Personal Finance News Jul 2008

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Merrill Lynch posts 2Q loss; Sells Bloomberg stake
AP - Merrill Lynch & Co. on Thursday reported a $4.9 billion loss amid massive write-downs from soured mortgage positions and other risky investments, and unveiled plans to raise money by unloading assets. (Thu, 17 Jul 2008 21:37:47 GMT)

Fannie Mae's Mudd: won't tap new credit line
Reuters - The chief executive officer of mortgage finance giant Fannie Mae , Daniel Mudd, said on Thursday the company was unlikely to tap emergency credit measures that have been proposed for it by the U.S. Treasury Department. (Thu, 17 Jul 2008 22:48:31 GMT)

Freddie to adjust mortgage-purchase threshold
Reuters - Freddie Mac expects to purchase mortgages with significantly higher unpaid principal balances, the U.S. mortgage finance company said in a filing with the Securities and Exchange Commission on Friday. (Fri, 18 Jul 2008 12:47:57 GMT)

Freddie Mac mulling $10 billion share offer: report
Reuters - Mortgage giant Freddie Mac is considering raising capital by selling as much as $10 billion in new shares to investors, The Wall Street Journal reported, citing people familiar with the matter. (Fri, 18 Jul 2008 13:13:48 GMT)

US mortgage giant Freddie Mac weighs share offer
AFP - US mortgage giant Freddie Mac may attempt to raise capital by selling up to 10 billion dollars in new shares after its stock rebounded this week, the Wall Street Journal reported Friday. (Fri, 18 Jul 2008 13:51:29 GMT)

Freddie Mac takes step toward issuing stock
AP - Mortgage financier Freddie Mac took a step toward issuing common and preferred stock to help bolster its balance sheet Friday when it completed a filing with the Securities and Exchange Commission. (Fri, 18 Jul 2008 14:11:41 GMT)

Fannie Mae, Freddie Mac shares jump again
Reuters - Investors snapped up shares of Freddie Mac and Fannie Mae for a second day on Thursday after Freddie pulled off its second successful debt sale following Sunday's announcement of a U.S. rescue plan for the two housing finance companies. (Fri, 18 Jul 2008 14:49:03 GMT)

Freddie Mac to raise 5.5 billion dlrs in share offering
AFP - Troubled mortgage finance giant Freddie Mac announced plans Friday to raise 5.5 billion dollars through a new share offering as it registered with stock market regulators. (Fri, 18 Jul 2008 18:06:40 GMT)

Freddie Mac files with SEC, first step to capital
Reuters - Freddie Mac won approval from regulators on Friday to sell the stock needed to overcome mounting losses, and the Wall Street Journal said the mortgage finance company may seek $10 billion. (Fri, 18 Jul 2008 19:48:37 GMT)

Freddie Mac takes step toward issuing stock
AP - Mortgage financier Freddie Mac took a step toward issuing common and preferred stock to help bolster its balance sheet Friday when the Securities and Exchange Commission accepted its registration statement filed earlier in the day. (Sat, 19 Jul 2008 00:17:57 GMT)

Economy needs months to recover: Paulson
Reuters - The U.S. economy will need months to recover from a growth slowdown caused by a home mortgage crisis, turmoil in financial markets and high energy prices, Treasure Secretary Henry Paulson said on Sunday. (Sun, 20 Jul 2008 15:28:44 GMT)

Banks sound but economy to take time: Paulson
Reuters - The U.S. economy needs months to recover from its slowdown, but the banking system remains sound despite a home mortgage crisis that could cause more problems, Treasury Secretary Henry Paulson said. (Sun, 20 Jul 2008 18:58:07 GMT)

Fortress mortgage fund down about 30 percent: WSJ
Reuters - A Fortress Investment Group LLC fund, the Fortress Mortgage Opportunities Fund, is down about 30 percent three months after the firm raised funds for it, the Wall Street Journal reported on its website on Sunday. (Mon, 21 Jul 2008 01:28:58 GMT)

British bank HBOS rights issue flops
AFP - British lender HBOS failed on Monday to raise almost eight billion dollars from shareholders to boost finances hit by the global credit crisis, forcing the underwriting banks to step in. (Mon, 21 Jul 2008 13:47:05 GMT)

