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Citigroup to slash 400 bln dlrs in assets (AFP)

A pedestrian walks by a Citibank office in San Francisco. US banking giant Citigroup has said it plans to shed about 400 billion dollars in assets over the next two to three years as it tries to recover from the subprime mortgage crisis.(AFP/Getty Images/File/Justin Sullivan)AFP - Citigroup, reeling from the subprime mortgage crisis, said Friday it plans to sell roughly 400 billion dollars in assets in a streamlining reorganization aimed at restoring the US banking giant to profit.





White House leaves door open on housing rescue (Reuters)

Prospective buyers visit an open house in Alexandria, Virginia, April 6, 2008. The House of Representatives on Thursday approved a bill to create a $300 billion mortgage-insurance fund and provide billions more in homeowner aid to stabilize a housing market shaken by a wave of foreclosures. (Jonathan Ernst/Reuters)Reuters - The White House on Friday set out terms for a possible deal on a housing market rescue plan, as a sweeping package backed by the House of Representatives was on its way to an uncertain greeting in the Senate.





Countrywide falls on worry over B of A merger (Reuters)

A Countrywide branch location is seen in Burlington, Massachusetts May 5, 2008. (Brian Snyder/Reuters)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.





Mortgage credit losses could total $500 bln: Goldman (Reuters)

A foreclosed home is seen in Chicago January 28, 2008. (John Gress/Reuters)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.





AIG sees no signs of mortgage asset market rebound yet (Reuters)

An AIG sign is seen on an office building in Los Angeles, California May 8, 2008. (Fred Prouser/Reuters)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.





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.


Foreclosure Bargains on the Block (BusinessWeek Online) BusinessWeek Online - At the end of 2006 a new 4,000-square-foot home with a three-car garage in a small gated subdivision in Las Vegas sold for $1 million. On May 6 the bank that owns the now foreclosed property at 7604 Noche Oscura Circle agreed to sell it for $500,000 ($32,900 below the already discounted asking price).


German insurer Allianz 1Q net profit falls 65 percent (AP) AP - German insurer Allianz SE said Friday first-quarter net profit fell 65 percent due to difficult market conditions as it wrote down $1.3 billion tied to the U.S. subprime crisis.


Housing aid bill faces veto by President Bush (AP)

Two men walk by two homes for sale in Palo Alto, Calif., Wednesday, May 7, 2008. An industry group said Wednesday that pending U.S. home sales dropped to a new low in March, signaling the housing slump has yet to bottom out even as the spring sell season gets under way. (AP Photo/Paul Sakuma)AP - Democrats' plans to help hundreds of thousands of homeowners struggling with rising subprime mortgage rates and plummeting house values could be sidetracked by President Bush's threatened veto and the backing of many congressional Republicans.





U.S. House Passes Anti-Foreclosure Bill Facing Bush Veto Threat (Bloomberg) Bloomberg - May 9 (Bloomberg) -- The U.S. House of Representatives passed legislation to let a federal agency insure up to $300 billion in mortgages to help homeowners avert foreclosure, a day after the White House threatened to veto the measure.


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