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10/20/07
Banks act to save credit market
Filed under: General, Mortgages
Posted by: Lillian Wong @ 11:25 am

NEW YORK - The nation’s three largest banks said Monday they are teaming up to create a rescue fund of sorts - potentially as large as $100 billion - to help bail out troubled global credit markets. Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., at the prodding of the Treasury Department, will buy distressed debt from markets roiled during the summer’s financial crisis. The joint effort is the result of more than a month of talks mediated by the government.  More…

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