Copyright (c) 2008 Yahoo! Inc. All rights reserved. http://news.yahoo.com/i/1204 Personal Finance News en-us Fri, 09 May 2008 21:34:31 GMT 5 142 18 http://news.yahoo.com/i/1204 http://us.i1.yimg.com/us.yimg.com/i/us/nws/th/main_142b.gif http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080509/bs_afp/usbankingcompanystructurecitigroup afp/20080509/usbankingcompanystructurecitigroup AFP Fri, 09 May 2008 21:34:31 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080509/bs_afp/usbankingcompanystructurecitigroup"><img src="http://d.yimg.com/us.yimg.com/p/afp/20080509/capt.cps.ndc62.090508233345.photo00.photo.default-512x357.jpg?x=130&y=90&q=85&sig=HxQ.6Hpph8OsQF.sglgnNQ--" align="left" height="90" width="130" alt="A pedestrian walks by a Citibank office in San Francisco. US banking giant Citigroup has said it plans to shed about 400 billion dollars in assets over the next two to three years as it tries to recover from the subprime mortgage crisis.(AFP/Getty Images/File/Justin Sullivan)" border="0" /></a>AFP - Citigroup, reeling from the subprime mortgage crisis, said Friday it plans to sell roughly 400 billion dollars in assets in a streamlining reorganization aimed at restoring the US banking giant to profit.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080509/bs_afp/usbankingcompanystructurecitigroup"><img src="http://d.yimg.com/us.yimg.com/p/afp/20080509/capt.cps.ndc62.090508233345.photo00.photo.default-512x357.jpg?x=130&y=90&q=85&sig=HxQ.6Hpph8OsQF.sglgnNQ--" align="left" height="90" width="130" alt="photo" title="A pedestrian walks by a Citibank office in San Francisco. US banking giant Citigroup has said it plans to shed about 400 billion dollars in assets over the next two to three years as it tries to recover from the subprime mortgage crisis.(AFP/Getty Images/File/Justin Sullivan)" border="0"/></a></p><br clear="all"/> (AFP) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/citigroup_dc nm/20080509/citigroup_dc Reuters Fri, 09 May 2008 19:44:34 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/citigroup_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080510/2008_05_09t034956_450x391_us_citigroup.jpg?x=130&y=112&q=85&sig=Ggueu.v.rAs_54k6PTCLww--" align="left" height="112" width="130" alt="A man walks past the Citibank building in San Francisco, California April 30, 2008. (Robert Galbraith/Reuters)" border="0" /></a>Reuters - Citigroup Inc said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually, in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/citigroup_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080510/2008_05_09t034956_450x391_us_citigroup.jpg?x=130&y=112&q=85&sig=Ggueu.v.rAs_54k6PTCLww--" align="left" height="112" width="130" alt="photo" title="A man walks past the Citibank building in San Francisco, California April 30, 2008. (Robert Galbraith/Reuters)" border="0"/></a></p><br clear="all"/> (Reuters) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/countrywide_stock_dc nm/20080509/countrywide_stock_dc Reuters Fri, 09 May 2008 19:39:39 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/countrywide_stock_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_09t153908_450x343_us_countrywide_stock.jpg?x=130&y=99&q=85&sig=ObhiPbVcLVqgMTfFfv9PSw--" align="left" height="99" width="130" alt="A Countrywide branch location is seen in Burlington, Massachusetts May 5, 2008. (Brian Snyder/Reuters)" border="0" /></a>Reuters - Countrywide Financial Corp shares fell nearly 6 percent on Friday on renewed speculation that Bank of America Corp will renegotiate or cancel its agreement to buy the largest U.S. mortgage lender.