Bank of America profit falls 41 percent but tops views
Reuters - Bank of America Corp on Monday reported quarterly profit that fell less than expected, as improved investment banking and trading results offset a surge in bad loans, causing shares of the largest U.S. retail bank and mortgage lender to soar. (Mon, 21 Jul 2008 14:13:22 GMT)

Freddie Mac debt sale tepid as housing bill nears
Reuters - Demand for debt sold by mortgage finance company Freddie Mac weakened on Monday while a prominent analyst estimated Freddie and Fannie Mae, the largest U.S. home funding sources, each need to raise up to $15 billion in fresh capital. (Mon, 21 Jul 2008 16:53:47 GMT)

Wachovia mortgage unit halting loans via brokers
Reuters - Wachovia Corp , the fourth-largest U.S. bank, on Monday said its main mortgage unit will stop offering home loans through brokers this week, joining a growing number of lenders to curb wholesale lending. (Mon, 21 Jul 2008 21:15:31 GMT)

Wachovia exits wholesale mortgage lending business
AP - Wachovia Corporation, the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business. (Tue, 22 Jul 2008 00:13:31 GMT)

Special needs trusts give families peace of mind
FT.com - When attorney Bernard Krooks met a client who is an investment banker at one of the top New York City brokerage houses, he noticed an estate planning oversight that would have made it difficult for the client's disabled son to receive a lifetime of adequate and affordable medical care. (Tue, 22 Jul 2008 02:35:27 GMT)

Regulators check Fannie, Freddie books: report
Reuters - Bank examiners from the U.S. Federal Reserve and the Comptroller of the Currency are inspecting the books of mortgage finance companies, Fannie Mae and Freddie Mac , The New York Times reported on Tuesday. (Tue, 22 Jul 2008 10:11:38 GMT)

Markets depend on housing recovery: Paulson
Reuters - Treasury Secretary Henry Paulson said on Tuesday financial markets will remain under stress until the U.S. housing market's slide ends and called the health of mortgage finance enterprises vital to the recovery of the U.S. economy. (Tue, 22 Jul 2008 12:35:02 GMT)

Wachovia has $8.9B loss, cuts 6,350 jobs, dividend
AP - Wachovia Corp. lost $8.86 billion in the second quarter, and said Tuesday it was slashing its dividend and cutting 6,350 jobs after losses tied to mortgages soared. (Tue, 22 Jul 2008 12:40:03 GMT)

US bank Wachovia scorched with $8.7bln loss
AFP - Banking giant Wachovia took a severe hit from the US housing slump with a second-quarter loss of 8.662 billion dollars as it announced plans Tuesday to end its wholesale mortgage operations. (Tue, 22 Jul 2008 12:55:07 GMT)

Wachovia loses $8.86 billion, slashes jobs
Reuters - Wachovia Corp , the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced the elimination of more than 10,700 jobs after losses tied to mortgages soared. (Tue, 22 Jul 2008 13:23:42 GMT)

Treasury: Swift support needed for mortgage giants
AP - Treasury Secretary Henry Paulson said Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to make sure the two mortgage giants maintain their critically important role in housing finance. (Tue, 22 Jul 2008 13:29:07 GMT)

Mortgage giant rescue could cost $25b
AP - Congress' top budget analyst says a federal rescue of troubled mortgage giants Fannie Mae and Freddie Mac could cost taxpayers as much as $25 billion. (Tue, 22 Jul 2008 13:50:08 GMT)

Fannie, Freddie bailout might have $25 billion tag
Reuters - Congressional budget analysts on Tuesday put a $25 billion cost estimate on a Bush administration plan to bolster mortgage finance giants Fannie Mae and Freddie Mac , but raised questions about a key assumption underlying the plan. (Tue, 22 Jul 2008 14:20:36 GMT)

Fed's role in Fannie, Freddie plan limited: Plosser
Reuters - The Federal Reserve has a limited role in a government plan to provide financial support for ailing mortgage finance firms Fannie Mae and Freddie Mac , Philadelphia Federal Reserve President Charles Plosser said on Tuesday. (Tue, 22 Jul 2008 14:31:29 GMT)

