New York-based AIG, the insurance and financial services company has named Director Harvey Golub as its non-executive chairman. Mr. Harvey Golub, 70, will replace retiring Chairman Edward M. Liddy on Monday.

Mr. Golub, who joined the AIG board in May, served the American Express Co. from 1993 to 2001 as its chairman and CEO.

Mortgage financer Fannie Mae has requested for $10.7 billion aid from the Treasury to stay afloat after posting a loss of $14.8 billion for the second-quarter.

This is the third time when Washington-based Fannie Mae has approached the Treasury for financial assistance.

It has been forecast by the US Federal Reserve that recession will come to an end soon. However, it displayed concerns regarding the issue of unemployment, which might remain at high levels for a few years.

In the first half of 2009, around 15 percent of the U. S. households reached the brink of losing their homes.

Soaring joblessness rate made people unable to reimburse their monthly mortgage bills.

According to an estimate by RealtyTrac Inc, foreclosure listing service, as many as 1.5 million homes were directly affected by the foreclosure crisis.

US is likely to witness another debate in the name of a health care plan that is eyeing on the creation of government-run health system by levying a new tax on the top 1.2 percent of earners, which signifies families that earn more than $350,000 a year.

Beleaguered CIT Group Inc., which so far could neither succeed in winning FDIC's Temporary Liquidity Guarantee Program nor in obtaining supplementary aid from government, is now trying to carve out a plan to convince its customers and investors.

The CIT Group is vexed that customers may drag down its credit lines in case they lose confidence in the Group.

In a move that indicates Citigroup Inc.’s shift of focus to conventional banking, the bank Thursday shuffled its top management yet again, for the third time in less than a year! 

The Royal Bank of Canada’s (RBC) investment banking division, RBC Capital Markets, has been selected as a primary dealer of Treasury securities by the Federal Reserve Bank of New York.

The consumer Web site Bankrate. com has laid down some guidelines for people who wish to go in for a credit card, before industry reforms take a practical shape in February.

According to a weekly survey of mortgage rates by Freddie Mac., mortgage rates in the United States plunged this week.

Surveyor Freddie Mac found that the average thirty year rate plunged to 5.32 % from 5.42 %. The fifteen year rate was recorded at 4.77 %, down from 4.87% last week.