Halloween Financial Headlines: Trick or Trick

Saturday, October 31st, 2009

1031 markets

Federal bank regulators issued guidelines allowing banks to keep loans on their books as “performing” even if the value of the underlying properties have fallen below the loan amount.

The $2.3 billion in taxpayer money spent to save CIT is likely to be wiped out, as the lender prepares to file for bankruptcy protection in a high-stakes restructuring plan.

President Barack Obama said Saturday that reports the economy is growing again and that more than a million jobs were saved or created by his stimulus plan show “we are moving in the right direction.