Countrywide falls on worry over B of A merger (Reuters)
Mortgage credit losses could total $500 bln: Goldman (Reuters)
AIG sees no signs of mortgage asset market rebound yet (Reuters)
ALL BUSINESS: Government-backed housing bailout badly needed (AP) AP - A government-backed mortgage bailout is needed, and it must be done right away. On Wall St: The elephant in the room (FT.com) FT.com - Fannie Mae (NYSE:FNM), the biggest buyer of US mortgages, this week demonstrated why it is the elephant in the room when it comes to the ranks of financial institutions deemed too big to fail. Citigroup to shed nearly $500B in assets (AP)
Citigroup to slash $400 bln in assets (AFP)
Citigroup targeting 9 percent revenue growth (AP) AP - Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets. US House-approved mortgage crisis bill faces veto (AFP)
All News Lines - Local and World Wide, Updated Hourly
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Reuters - Citigroup Inc said on Friday it plans
to shed $400 billion of assets within three years and boost
revenue by up to 10 percent annually, in a bid to restore
profitability after huge losses tied to flagging mortgage and
credit markets.
Reuters - Countrywide Financial Corp
shares fell nearly 6 percent on Friday on renewed speculation
that Bank of America Corp will renegotiate or cancel
its agreement to buy the largest U.S. mortgage lender.
Reuters - Goldman Sachs economists expect a
total of $500 billion in residential mortgage credit losses, a
renewed slowdown in economic activity after the near-term boost
from fiscal stimulus, and no monetary policy tightening in 2008
or 2009, according to a research note from the firm.
Reuters - American International Group ,
after disappointing with a worse-than-expected loss on
Thursday, did little to buoy investor spirits on Friday,
telling shareholders it does not yet see signs of a rebound in
the market for mortgage assets, which have cost it dearly over
the past two quarters.
AP - Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review — but only after shrinking the company by about one-fifth first.
AFP - Citigroup, the US bank hardest hit by the subprime mortgage crisis, said Friday it plans to slash its assets by some 400 billion dollars over the next two to three years.
AFP - The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto.
