Looks like the federal reserve is having to step in to see who gets Wachovia Wells Fargo or Citigroup. The sagga continues.

NEW YORK - Wachovia, Citigroup and Wells Fargo, in consultation with the Federal Reserve, have agreed to a standstill of all formal litigation activity.

The agreement is scheduled to end at noon Wednesday.

Federal Reserve officials Monday were negotiating with Wells Fargo and Citigroup in the hope of getting the parties to come to some sort of agreement.

Early last week, Citigroup agreed to buy Wachovia's banking assets for $2.1 billion in a deal brokered by the FDIC. On Friday, Wells Fargo said it agreed to buy the bank for $15.1 billion without any government support.

Citigroup Inc. said Monday it filed a complaint in New York Supreme Court against Wachovia, Wells Fargo and the directors of both companies seeking more than $60 billion in damages for interfering with the bank's planned takeover of Wachovia's banking operations.

The complaint, brought Saturday and filed Monday, seeks more than $20 billion in compensatory damages and more than $40 billion in punitive damages from San Francisco-based Wells Fargo & Co.

Guess we are going to have to wait till Weds to see what happens. Keep and eye out and I will keep you updated!

I'm sure you are aware that Bank of America bought out Countrywide months ago. Well they have agreed to work with some home owners here in Florida with theree mortgage loans.

Here is a quick look at what they are doing. Now if you would like to read the whole article you can go here.

More than 57,000 Florida homeowners stand to benefit from a landmark settlement reached Monday between Florida and Countrywide Financial Corp., the giant subprime mortgage lender.

Florida residents could be in line for nearly $1 billion in total financial relief. Most of that will be money saved on modified loans, officials say.

Florida Attorney General Bill McCollum sued Countrywide this summer, accusing the lender of putting borrowers into mortgages they couldn't afford or approving loans with interest rates and penalties that were misleading.

Under terms of the agreement, Countrywide will modify loans for an estimated 52,000 Florida borrowers and suspend foreclosure proceedings on all loans that meet the eligibility criteria while determining whether the borrowers qualify for loan modifications.

The settlement also calls for Countrywide to pay $20 million overall to an estimated 5,600 Florida borrowers who have lost their homes to foreclosure after experiencing an early payment default or interest-rate reset.

This is not a quick fix, but I believe it can generally help a bunch of people. I hope this loans are taken cared of properly.