-2 stock split declared and distributed during the second quarter 2007. Tony W. Wolfe, President and Chief Executive Officer, attributed the decrease in fourth quarter earnings to a decrease in net interest income, an increase in provision for loan losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income.
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