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/countrywide_stock_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_09t153908_450x343_us_countrywide_stock.jpg?x=130&y=99&q=85&sig=ObhiPbVcLVqgMTfFfv9PSw--" align="left" height="99" width="130" alt="photo" title="A Countrywide branch location is seen in Burlington, Massachusetts May 5, 2008. (Brian Snyder/Reuters)" border="0"/></a></p><br clear="all"/> (Reuters) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/usa_housing_mortagecredit_goldman_dc nm/20080509/usa_housing_mortagecredit_goldman_dc Reuters Fri, 09 May 2008 19:25:36 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/usa_housing_mortagecredit_goldman_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_09t152444_450x281_us_usa_housing_mortagecredit_goldman.jpg?x=130&y=81&q=85&sig=lkNNqF1vGkzjCG8QTVlc6w--" align="left" height="81" width="130" alt="A foreclosed home is seen in Chicago January 28, 2008. (John Gress/Reuters)" border="0" /></a>Reuters - Goldman Sachs economists expect a total of $500 billion in residential mortgage credit losses, a renewed slowdown in economic activity after the near-term boost from fiscal stimulus, and no monetary policy tightening in 2008 or 2009, according to a research note from the firm.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/usa_housing_mortagecredit_goldman_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_09t152444_450x281_us_usa_housing_mortagecredit_goldman.jpg?x=130&y=81&q=85&sig=lkNNqF1vGkzjCG8QTVlc6w--" align="left" height="81" width="130" alt="photo" title="A foreclosed home is seen in Chicago January 28, 2008. (John Gress/Reuters)" border="0"/></a></p><br clear="all"/> (Reuters) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/aig_dc nm/20080509/aig_dc Reuters Fri, 09 May 2008 18:43:37 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/aig_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_09t105353_450x288_us_aig.jpg?x=130&y=83&q=85&sig=mPAZrVoTY2eGpC6FWt6esQ--" align="left" height="83" width="130" alt="An AIG sign is seen on an office building in Los Angeles, California May 8, 2008. (Fred Prouser/Reuters)" border="0" /></a>Reuters - American International Group , after disappointing with a worse-than-expected loss on Thursday, did little to buoy investor spirits on Friday, telling shareholders it does not yet see signs of a rebound in the market for mortgage assets, which have cost it dearly over the past two quarters.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080509/bs_nm/aig_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_09t105353_450x288_us_aig.jpg?x=130&y=83&q=85&sig=mPAZrVoTY2eGpC6FWt6esQ--" align="left" height="83" width="130" alt="photo" title="An AIG sign is seen on an office building in Los Angeles, California May 8, 2008. (Fred Prouser/Reuters)" border="0"/></a></p><br clear="all"/> (Reuters) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080509/ap_on_bi_co_ne/all_business ap/20080509/all_business AP Fri, 09 May 2008 17:56:44 GMT AP - A government-backed mortgage bailout is needed, and it must be done right away. http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ft/20080509/bs_ft/fto050920081327143194 ft/20080509/fto050920081327143194 FT.com Fri, 09 May 2008 17:20:25 GMT FT.com - Fannie Mae (NYSE:FNM), the biggest buyer of US mortgages, this week demonstrated why it is the elephant in the room when it comes to the ranks of financial institutions deemed too big to fail. http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080509/ap_on_bi_ge/citigroup ap/20080509/citigroup AP Fri, 09 May 2008 20:38:11 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080509/ap_on_bi_ge/citigroup"><img src="http://d.yimg.com/us.yimg.com/p/ap/20080509/capt.95dbbf4bab354e6e82c506b9cb4e18fa.citigroup_outlook_nybz131.jpg?x=84&y=130&q=85&sig=2iEI_iT.pFiyP8xzXusRjA--" align="left" height="130" width="84" alt="In this undated file photo provided by Citigroup Inc., CEO Vikram Pandit is shown. Citigroup Inc. on Friday, May 9, 2008 said it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets. (AP Photo/Citigroup, file)" border="0" /></a>AP - Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review — but only after shrinking the company by about one-fifth first.