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Newspaper wrap-up: Bush administration looks to freeze interest on some subprime

Posted Nov 30th 2007 8:45AM by Eric Buscemi
Filed under: Newspapers, Magazines, AT and T (T), Citigroup Inc. (C), Countrywide Financial (CFC), Wells Fargo (WFC)

MAJOR PAPERS:

The Wall Street Journal reported that sources said the Bush administration is close to agreeing on a plan that would temporarily freeze interest on some subprime loans and is under negotiation with a group of regulators and a coalition of companies including Citigroup Incorporated (NYSE: C), Wells Fargo & Company (NYSE: WFC) and Countrywide Financial Corporation (NYSE: CFC).

OTHER PAPERS:

According to rumors in the industry, Guardian Unlimited reported that AT&T Inc (NYSE: T) made a bid for business communications company Colt Telecom, reportedly valuing Colt at at around 240p-250p per share, or GBP1.6B-GBP1.7B.

WEBSITES:

Federal Reserve Chairman Ben Bernanke has suggested that another cut in interest rates may be warranted to help boost the economy, reported the Associated Press; he does not foresee a recession.
Treasury Secretary Henry Paulson is in talks with banks regarding an agreement to slow the rising number of foreclosures by fixing interest rates on loans to subprime borrowers, Bloomberg reported.

Tags: C, CFC, Citigroup, Countrywide Financial, CountrywideFinancial, Wells Fargo, WellsFargo, WFC

Indexes	Change	Price
DJIA	+63.76	12,864.99
NASDAQ	+23.73	2,927.61
S&P 500	+8.97	1,351.61

Last updated: February 13, 2012: 01:34 PM

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