Fannie, Freddie rescue gets big price tag as House vote looms
Reuters - A Bush administration plan to support Fannie Mae and Freddie Mac could cost U.S. taxpayers $25 billion, congressional analysts said on Tuesday in a report that fueled debate as Congress took steps to approve a housing market rescue package. (Tue, 22 Jul 2008 20:21:36 GMT)

Washington Mutual reports 2Q loss of $3.3 billion
AP - Washington Mutual Inc. said Tuesday it lost a staggering $3 billion during the second quarter as it increased its loss reserves to more than $8 billion to cover souring loans in its mortgage portfolio. (Tue, 22 Jul 2008 21:19:31 GMT)

Fannie and Freddie: Getting to know powerful pair
AP - Behind their down-home names, Fannie Mae and Freddie Mac are so vital to the economy that the government scrambled to offer them a lifeline. But what exactly are they, and what do they do? (Tue, 22 Jul 2008 21:36:34 GMT)

IAC to take $170M in charges for spinoffs
AP - Internet conglomerate IAC/InterActiveCorp, preparing to spin off four of its operating units, said late Tuesday it plans to take about $170 million in charges because the housing crisis has diminished the value of its mortgage and real estate businesses. (Wed, 23 Jul 2008 00:42:46 GMT)

Washington Mutual posts 2Q loss of $3.3 billion
AP - Washington Mutual, the Seattle-based bank known for its buoyant advertising slogan, "Whoo hoo!," had little to cheer about as it reported a staggering $3 billion loss — the biggest quarterly loss in its history. (Wed, 23 Jul 2008 05:24:34 GMT)

San Diego sues Bank of America over foreclosures
Reuters - San Diego City Attorney Michael Aguirre said on Wednesday he had filed a lawsuit against Bank of America Corp and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a "foreclosure sanctuary." (Wed, 23 Jul 2008 19:42:30 GMT)

Sallie Mae's 2Q profit falls 72 percent
AP - Sallie Mae says its second-quarter profit fell 72 percent as funding costs remained high amid further weakening in the credit markets. (Wed, 23 Jul 2008 21:15:54 GMT)

House approves housing rescue legislation
AP - Rescue legislation sailed through the House Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing. (Wed, 23 Jul 2008 21:23:53 GMT)

House passes housing bill; Bush lifts veto threat
Reuters - The House of Representatives passed a massive housing rescue bill on Wednesday while the White House dropped a threat to veto it, paving the way for measures aimed at shoring up the worst U.S. housing market since the Great Depression. (Wed, 23 Jul 2008 21:30:38 GMT)

Sallie Mae quarterly earnings fall 72 percent
Reuters - Sallie Mae , the largest U.S. student loan company, said on Wednesday second-quarter net income fell 72 percent, hurt by restructuring expenses, but results were better than analysts had expected. (Wed, 23 Jul 2008 21:35:19 GMT)

Wall Street rises on oil drop, housing plan optimism
Reuters - Stocks rose on Wednesday as financial shares climbed on optimism about a rescue plan for mortgage finance companies Fannie Mae and Freddie Mac and as the price of oil fell. (Wed, 23 Jul 2008 22:01:54 GMT)

House OKs rescue for homeowners, Freddie, Fannie
AP - Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac. (Wed, 23 Jul 2008 23:02:33 GMT)

San Diego sues Bank of America to halt foreclosures
Reuters - San Diego's city attorney said on Wednesday he filed a lawsuit against Bank of America Corp and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in the city, which he aims to make a "foreclosure sanctuary." (Thu, 24 Jul 2008 00:22:21 GMT)

National City has $1.76 billion loss
Reuters - National City Corp , a large U.S. Midwest regional bank, on Thursday posted a $1.76 billion loss, hurt by soaring losses on mortgage and real estate construction loans and a write-down for acquisitions. (Thu, 24 Jul 2008 11:40:15 GMT)

