Newspaper wrap-up: Lenders may form Project Lifeline to help borrowers
Posted Feb 12th 2008 8:00AM by Laurie Pasternack
Filed under: Newspapers, Magazines, Microsoft (MSFT), Yahoo! (YHOO), Citigroup Inc. (C), Sprint Nextel Corp (S), Bank of America (BAC), Research in Motion (RIMM)
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MAJOR PAPERS:
- BlackBerry maker Research In Motion Limited (NASDAQ: RIMM) suffered a lengthy outage yesterday to its email service, affecting about half of its North American customers. The cause has yet to be determined, but, according to the Wall Street Journal, its strong brand loyalty could be tarnished, especially as rivals gain a stronger foothold, and RIM could find itself in a weakened negotiating position with its wireless partners.
- The Wall Street Journal also reported that Microsoft Corporation (NASDAQ: MSFT) said Yahoo! Inc's (NASDAQ: YHOO) rejection of its bid did not change its view that the $41.6B offer was "full and fair."
- Activist investor Ralph Whitworth is reportedly in advanced talks to join Sprint Nextel Corporation's (NYSE: S) board, the Financial Times reported, which would allow him more power to put pressure on management to improve the performance of the company.
WEB SITES:
- According to people familiar with the plans, Bloomberg reported that six lenders that include Citigroup Incorporated (NYSE: C) and Bank of America Corporation (NYSE: BAC) will participate in a plan called Project Lifeline, which will offer a 30-day freeze on foreclosures "while loan modifications are considered" in order to help certain borrowers facing default stay in their homes.
Tags: BAC, Bank of America, BankOfAmerica, C, Citigroup, Microsoft, MSFT, Research in Motion, ResearchInMotion, RIMM, S, Sprint, Sprint Nextel, SprintNextel, Yahoo, YHOO
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