Nov
Reuters - Wells Fargo & Co said on Wednesday it plans to sell at least $10 billion of stock to help fund its purchase of Wachovia Corp , which will create the fourth-largest U.S. bank by assets.
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Nov
Reuters - Wells Fargo & Co on Wednesday said it plans to sell at least $10 billion of stock to help fund its purchase of Wachovia Corp , which will create the fourth-largest U.S. bank by assets.
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Nov
Reuters - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by slumps in the housing and auto markets, and said its Residential Capital LLC mortgage unit may fail.
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Nov
Reuters - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease writedowns, and said its mortgage unit, one of the nation’s largest home loan providers, may not survive.
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Nov
AP - GMAC Financial Services says its third-quarter loss widened to $2.52 billion, pulled down by steep losses at its mortgage division.
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Nov
Reuters - Corporate results and outlooks worsened on Monday, and automotive companies from Japan to Italy to Detroit said October sales were the weakest in about 20 years as economies continued to weaken and consumer credit, and available cash, dried up.
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Nov
AP - Spain’s government, grappling with soaring unemployment and an economy buffeted by the global credit crunch, announced a plan Monday to help families make mortgage payments and reward businesses that hire.
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Nov
BusinessWeek Online - In what may the biggest sign yet that banks are getting serious about attacking the nationwide wave of home foreclosures, giant JPMorgan Chase announced on Oct. 31 that it is sharply ramping up its efforts to restructure the loans in its massive mortgage portfolio. For the next 90 days, JPMorgan will not place any new homes into foreclosure.
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Nov
AFP - Britain confirmed Saturday it is in talks with a Scottish businessman over a possible rival bid for HBOS, the British banking group hit hard by the subprime crisis.
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Nov
AFP - British ministers will hold talks with a leading Scottish businessman over a possible rival bid for mortgage lender HBOS, which has been hit hard by the subprime crisis, the government confirmed Saturday.
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