Merrill 3Q loss widens on mortgage-related charges (AP)

AP - Merrill Lynch says it third-quarter loss widened as it took more than $12 billion in charges from the sale of mortgage-related investments and fallout from the continued credit crisis. Read more…

Mortgage help for bankrupt homeowners dropped (AP)

27.09.2008 04:05 Finance

WASHINGTON - House Democrats say the idea of letting judges rewrite mortgages to help bankrupt homeowners avoid foreclosure won't be a part of the $700 billion financial industry bailout.

Speaker Nancy Pelosi, D-Calif., told Democrats at a closed-door meeting Friday evening the provision would be a deal-breaker for Republicans who she has said must deliver substantial votes for the rescue plan. That's according to several lawmakers who attended the session.

Democratic presidential nomineeBarack Obama had said earlier that the measure didn't belong in the bailout.

The concession came as staff aides to key Democrats and Republicans worked into the evening searching for compromise on the rescue bill.

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