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080509/ap_on_bi_ge/citigroup"><img src="http://d.yimg.com/us.yimg.com/p/ap/20080509/capt.95dbbf4bab354e6e82c506b9cb4e18fa.citigroup_outlook_nybz131.jpg?x=84&y=130&q=85&sig=2iEI_iT.pFiyP8xzXusRjA--" align="left" height="130" width="84" alt="photo" title="In this undated file photo provided by Citigroup Inc., CEO Vikram Pandit is shown. Citigroup Inc. on Friday, May 9, 2008 said it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets. (AP Photo/Citigroup, file)" border="0"/></a></p><br clear="all"/> (AP) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080509/ap_on_bi_ge/citigroup_outlook ap/20080509/citigroup_outlook AP Fri, 09 May 2008 13:02:00 GMT AP - Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets. http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080509/bs_afp/uscongresseconomyproperty afp/20080509/uscongresseconomyproperty AFP Fri, 09 May 2008 01:04:03 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080509/bs_afp/uscongresseconomyproperty"><img src="http://d.yimg.com/us.yimg.com/p/afp/20080509/capt.cps.ncw64.090508030222.photo00.photo.default-512x341.jpg?x=130&y=86&q=85&sig=e1dSjqW93dEonZPW4JvdHQ--" align="left" height="86" width="130" alt="A foreclosure sign seen in Stockton, California. The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto(AFP/Getty Images/File/Justin Sullivan)" border="0" /></a>AFP - The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080509/bs_afp/uscongresseconomyproperty"><img src="http://d.yimg.com/us.yimg.com/p/afp/20080509/capt.cps.ncw64.090508030222.photo00.photo.default-512x341.jpg?x=130&y=86&q=85&sig=e1dSjqW93dEonZPW4JvdHQ--" align="left" height="86" width="130" alt="photo" title="A foreclosure sign seen in Stockton, California. The US House of Representatives has approved a bill that lawmakers hope could stem the tide of home foreclosures due to the subprime mortgage crisis, but it faces a presidential veto(AFP/Getty Images/File/Justin Sullivan)" border="0"/></a></p><br clear="all"/> (AFP) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080508/pl_nm/usa_housing_congress_dc nm/20080508/usa_housing_congress_dc Reuters Thu, 08 May 2008 23:32:30 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080508/pl_nm/usa_housing_congress_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_08t172904_450x368_us_usa_housing_congress.jpg?x=130&y=106&q=85&sig=BzZqLfHH55lvskp6yYKcwA--" align="left" height="106" width="130" alt="Prospective buyers visit an open house in Alexandria, Virginia, April 6, 2008. The House of Representatives on Thursday approved a bill to create a $300 billion mortgage-insurance fund and provide billions more in homeowner aid to stabilize a housing market shaken by a wave of foreclosures. (Jonathan Ernst/Reuters)" border="0" /></a>Reuters - The U.S. House of Representatives on Thursday approved legislation to create a $300 billion mortgage-insurance fund and provide billions more in homeowner aid to stabilize a housing market shaken by a wave of foreclosures and a credit crunch.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080508/pl_nm/usa_housing_congress_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_08t172904_450x368_us_usa_housing_congress.jpg?x=130&y=106&q=85&sig=BzZqLfHH55lvskp6yYKcwA--" align="left" height="106" width="130" alt="photo" title="Prospective buyers visit an open house in Alexandria, Virginia, April 6, 2008. The House of Representatives on Thursday approved a bill to create a $300 billion mortgage-insurance fund and provide billions more in homeowner aid to stabilize a housing market shaken by a wave of foreclosures. (Jonathan Ernst/Reuters)" border="0"/></a></p><br clear="all"/> (Reuters) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080508/ap_on_bi_ge/earns_american_international_group ap/20080508/earns_american_international_group AP Thu, 08 May 2008 21:32:31 GMT AP - American International Group Inc. said Thursday that it swung to a first-quarter loss of $7.81 billion because of losses tied to credit swaps and mortgage-related operations and that it plans to raise a total of $12.5 billion in new cash to shore up its capital base. http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080508/bs_nm/aig_results_dc nm/20080508/aig_results_dc Reuters Thu, 08 May 2008 20:48:12 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080508/bs_nm/aig_results_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_08t174242_450x288_us_aig_results.jpg?x=130&y=83&q=85&sig=EdIHVQGI_ET7vSjL9JPeRg--" align="left" height="83" width="130" alt="A sign on an office building for AIG, American International Group, is pictured in Los Angeles, California May 8, 2008. (Fred Prouser/Reuters)" border="0" /></a>Reuters - American International Group Inc , the world's largest insurer, posted its largest ever quarterly loss on Thursday and said it would raise $12.5 billion to fortify its balance sheet.