House Helps Fannie and Freddie
BusinessWeek Online - The House dealt Fannie Mae and Freddie Mac a "Get Out of Jail Free" card on July 23, passing a bill that authorizes the Treasury Dept. to extend the mortgage-finance giants a lifeline without any of the conditions that the companies' critics had demanded. The bill now heads to the Senate, where passage is expected within days. President Bush earlier dropped his threat to veto the legislation, so it should be signed into law soon. (Thu, 24 Jul 2008 12:08:41 GMT)

Credit Cards: How to Protect Your Limits
BusinessWeek Online - As big banks such as Wachovia , Citigroup and Bank of America continue to post multimillion-dollar writedowns to cover mortgage loan losses and other bad investments, credit-card holders are increasingly getting squeezed. Card issuers such as American Express have started taking a closer look at the math that determines how much credit is available to each customer, and some are cutting their credit lines to keep more money in house. (Thu, 24 Jul 2008 12:08:41 GMT)

National City posts $1.8B loss for 2nd quarter
AP - Regional bank National City Corp. on Thursday reported a $1.76 billion loss for the second quarter, as mortgage loans soured and it took a big charge related to previous acquisitions. (Thu, 24 Jul 2008 13:17:39 GMT)

Investors grab Fannie, Freddie after House vote
Reuters - Investors snapped up shares of mortgage finance giants Fannie Mae and Freddie Mac before Wall Street opened on Thursday, a day after the House of Representatives passed a massive rescue package to shore up the struggling housing market. (Thu, 24 Jul 2008 13:28:30 GMT)

Housing bill key to cutting mortgage cost: Pimco
Reuters - Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae and Freddie Mac is the best way to help the ailing housing market recover, the manager of the world's biggest bond fund said on Thursday. (Thu, 24 Jul 2008 14:17:44 GMT)

US rescue of Fannie, Freddie 'right direction': IMF
AFP - The International Monetary Fund on Thursday welcomed the US government's plans to aid mortgage finance giants Fannie Mae and Freddie Mac and ease the housing crisis. (Thu, 24 Jul 2008 16:34:55 GMT)

All types of mortgages see rate increases
AP - Mortgage rates shot up this week with 30-year mortgages climbing to the highest level in nearly a year, reflecting concerns in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac. (Thu, 24 Jul 2008 18:51:13 GMT)

Senate on course to vote Saturday on housing bill
Reuters - The Senate was on course for a Saturday vote to approve a major housing market rescue bill with a lifeline for Fannie Mae and Freddie Mac and bond market action on Thursday indicated investors in the two mortgage finance giants were encouraged. (Fri, 25 Jul 2008 00:42:13 GMT)

JP Morgan discusses breakup of UK's HBOS: report
Reuters - U.S. investment bank JP Morgan has held talks with potential partners about forming a consortium to break up British mortgage lender HBOS , The Daily Telegraph newspaper reported. (Fri, 25 Jul 2008 10:46:41 GMT)

Housing bill clears hurdle, vote seen Saturday
Reuters - The U.S. Senate voted on Friday to limit debate on a bill aimed at shoring up both the housing market and mortgage finance companies Fannie Mae and Freddie Mac, paving the way for a final vote expected on Saturday. (Fri, 25 Jul 2008 14:26:30 GMT)

S&P may cut Fannie and Freddie sub debt, preferreds
Reuters - Standard & Poor's said on Friday it may cut its ratings on the preferred shares and subordinated bonds of Fannie Mae and Freddie Mac , citing concerns that U.S. government plans to sure up the mortgage finance companies may subordinate the debt. (Fri, 25 Jul 2008 18:16:07 GMT)

Market rises as data eases economic fears
Reuters - Stocks rose on Friday as a drop in oil prices, and stronger-than-expected data on consumer sentiment and housing blunted the latest concerns about the health of U.S banks. (Fri, 25 Jul 2008 20:31:38 GMT)

Banks rally as CEOs hold off on issuing shares
AP - With many banks still reporting massive writedowns and even quarterly losses from bad mortgage investments, it certainly seems like an odd time for financial stocks to rally. (Sat, 26 Jul 2008 05:36:27 GMT)

Congress approves housing market rescue bill
Reuters - The U.S. Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to Fannie Mae and Freddie Mac , creating a new regulator for the mortgage titans and setting up a $300 billion fund to help troubled homeowners. (Sat, 26 Jul 2008 15:19:52 GMT)

