2008-03-24 15:35:41
Stocks climb as JPMorgan raises Bear bid
NEW YORK (AP) - Wall Street extended its big advance Monday as investors
applauded a new agreement that will give Bear Stearns Cos. shareholders five
times the payout than was outlined in a JPMorgan Chase & Co. buyout deal a week
ago. Investors were also pleased by a stronger-than-expected housing report. The
Dow Jones industrial average jumped about 200 points.
2008-03-24 15:31:23
Stocks jump on revised Bear Stearns deal
NEW YORK (AP) - Wall Street extended its big advance Monday as investors
applauded a new agreement that will give Bear Stearns Cos. shareholders five
times the payout than was outlined in a JPMorgan Chase & Co. buyout deal a week
ago. Investors were also pleased by a stronger-than-expected housing report. The
Dow Jones industrial average jumped about 200 points.
2008-03-24 15:27:21
Home loan banks to aid mortgage market
WASHINGTON (AP) - The Federal Home Loan Bank system can increase purchases
of Fannie Mae and Freddie Mac securities by $100 billion over two years in the
latest government effort to stabilize the devastated market for mortgage-backed
assets.
2008-03-24 15:24:14
Treasurys fall as stock market rallies
NEW YORK (AP) - Treasurys fell sharply Monday as another big gain on Wall
Street encouraged investors to draw more money away from the safety of bonds. A
sweetened buyout deal for Bear Stearns Cos. and better than expected housing
data also lessened the market's appetite for government debt.
2008-03-24 15:00:53
Washington to do more to combat crisis?
WASHINGTON (AP) - Faced with rising economic anxiety and the high-profile
rescue of a major investment bank, lawmakers are considering sweeping changes to
the financial system and a massive effort to buy up troubled home loans.
2008-03-24 14:43:40
Oil fluctuates as dollar, stocks rise
NEW YORK (AP) - The oil market fluctuated Monday, searching for direction
without much in the way of solid news to drive the market higher or lower.
2008-03-24 14:42:01
US Fed to provide 29 bln usd term financing for JP Morgan's Bear takeover
WASHINGTON (Thomson Financial) - The Federal Reserve Bank of New York will
provide 29 bln usd in financing for JP Morgan's takeover of Bear Stearns, the
New York Fed announced today.
2008-03-24 14:32:10
US Treasury's Paulson praises expanded Federal Home Loan Bank mortgage investing
WASHINGTON (Thomson Financial) - US Treasury Secretary Henry Paulson today
praised the expanded mortgage securities investment plan for the Federal Home
Loan Banks announced this morning.
2008-03-24 14:28:20
Stocks rise on revised Bear Stearns deal
NEW YORK (AP) - Wall Street extended its big advance Monday as investors
applauded a new agreement that will give Bear Stearns Cos. shareholders five
times the payout than was outlined in a JPMorgan Chase & Co. buyout deal a week
ago. Investors were also pleased by a stronger-than-expected housing report.
2008-03-24 14:19:01
SLM names Martin, Puleo to board
RESTON, Va. (AP) - SLM Corp. named Michael E. Martin and Frank C. Puleo to
its 15-member board, the student lender better known as Sallie Mae said Monday.
2008-03-24 14:10:42
Stocks gain as JPMorgan ups Bear bid
NEW YORK (AP) - Wall Street extended its big advance Monday as investors
grew upbeat over a revised agreement that will give Bear Stearns Cos.
2008-03-24 14:00:25
US Fed's TAF to auction 50 bln usd for 28 days at minimum 2.19 pct today
WASHINGTON (Thomson Financial) - The US Federal Reserve will conduct the
second of its expanded 50 bln usd auctions through its Term Auction Facility
(TAF) today.
2008-03-24 13:54:24
Stocks rise on Bear Stearns news
NEW YORK (AP) - Wall Street extended its big advance Monday as investors
grew upbeat over a report that Bear Stearns Cos. could fetch more money than the
amount set in a buyout deal a week ago. The Dow Jones industrial average jumped
about 100 points.
2008-03-24 13:43:17
FHFB authorizes federal home loan banks to increase purchase of agency MBS
BOSTON (Thomson Financial) - The Federal Housing Finance Board said Monday
it has authorized federal home loan banks to increase their purchase of agency
mortgage-backed securities (MBS), effective immediately.
2008-03-24 13:42:12
AbitibiBowater to get $350 million investment from Fairfax Financial
BOSTON (Thomson Financial) - AbitibiBowater Inc. Monday said Fairfax
Financial Holdings Ltd. will invest $350 million in AbitibiBowater in the form
of unregistered convertible debentures.