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080508/bs_nm/aig_results_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080509/2008_05_08t174242_450x288_us_aig_results.jpg?x=130&y=83&q=85&sig=EdIHVQGI_ET7vSjL9JPeRg--" align="left" height="83" width="130" alt="photo" title="A sign on an office building for AIG, American International Group, is pictured in Los Angeles, California May 8, 2008. (Fred Prouser/Reuters)" border="0"/></a></p><br clear="all"/> (Reuters) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080508/ap_on_go_ca_st_pe/irs_phone_tax ap/20080508/irs_phone_tax AP Thu, 08 May 2008 15:42:31 GMT AP - Sometimes the IRS can't get people to cooperate, even when it tries to give money away. http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080507/bs_afp/eueurozoneecbslovakiaforexreax afp/20080507/eueurozoneecbslovakiaforexreax AFP Wed, 07 May 2008 17:34:00 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080507/bs_afp/eueurozoneecbslovakiaforexreax"><img src="http://d.yimg.com/us.yimg.com/p/afp/20080507/capt.cps.ncn70.070508193155.photo00.photo.default-512x307.jpg?x=130&y=77&q=85&sig=t3N49xgl749lw_j0MS4mQw--" align="left" height="77" width="130" alt="Slovakian Prime minister Robert Fico attends a press conference in Bratislava. Fico hailed EU approval of Slovakia's euro entry as a historic decision for his country on Wednesday while rejecting criticisms of its efforts to curb inflation(AFP/Samuel Kubani)" border="0" /></a>AFP - Prime Minister Robert Fico hailed EU approval of Slovakia's euro entry as a historic decision for his country on Wednesday while rejecting criticisms of its efforts to curb inflation.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080507/bs_afp/eueurozoneecbslovakiaforexreax"><img src="http://d.yimg.com/us.yimg.com/p/afp/20080507/capt.cps.ncn70.070508193155.photo00.photo.default-512x307.jpg?x=130&y=77&q=85&sig=t3N49xgl749lw_j0MS4mQw--" align="left" height="77" width="130" alt="photo" title="Slovakian Prime minister Robert Fico attends a press conference in Bratislava. Fico hailed EU approval of Slovakia's euro entry as a historic decision for his country on Wednesday while rejecting criticisms of its efforts to curb inflation(AFP/Samuel Kubani)" border="0"/></a></p><br clear="all"/> (AFP) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080507/bs_nm/usa_economy_housing_dc nm/20080507/usa_economy_housing_dc Reuters Wed, 07 May 2008 14:06:58 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080507/bs_nm/usa_economy_housing_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080507/2008_05_07t102443_450x298_us_usa_economy_housing.jpg?x=130&y=86&q=85&sig=BeTYf2fTEkGeaZpEoEfskg--" align="left" height="86" width="130" alt="A foreclosed house for sale is pictured in the Green Valley Ranch development in Denver, Colorado July 26, 2007. (Rick Wilking/Reuters)" border="0" /></a>Reuters - Pending sales of previously owned homes fell 1 percent in March, as expected, as turmoil in the housing and mortgage markets continued, a real estate trade group report on Wednesday showed.