Feds To Bail Out 2 Dozen Banks

OCt 27, 2008 Best-Mortgage-Companies.com Sources said Monday October 27, 2008 that FED’s regulators have decided to help a dozen banks with capital from the government. But the companies' names were not released in order to avoid creating winners and losers in the financial market , for the latter could have faced negative sentiments from customers, counterparties and investors. The bailout was evidenced by PNC receiving $7.7 billion in federal funds, which allowed the company to buy ailing National City Bank. Alabama-based Regions Financial said earlier this week that the government had accepted its application to be part of the program. An initial $125 billion was allocated to nine of the largest US banks, including Citigroup, JP Morgan Chase and Bank of America.

See Today's Mortgage Rates
Email this article to a friend | Subscribe to our Mortgage News