US Senate approves sweeping housing bill
AFP - The US Senate on Saturday approved an elaborate housing rescue plan designed to help thousands of homeowners avert foreclosure and bolster mortgage finance giants that have struggled amid a volatile housing market. (Sat, 26 Jul 2008 18:48:48 GMT)

Congress approves housing bill
Reuters - The U.S. Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to mortgage titans Fannie Mae and Freddie Mac, and setting up a $300-billion fund to help hundreds of thousands of troubled homeowners. (Sat, 26 Jul 2008 20:16:05 GMT)

US Senate approves sweeping housing bill
AFP - The US Senate on Saturday approved an elaborate housing rescue plan designed to help thousands of homeowners avert foreclosure and bolster mortgage finance giants that have struggled amid a volatile housing market. (Sun, 27 Jul 2008 02:05:14 GMT)

Stocks down again as corporate gloom deepens
Reuters - World stocks slipped on Monday as some disappointing earnings in Europe and a survey showing German consumer morale at a 5-year low followed a warning that the United States' major mortgage lenders could lose their top credit rating. (Mon, 28 Jul 2008 08:49:26 GMT)

US presses plan with banks to offer new mortgage bonds
AFP - The Treasury and major US banks endorsed plans Monday to help pump additional liquidity into the strained housing market by issuing "covered bonds," or flexible mortgage-backed securities. (Mon, 28 Jul 2008 19:15:33 GMT)

Administration OKs new way to help mortgage market
AP - The Bush administration and federal banking regulators joined with the nation's four largest banks Monday to endorse a new way to pump money into the battered U.S. mortgage market. (Mon, 28 Jul 2008 21:20:48 GMT)

Treasury and banks kick-start home financing tool
Reuters - The Treasury and the nation's four biggest banks on Monday said they will kick-start a market for an investment product to support home financing in the latest effort to spur a slumping housing market. (Mon, 28 Jul 2008 21:33:39 GMT)

Mortgage relief plan should eventually boost banks
AP - Congress' plan to allow people to refinance into more affordable mortgages won't just relieve thousands of homeowners — it's also expected to save the banks who issued the loans billions of dollars. (Mon, 28 Jul 2008 21:36:11 GMT)

Merrill to take $5.7 billion mortgage asset write-down
Reuters - Merrill Lynch & Co Inc said it expects to take a $5.7 billion pretax write-down in the third quarter due to losses on the sale of mortgage assets and plans to raise at least $8.5 billion by selling new common shares. (Mon, 28 Jul 2008 22:09:01 GMT)

Loss-hit Merrill dumps mortgage debt, raises new capital
AFP - Wall Street titan Merrill Lynch announced it was dumping billions of dollars of mortgage debt at a steep loss and raising 8.5 billion in new capital, as the US housing crisis continued to devastate the country's banking sector. (Tue, 29 Jul 2008 02:30:17 GMT)

Stocks jump after consumer confidence data
AP - Stocks rose Tuesday, rebounding a day after their steep tumble as a jump in consumer confidence offset some of the market's increasing concerns about the financial sector. The Dow Jones industrial average rose about 100 points. (Tue, 29 Jul 2008 14:22:39 GMT)

Obama, Paulson agree on restoring GSE confidence
Reuters - U.S. Treasury Secretary Henry Paulson and Democratic presidential candidate Barack Obama agreed on Tuesday that Washington must restore confidence in mortgage finance giants Fannie Mae and Freddie Mac, Obama's spokesman said. (Tue, 29 Jul 2008 18:14:09 GMT)

Homeowner aid act raises worries on scope, delays
AP - Help is on the way for some debt-plagued homeowners. It just may not be fast enough or broad enough to keep many from losing their residences. (Tue, 29 Jul 2008 22:06:29 GMT)

SEC extends short selling curb through August 12
Reuters - U.S. securities regulators have extended through August 12 an emergency rule aimed at curbing abusive short selling in the stocks of 19 major financial firms, including mortgage giants Freddie Mac and Fannie Mae . (Wed, 30 Jul 2008 02:43:25 GMT)