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080507/bs_nm/usa_economy_housing_dc"><img src="http://d.yimg.com/us.yimg.com/p/nm/20080507/2008_05_07t102443_450x298_us_usa_economy_housing.jpg?x=130&y=86&q=85&sig=BeTYf2fTEkGeaZpEoEfskg--" align="left" height="86" width="130" alt="photo" title="A foreclosed house for sale is pictured in the Green Valley Ranch development in Denver, Colorado July 26, 2007. (Rick Wilking/Reuters)" border="0"/></a></p><br clear="all"/> (Reuters) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/nm/20080507/bs_nm/fanniemae_capital_ofheo_dc nm/20080507/fanniemae_capital_ofheo_dc Reuters Wed, 07 May 2008 13:20:55 GMT Reuters - Financial markets believe Fannie Mae, the biggest provider of funding for U.S. home loans, can reverse losses by applying fresh capital of $6 billion toward profitable investments, the company's federal regulator told CNBC on Wednesday. http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/bw/20080507/bs_bw/may2008pi2008056395513 bw/20080507/may2008pi2008056395513 BusinessWeek Online Wed, 07 May 2008 12:08:41 GMT BusinessWeek Online - Fannie Mae's worse-than-expected first-quarter loss, reported on May 6, shouldn't come as a surprise to anyone who has followed the news of continuing declines in home prices across the U.S. http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080507/bs_afp/chinajapaninsurance afp/20080507/chinajapaninsurance AFP Wed, 07 May 2008 04:22:11 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080507/bs_afp/chinajapaninsurance"><img src="http://d.yimg.com/us.yimg.com/p/afp/20080507/capt.cps.ncj97.070508062059.photo00.photo.default-290x230.jpg?x=130&y=103&q=85&sig=XpcYi1BORm7KUNT3TJ3anA--" align="left" height="103" width="130" alt="The Shanghai skyline in September 2007. Chinese consumer electronics maker SVA Group is set to withdraw from an insurance joint venture with Japan's Nippon Life Insurance(AFP/DDP/File/Marcus Brandt)" border="0" /></a>AFP - Chinese consumer electronics maker SVA Group plans to withdraw from a struggling life insurance joint venture with Japan's Nippon Life Insurance, state media said Wednesday.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/afp/20080507/bs_afp/chinajapaninsurance"><img src="http://d.yimg.com/us.yimg.com/p/afp/20080507/capt.cps.ncj97.070508062059.photo00.photo.default-290x230.jpg?x=130&y=103&q=85&sig=XpcYi1BORm7KUNT3TJ3anA--" align="left" height="103" width="130" alt="photo" title="The Shanghai skyline in September 2007. Chinese consumer electronics maker SVA Group is set to withdraw from an insurance joint venture with Japan's Nippon Life Insurance(AFP/DDP/File/Marcus Brandt)" border="0"/></a></p><br clear="all"/> (AFP) http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080506/ap_on_bi_ge/countrywide_hearing ap/20080506/countrywide_hearing AP Tue, 06 May 2008 22:06:56 GMT <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080506/ap_on_bi_ge/countrywide_hearing"><img src="http://d.yimg.com/us.yimg.com/p/ap/20080506/capt.e10e2a8647bf4a0786550cf869848209.countrywide_hearing_dcsw103.jpg?x=88&y=130&q=85&sig=6huA_As4OIKKEh3KkT.VGQ--" align="left" height="130" width="88" alt="Steve Bailey, Senior Managing Director for Loan Administration at Countrywide Financial Corporation, testifies before the Senate Subcommittee on Administrative Oversight and the Courts Tuesday, May 6, 2008, on Capitol Hill in Washington during a hearing on bankruptcy and the foreclosure crisis. (AP Photo/Susan Walsh)" border="0" /></a>AP - Mortgage lender Countrywide Financial Corp., which is under investigation for inflating certain borrowers' fees, acknowledged Tuesday that it has made errors and pledged to take steps to improve its operations.</p><br clear="all"/> <p><a href="http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http://news.yahoo.com/s/ap/20080506/ap_on_bi_ge/countrywide_hearing"><img src="http://d.yimg.com/us.yimg.com/p/ap/20080506/capt.e10e2a8647bf4a0786550cf869848209.countrywide_hearing_dcsw103.jpg?x=88&y=130&q=85&sig=6huA_As4OIKKEh3KkT.VGQ--" align="left" height="130" width="88" alt="photo" title="Steve Bailey, Senior Managing Director for Loan Administration at Countrywide Financial Corporation, testifies before the Senate Subcommittee on Administrative Oversight and the Courts Tuesday, May 6, 2008, on Capitol Hill in Washington during a hearing on bankruptcy and the foreclosure crisis. (AP Photo/Susan Walsh)" border="0"/></a></p><br clear="all"/> (AP)