The U.S. Senate voted against adding an amendment to a housing market rescue bill that would have given bankruptcy judges the power to ease mortgage payment terms for some distressed borrowers.
National City is reportedly in talks to sell itself to Cleveland neighbor KeyCorp, among other banks, but the bank is taking a long time to find buyers, triggering investor fears that it will not be able to sell much above its current share price.
National City, which has been battered by the housing downturn, is considering a plan to sell itself to rival KeyCorp, the Wall Street Journal reported on Wednesday, citing sources familiar with the matter.
Thornburg Mortgage shares rose Tuesday after the provider of large residential mortgages said it successfully raised $1.35 billion in a last-ditch effort to avoid bankruptcy, but at a large cost to existing shareholders.
Thornburg Mortgage, a jumbo mortgage provider that has been trying to avoid bankruptcy, on Monday said it raised $1.35 billion from a sale of debt and warrants to buy common stock.
Housing and Urban Development Secretary Alphonso Jackson is resigning Monday, according to a government official.