Bank of America sells shares in Chinese bank (AP)
AP - Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd., China's second-biggest commercial lender, for $2.8 billion.
The latest developments in the real estate market.
- Bank of America sells $2.8 billion China bank stake (Reuters) Reuters - Top U.S. lender Bank of America , raising cash to weather a dismal market at home, sold a $2.83 billion chunk of its holding in China Construction Bank (0939.HK) on Wednesday, dragging the Chinese bank's stock 6 percent lower.
- Fed and other agencies to join U.S. fraud task force (Reuters) Reuters - The U.S. government is beefing up a task force to fight mortgage crimes and safeguard federal financial bailouts, the U.S. Justice Department said on Tuesday.
- Leading Democrat offers mortgage aid bill (Reuters) Reuters - The second-ranking Democrat of the U.S. Senate on Tuesday introduced legislation that would let bankruptcy judges erase some mortgage debt in an effort to stem foreclosures.
- US service sector improves slightly in Dec. (AP) AP - A measure of the U.S. services sector improved slightly in December, beating analysts' estimates, but pending home sales and factory orders both fell more than expected and the overall economic outlook remains grim.
- Dollar up despite disappointing economic readings (AP) AP - The dollar rose against most major currencies Tuesday despite disappointing readings on pending home sales and factory orders, as speculation mounted that the European Central Bank will continue its rate cut campaign in the face of declining inflation across the euro zone.
- Home sales tumble to 7-year low (Reuters) Reuters - Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday, as rising job losses and a deepening economic recession kept potential house buyers on the sidelines.
- US pending home sales fall 4 percent (AFP) AFP - US pending home sales fell in November to their lowest level on record amid rising unemployment and a deteriorating economy, the National Association of Realtors said Tuesday.