GMAC may become bank, eyes massive debt overhaul (Reuters)

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Reuters - GMAC LLC, the money-losing auto finance and mortgage provider, on Thursday confirmed it was seeking to become a bank holding company, and said it plans to overhaul and slash its debt load, barely four months after completing a $60 billion refinancing package.

--- Reuters ...

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Nevada, Michigan, Florida lead ‘underwater’ list (AP)

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AP - Here's a shocker: almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth.

--- AP ...

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Banks asking for credit card debt forgiveness (AP)

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Chart shows total consumer credit outstanding and delinquency rates at all banks since 1991; two sizes;AP - With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.

--- AP ...

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Insight: The masters lost our trust (FT.com)

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FT.com - Sherman McCoy, the fictional 1980s "Master of the Universe" Wall Street bond trader, had his sights set on a deal which could earn him $1.7m in commission payments, money he needs to pay off the mortgage on a lavish Park Avenue apartment.

--- FT.com ...

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Bank of China books 3.8 billion dollars in investment losses (AFP)

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A branch of the Bank of China on Shanghai's historic Bund on October 24. The lender has said it had posted 26.3 billion yuan (US$3.8 billion) in potential losses on assets at the end of September, partially related to US subprime mortgage-backed securities.(AFP/File/Mark Ralston)AFP - Bank of China said it had posted 26.3 billion yuan (3.8 billion dollars) in potential losses on assets at the end of September, partially related to US subprime mortgage-backed securities.

--- AFP ...

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Ex-Fannie Mae chief wishes he said “no” more often: report (Reuters)

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Daniel Mudd, former President and CEO of Fannie Mae, speaks on a panel of experts at a national housing summit held by the Office of Thrift Supervision in Washington December 3, 2007. (Jonathan Ernst/Reuters)Reuters - Former Fannie Mae Chief Executive Daniel Mudd wished he said "no" to more of the things the company was asked to do, he told the Wall Street Journal in an interview.

--- Reuters ...

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  • Consumers unexpectedly borrowed more in September (AP)