AP - A group of private investors including former executives of Countrywide Financial Corp. has purchased $558 million in home mortgages from the government in a deal involving assets of the failed First National Bank of Nevada, the investors announced Wednesday.
AP - Treasury Secretary Henry Paulson said Wednesday that allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.
AP - Paulson says allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.
AP - Subprime lender Cattles PLC said Wednesday it plans to cut 20 percent of its work force and reduce costs to preserve capital as uncertainty over its funding situation continues.
Bloomberg - Jan. 7 (Bloomberg) -- Commercial real estate companies, the
U.S. Chamber of Commerce and companies partly owned by private-
equity firms are pushing Congress for a temporary tax break on
forgiven debt similar to relief given in 2007 to homeowners
facing foreclosure.
<p>AP - Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd., China's second-biggest commercial lender, for $2.8 billion.