2008-03-24 13:24:53
Sallie Mae names Michael Martin and Frank Puleo to its board
NEW YORK (Thomson Financial) - SLM Corp. Monday named Michael Martin and
Frank Puleo directors and said it intends to make additional appointments in the
near future.
2008-03-24 13:05:42
BlackRock sponsoring new mortgage co. NEW YORK (AP) - Investment management firms BlackRock Inc. and Highfields
Capital Management said Monday they are sponsoring a new company that will
acquire and restructure distressed mortgages.
2008-03-24 13:02:05
Blackrock, Highfields Capital form venture to buy distressed mortgage loans
NEW YORK (Thomson Financial) - Blackrock Inc. and Highfields Capital
Management Monday said they sponsored a new company that will acquire and
restructure distressed residential mortgage loans.
2008-03-24 12:45:09
US stocks head for higher open
NEW YORK (AP) - Stocks headed toward a higher open Monday as investors grew
upbeat over a report that Bear Stearns Cos. could fetch more money than the
amount set in a buyout deal a week ago.
2008-03-24 11:36:16
Lehman Brothers downgraded to perform at Oppenheimer on macro-economic issues
BOSTON (Thomson Financial) - Lehman Brothers Holdings Inc. Monday was
downgraded to perform from outperform at Oppenheimer & Co., which said Lehman
will play a key role in the financial recaps set to take place throughout the
remainder of the year but that the core shift from an "originate and sell" to an
"originate and hold" business puts a cap on returns for the brokerage industry.
2008-03-24 11:29:52
US ponders: How deep is economic abyss?
NEW YORK (AP) - For months, Americans have been subjected to a sort of
economic water torture -- a maddening drip of bad news about jobs, gas prices,
sagging home values, creeping inflation, the slouching dollar and a stock market
in bumpy descent.
2008-03-24 11:20:08
Aioi Motor & General Insurance Co of Europe assigned 'A+' IFS rating - S&P
MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has
assigned its 'A+' insurer financial strength rating to London-based Aioi Motor &
General Insurance Co of Europe Ltd (AMaGIC), citing the guarantee provided by
Japan-based Aioi Insurance Co Ltd to pay the company's insurance-related claims
obligations.
2008-03-24 11:12:36
MGIC CEO plans to purchase some shares
NEW YORK (AP) - MGIC Investment Corp. said Monday that Chairman and Chief
Executive Curt S. Culver plans to buy 25,000 shares of its common stock through
its recently announced public offering.
2008-03-24 10:51:30
Malaysia's CIMB Bank gets regulatory nod for 1.5 billion ringgit bond issue
KUALA LUMPUR (Thomson Financial) - Malaysia's second-largest banking group,
Bumiputra-Commerce Holdings Berhad (BCHB), said Monday its unit CIMB Bank has
received approval from the securities commission to issue up to 1.5 billion
ringgit worth of subordinated bonds.
2008-03-24 10:35:01
Ahead of the Bell: Existing Home Sales
WASHINGTON (AP) - An industry group's report due Monday is expected to show
that existing home sales fell slightly in February from the previous month --
building the case that the steepest housing slump in a quarter century is only
getting worse.
2008-03-24 10:30:27
MGIC's senior debt rating cut to 'A2' - Moody's
MUMBAI (Thomson Financial) - Moody's Investors Service said it downgraded
the senior debt rating of MGIC Investment Corp to 'A2' from 'A1' with the rating
remaining under review for further possible downgrade.
2008-03-24 10:28:51
Southeast Corporate's IDRs affirmed at 'AA-/F1+'; outlook stable - Fitch
MUMBAI (Thomson Financial) - Fitch Ratings said it has affirmed the
long-term and short-term issuer default rating (IDR) for Southeast Corporate
Federal Credit Union at 'AA-' and 'F1+', respectively, and added the rating
outlook is stable.
2008-03-24 09:47:20
Rated funds may maintain overnight repurchase agreements with Bear Stearns - S&P
MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services affirmed its
view that overnight repo investments with Bear Stearns Cos Inc are consistent
with its rated fund criteria, which calls for repo providers to maintain
short-term ratings of 'A-1+' or 'A-1' or equivalent credit quality.
2008-03-24 09:36:11
Primus Japan's 'B' rating put on positive watch on SMBC buy plan - Fitch
MUMBAI (Thomson Financial) - Fitch Ratings said it placed the 'B' long-term
issuer default ratings (IDRs) of Primus Financial Services Japan on positive
watch after Sumitomo Mitsui Banking Corporation (SMBC) unveiled plans to acquire
a majority stake in Primus in March 2008.
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