Credit-Swaps Dealers Take Beating as Auctions Produce Losses (Bloomberg)

Posted in Credit Card Debt, Loan Modifications by admin on April 18th, 2009

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April 17 (Bloomberg) — Credit-default swaps traders set an initial value of 3.75 cents on the dollar for bonds of an AbitibiBowater Inc. unit to settle derivatives linked to the newsprint maker thats now in bankruptcy protection.

Bernanke says credit downturn to do lasting harm (Reuters via Yahoo! News)

Federal Reserve Chairman Ben Bernanke said on Friday that the U.S. recession had done lasting harm to household finances and that regulators must protect consumers from willfully confusing forms of credit.

Bernanke: Use rules to banish over-complex credit (Reuters via Yahoo! News)

Federal Reserve Chairman Ben Bernanke said on Friday that innovation in credit markets must not be stifled, but complexity designed to confuse customers and drive up lending fees would not be tolerated.

Debt Consolidation