Who qualifies for mortgage help and how to get it
AP - Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure: (Wed, 30 Jul 2008 03:02:17 GMT)

SEC extends restrictions on short-selling
AP - Federal regulators on Tuesday extended through mid-August a temporary order banning a certain kind of short-selling of the stocks of mortgage finance companies Fannie Mae, Freddie Mac and 17 large investment banks. (Wed, 30 Jul 2008 08:05:56 GMT)

Mortgage applications slowest since 2000: MBA
Reuters - Applications for U.S. home mortgages dropped to their slowest pace since December 2000 as loan rates hovering near one-year highs compounded the housing market's woes, according to data from an industry group on Wednesday. (Wed, 30 Jul 2008 11:04:28 GMT)

Mortgage application volume hits 2008 low
AP - Mortgage application volume tumbled 14.1 percent during the week ending July 25, hitting its lowest level of the year, according to the Mortgage Bankers Association's weekly application survey. (Wed, 30 Jul 2008 11:19:34 GMT)

Bush signs housing rescue plan into law
Reuters - As home foreclosures rise and property values slump, U.S. President George W. Bush on Wednesday signed into law a rescue package that includes emergency backstops for mortgage financing companies Fannie Mae and Freddie Mac. (Wed, 30 Jul 2008 11:58:51 GMT)

Covered Bonds: What the Paulson Plan Means for You
BusinessWeek Online - Treasury Secretary Henry Paulson announced a plan on Monday to encourage banks to issue a new form of debt known as a covered bond. Paulson said that if investors buy enough of these bonds, which are generally considered safer than many of the risky mortgage-backed securities that proliferated during the housing boom, banks will feel more comfortable financing mortgages again. That, along with various other measures, could restart the stalled housing market, Paulson said. ... (Wed, 30 Jul 2008 12:08:41 GMT)

Moody's profit down 48 percent, ratings demand shrinks
Reuters - Moody's Corp , the parent of Moody's Investors Service, said on Wednesday quarterly profit fell 48 percent, as the year-long credit crisis caused demand to shrink for mortgage bonds and collateralized debt obligations. (Wed, 30 Jul 2008 12:09:24 GMT)

Bush signs housing bill to provide mortgage relief
AP - President Bush on Wednesday signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets. (Wed, 30 Jul 2008 13:19:54 GMT)

Bush signs massive housing bill
AFP - US President George W. Bush on Wednesday signed a sweeping housing rescue plan designed to help 400,000 homeowners avert foreclosure and bolster ailing mortgage finance giants, the White House said. (Wed, 30 Jul 2008 13:25:49 GMT)

Fannie Mae portfolio rose at fastest rate since '03
Reuters - Fannie Mae, the largest provider of funding for U.S. residential mortgages, on Wednesday said it grew its investment portfolio in June at the fastest annualized rate in nearly five years. (Wed, 30 Jul 2008 15:04:23 GMT)

Provisions of housing-mortgage relief bill
AP - How the housing bill signed into law Wednesday by President Bush affects homeowners: (Wed, 30 Jul 2008 19:26:27 GMT)

GMAC posts $2.48 billion loss on big write-downs
Reuters - Finance company GMAC posted a $2.48 billion second-quarter loss on Thursday, as rising gas prices forced write-downs of truck and sport-utility vehicle leases, and losses in its mortgage lending unit soared. (Thu, 31 Jul 2008 13:09:28 GMT)

Freddie Mac boosts mortgage servicer incentives
Reuters - Freddie Mac , the second-biggest provider of funding for U.S. residential mortgages, on Thursday said it is boosting incentives to mortgage servicing companies to help more borrowers renegotiate loans in an effort to curb rising delinquencies. (Thu, 31 Jul 2008 16:46:27 GMT)

Fidelity's Magellan fund reshuffles finance holdings
Reuters - Fidelity Investments' flagship Magellan stock fund significantly boosted its holdings in June of insurer American International Group and U.S. investment bank Goldman Sachs , in a big reshuffle of its financial sector exposure. (Thu, 31 Jul 2008 18:32:52 GMT)

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