"The U.S. Trustee has made a showing of a common thread of potential wrongdoing"
A federal judge has granted the U.S. Department of Justice wide authority to probe whether Countrywide Financial Corp abuses the bankruptcy process, rejecting the largest U.S. mortgage lender's claim that the ... via Reuters
"Basically, you're giving money to builders that overbuilt and banks that issued bad loans"
Momentum built Wednesday for a bipartisan Senate bill designed to ease the slumping housing market and help millions of families threatened by foreclosure, though economists are skeptical that it will help ... via Topeka Capital-Journal
Money Funds Swell to Record $33.5 Trillion - Interview with CIO Deborah Cunningham via ClipSyndicate
Federal Reserve Chairman Ben Bernanke 's prepared remarks Wednesday to the Joint Economic Committee: Chairman Schumer, Vice Chairman Maloney, Representative Saxton , and other members of the committee, I am ... via Chicago Tribune
"Not all details of the plan have been communicated to the (European) Commission"
The European Commission opened an investigation Wednesday into Britain's nationalization of Northern Rock PLC, the mortgage bank that collapsed at the beginning of the global credit crisis.
Neelie Kroes, the EU antitrust chief, said a broad look at how the British government plans to save Northern Rock was merited given the financial market turmoil, the sizable amount of money involved and the risk of an unfair advantage over other banks.
'The commission needs to open a formal investigation into U.K. measures to restructure Northern Rock to ensure legal certainty,' Kroes said in a statement. Read more
"They think the worst has gone."
Asian stocks surged Wednesday amid a growing belief that the worst of the credit crisis is over, following a similar rally on Wall Street.
The Nikkei 225 index rose 4.2 percent to 13,189.4 in Tokyo. Hong Kong's Hang Seng Index climbed 3.2 percent to 23,872.4.
Benchmark indices in Australia, Singapore, South Korea, Taiwan and the Philippines all gained more than 2 percent. And in mainland China, the Shanghai Composite Index finished 0.6 percent higher after having gained as much as 4.1 percent. Read more
National City Corp , which has been battered by the housing downturn, is considering a plan to sell itself to rival KeyCorp , the Wall Street Journal reported on Wednesday, citing sources familiar with the ... via MSN Money
Wall Street was poised to rally once more at Wednesday's opening ahead of Federal Reserve Chairman Ben Bernanke's scheduled address before Congress.
The stock market on Wednesday may benefit again from an improvement in sentiment that drove a massive rally in the prior session when investors cheered aggressive recapitalization efforts underway at major banks.
Lehman Brothers Holdings Inc. and Switzerland's UBS AG issued new shares to help bolster their balance sheets.
Investors at the start of the second quarter seem more willing to look past tight credit markets and the troubles of financial firms that plagued the first quarter. Read more
"A review of the company would revolve around increasing capital levels in light of market conditions and evaluating any potential buyers or partners for National City, in our view"
National City Corp., a Cleveland-based bank heavily exposed to the worsening mortgage and housing market, confirmed Tuesday that it is reviewing its options amid rumors that it wants to find a buyer. via WBNS
Asia stocks soared on Wednesday as investors took the view that a global credit crisis may be nearing an end. via Reuters Video
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