"These transactions are an important part of our overall effort to strengthen our financial position and extend the maturities of our debt," said Curt Stevens, LP's chief financial officer. "We believe that this capital availability, along with our previously announced actions to reduce costs and conserve cash, will allow us to get through these poor market conditions and position ourselves to take advantage of the economic rebound as it occurs."

We continue to be profitable, our capital and liquidity are strong and we are actively lending in every sector of the marketplace. We need to help keep these facts straight in the public debate as the market appears to be moving in part based on rumor, innuendo and falsehoods propagated by the misinformed.

Tennessee Attorney General Bob Cooper today announced a settlement with Countrywide, the nation’s largest mortgage lender and servicer, to resolve complaints of predatory lending. The Agreed Final Judgment, which Attorney General Cooper filed in court today on behalf of the Tennessee Division of Consumer Affairs, will provide for loan modification eligibility for an estimated 6,900 Tennessee borrowers and an estimated $4 million in other economic relief to troubled Tennessee borrowers. “We are pleased that this agreement can bring relief to eligible Countrywide borrowers who are on the brink of losing their homes or to some who have already lost their homes,” said Attorney General Cooper. “We also hope this case will be a warning to those unscrupulous lenders who would mislead consumers into committing to loans they ultimately could not afford.” Countrywide is currently in the process of identifying and notifying eligible consumers about loan modifications. Countywide consumers can also call Countrywide toll-free at (800) 669-6607 to find out now if they are potentially eligible for a loan modification or other programs.

Inside Bank of America, employees were stunned Thursday by the possible need for assistance, having thought their company was among the industry's stronger players. With the bank already in the midst of laying off 42,500 employees and slashing bonuses, even Lewis loyalists were expressing ire about their boss' deal-making ways, insiders said.