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AP - A deal that would prevent more mortgage foreclosures has pulled Wall Street out of a deep early slump and given the market a most higher close. Democratic lawmakers reached an agreement with Citigroup Inc. on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures. Other lenders are expected to follow suit.
Reuters - Consumer borrowing dropped by a record $7.94 billion in November, a Federal Reserve report showed on Thursday, the latest evidence that households were unwilling or unable to take on more credit.
Reuters - Financial giant Citigroup Inc has agreed to support a controversial rewrite of U.S. bankruptcy law aimed at helping troubled mortgage borrowers, three Democratic senators said on Thursday.
Reuters - NEW YORK (Reuters)- The Nasdaq and S&P 500 rose on Thursday after news that Citigroup Inc agreed to support legislation aimed at stemming home loan foreclosures, offsetting Wal-Mart's disappointing sales and outlook.
AP - Mortgage giants Fannie Mae and Freddie Mac said Thursday they will extend the suspension of foreclosure sales and evictions from single-family homes through the end of January.
Reuters - Finance company GMAC LLC expressed support for its money-losing Residential Capital LLC mortgage unit on Thursday but stopped short of a commitment to keep the big home loan provider in business.
