Mexican immigrants are sending smaller portions of their paychecks home because of tumbling wages and fewer jobs in America. Many are returning home, but they're finding the economic picture there isn't much better. Dan Grech reports.
Citibank, the nation's biggest bank, says it lost $14 billion in the first quarter. But its assurance that it was working to climb out of the hole was good enough for investors, who bumped up its stock 4%. Bob Moon reports.
Jumbo home loans -- anything larger than $417,000 -- have become more expensive than regular mortgages. They're 7% instead of 5.9%. Now Freddie Mac has a deal with four lenders to lower the rate. Jill Barshay reports.
Concern is growing that banks may have been hiding their distress by manipulating a key financial benchmark called the LIBOR. It's used as the basis for millions of financial transactions around the world, including mortgages and corporate loans. Stephen Beard reports.
Merrill Lynch reported $6 billion new write-offs for the first quarter, and the brokerage says it will have to cut 4,000 jobs. Analyst Tanya Azarch talks about the bigger picture for investment and commercial banks.
China reported today its economy grew 10.6% in the 1st quarter, which may seem red hot, but it was 11.9% last year. So is China catching America's subprime cold? Or is it immune? The answer has big implications for the global economy. Scott Tong reports.
After JPMorgan and Wells Fargo announced big drops in 1st-quarter profits today their shares promptly shot up and the Dow jumped for joy. Why? The numbers actually met or exceeded expectations. Bob Moon reports.
British Prime Minister Gordon Brown is in the U.S. today to talk with Wall Street bankers about the global credit crunch and possibly ask them to reveal their credit losses asap. Stephen Beard in London reports.