FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

October 8, 2008

Move is to handle the worst financial crisis since 1929 stock market crash WASHINGTON - The Federal Reserve, acting in coordination with other global central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday to steady an economy teetering on a collapse reminiscent of the 1929 stock market crash. Fed Chairman Ben Bernanke and his colleagues ratcheted down their key rate by 0.5 percentage point to 1.5 percent. The action revives the central bank’s Read Full Article

October 5, 2008

Litigation pits two of largest financial institutions against one another NEW YORK - The fight over control of Wachovia intensified Saturday, as a judge temporarily agreed to block the sale of the bank by Wells Fargo, Citigroup announced in a news release. State Supreme Court Justice Charles Ramos issued the order blocking the sale of Wachovia Corp., which Wells Fargo & Co. had agreed to purchase in a $14.8 billion deal. Citigroup Inc. accused Wells Fargo of trying to cut off its Read Full Article

October 3, 2008

Transaction worth about $15.1 billion; talks with Citigroup end SAN FRANCISCO - In an abrupt change of course, Wachovia Corp. said Friday it will be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal, wiping out Wachovia’s previous plan to sell its banking operations to rival suitor Citigroup Inc. A key difference is that the Wachovia deal will be done without government assistance, while the Citigroup deal would have been done with the help of the Federal Deposit Read Full Article