The Gross Domestic Product fell 3.8 percent last quarter of 2008 according to the report released today.
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Loan modifications reached a record high in December of 122,000 loans that were modified or had a permanent contract change to lower payments.
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In an CNBC interview with Joe Biden today he stated that the final stimulus bill in the Senate will get better and expects that Republicans will vote for it.
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Economists from Goldman Sachs believe that the cost to restore confidence in the U.S. banks may reach $4 trillion if President Barrack Obama’s plan decides to purchase toxic mortgage loans.
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Andrew Cuomo, the New York Attorney General, subpoenaed former Merrill Lynch CEO John Thain today in relation to the $4 billion in bonuses that were paid out to top Merrill Lynch executives in December.
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Now that we are more than 18 months into the one of the largest financial crises in the last eighty years, bank executives are preparing for large changes to regulation designed to help cure the crisis.
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According to the Standard & Poor’s Case-Shiller index that was released early today U.S. home prices plummeted for the month of November.
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Starting at 12:00 EST today the House will debate the new $825 billion economic stimulus package. At about 12:30 President Barack Obama will join the debate to try and build momentum for the package which has been having problems getting bi-partisan approval.
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Fannie Mae announced today that it will likely need between $11 and $16 billion from the Treasury Department.
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Last week Bank of America reported its first quarterly loss since 1991, feeling the hit from rising credit costs, including additions to reserves, and significant writedowns and trading losses in the capital markets businesses.
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