Goldman Sachs and Morgan Stanley seek permission to repay bailout funds
Goldman Sachs and Morgan Stanley formally request Fed approval to repay a combined 20 billion of TARP money. The outcome awaits Fed say, with JPMorgan Chase also aiming to exit the program. If approved, they would be first among the nine large banks to repay.
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Senate approves sweeping credit card reform bill
The Senate passed a broad credit card reform bill 90 to 5 to curb rate hikes and hidden fees. It would require online disclosure of agreements, allow online or phone payments without extra charges, and curb over the limit fees and universal default. The measure also tightens age 21 card access and mandates 45 days notice before rate increases.
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Congress Passes Anti Foreclosure Bill
The House approved the Helping Families Save Their Homes Act 367 to 54 after the Senate backed the measure 91 to 5. The bill expands a 300 billion program encouraging banks to write down high interest rates for 30 year FHA backed loans if homeowners pay an insurance premium.
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