*yesterday it was ten
Nine Banks to Repay TARP Money
The U.S. Treasury is expecting to receive at least $50 billion from banks that were approved to exit the Troubled Asset Relief Program, sources said, and as many as 10 banks received approval. While many of the banks are expected to continue tapping other government programs, the repayments indicate the banking sector is seeing significant improvement. The Wall Street Journal (09 Jun.)
Regulator: Reverse mortgages could be next subprime crisis
The next subprime-mortgage product poised to experience explosive growth by exploiting the vulnerable could be reverse mortgages, said John Dugan, U.S. comptroller of the currency. "While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages -- and that should set off alarm bells," he said. Reuters (08 Jun.)
Brazil went into recession in Q1, meltdown blamed
By ALAN CLENDENNING
Associated Press Writer
Latin America's largest economy slumped into a technical recession during the first quarter after global demand for its products dropped dramatically, Brazil's government statistics agency said Tuesday.
The economy contracted 0.8 percent in the January-March period compared to the fourth quarter of 2008, when Brazil registered a 3.8 percent decline. That put Brazil into a technical recession, defined as two consecutive quarters of negative growth. First-quarter growth was down 1.8 percent compared to the same period a year earlier, when Brazil was riding an unprecedented economic boom.
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