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Luckily for American International Group Inc. (NYSE: AIG), the embattled insurer has agreed to sell its AIG Finance unit to China Construction Bank for $70 million in cash. This news is helping to offset some distinctly less bullish developments for AIG today.
Specifically, Patrick Fitzgerald of Dow Jones Bankruptcy Review reports that Lehman Brothers Holdings (LEHMQ) is asking a bankruptcy judge to force AIG to pony up millions of dollars it owes Lehman for credit default swaps.
Continue reading Will American International Group have to pay Lehman millions?
The word in the rumor mill is that Senator Schumer is in talks with Citigroup (NYSE: C) to get its backing for legislation that would allow judges to set new repayment terms for millions of mortgage holders who end up in bankruptcy court. Legislation to this effect was introduced this week.
It is hoped that Citigroup's lead on this issue will encourage other banks to join in backing the proposed legislation.
Plans to lower interest rates are helpful but may not stabilize the housing market because banks have tightened their lending standards making it more difficult for prospective buyers to get a mortgage. In addition, it does not help those who are already in foreclosure.
Foreclosures are fueling a downward spiral in home prices. Any legislation to stem this tide is a step in the right direction.
Meanwhile, pending home sales dropped to their lowest level since 2001 when the data was first collected.
Do you think this move will stem the foreclosures?
| # | Blogger | Posts | Cmts |
|---|---|---|---|
| 1 | Joseph Lazzaro | 115 | 0 |
| 2 | Tom Johansmeyer | 101 | 0 |
| 3 | Steven Mallas | 52 | 0 |
| 4 | Connie Madon | 50 | 0 |
| 5 | Tom Taulli | 45 | 0 |
| 6 | Mark Fightmaster | 37 | 0 |
| 7 | Steven Halpern | 34 | 0 |
| 8 | Trey Thoelcke | 30 | 0 |
| 9 | Paul Foster | 24 | 0 |
| 10 | Brian White | 24 | 0 |
| 11 | Jon Ogg | 22 | 0 |
| 12 | Brent Archer | 22 | 0 |
| 13 | Melly Alazraki | 21 | 0 |
| 14 | Jim Cramer | 21 | 0 |
| 15 | Zac Bissonnette | 20 | 0 |
| 16 | Eric Buscemi | 17 | 0 |
| 17 | Michael Shulman | 13 | 0 |
| 18 | Elizabeth Harrow | 12 | 0 |
| 19 | Sheldon Liber | 10 | 0 |
| 20 | Michael Fowlkes | 10 | 0 |
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