Standard & Poor’s is revamping its credit rating methodology for banks and financial institutions in a way that may cause about 40% of rated banks to get a downgrade, The Wall Street Journal reported Tuesday.
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Allstate is suing Bank of America and its Countrywide Financial division over Countrywide’s sale of $700 million in mortgage-backed securities to the insurance giant, alleging that Countrywide knew in advance that the assets wo…
During the heat of the financial crisis, Ben Bernanke’s Federal Reserve doled out a mountain of money to keep the damage from getting any worse. But if you think American companies were the biggest beneficiaries of this largess…
Moody’s downgrades Hungary’s sovereign credit rating by two notches to near junk on concern that the temporary measures the government is taking to address budget issues won’t be sustainable.
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With the fears of a European sovereign debt crisis growing worse, the Spanish government said Wednesday that it’s taking several measures to stop the fiscal contagion from reaching its shores, including selling a 30% stake in i…