Refinance Free Credit

President Bush wasted little time Friday, signing into law a sweeping bailout package that passed a “second-try” vote in the House of Representatives earlier in the day. “By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country,” Bush said [...]

American International Group, Inc. (AIG: 3.86 -3.50%) announced plans Friday to refocus on its core property and casualty insurance businesses and to sell the rest of the business to repay its debt to the government. AIG, which was taken over by the Federal Reserve in mid-September, noted in a press statement Friday that it had drawn [...]

A guest post by new Blownmortgage.com contributor, MG Dungan.  MG has gone from Wharton to Wall St. to real estate to Blown Mortgage. 

Whilst all eyes were upon the Bailout negotiations, there was a little changeroo in the Wachovia rescue package.

According to Reuters on October 3, “Wells Fargo & Co agreed to buy Wachovia Corp. for more than $16 billion, besting a U.S government-backed Citigroup Inc. bid for some of its assets, in a deal that would catapult Wells Fargo to the top ranks of national consumer banks.

For each share of Wachovia, investors will receive 0.1991 Wells Fargo share, which is equal to $7 a share based on Wells Fargo’s closing price on Thursday of $35.16.

A Wachovia spokeswoman said neither Citigroup nor the Federal Deposit Insurance Corp is involved in the transaction.

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