Filed under: Newspapers, Magazines, AT and T (T), Citigroup Inc. (C), Countrywide Financial (CFC), Wells Fargo (WFC)

MAJOR PAPERS:

• The Wall Street Journal reported that sources said the Bush administration is close to agreeing on a plan that would temporarily freeze interest on some subprime loans and is under negotiation with a group of regulators and a coalition of companies including Citigroup Incorporated (NYSE: C), Wells Fargo & Company (NYSE: WFC) and Countrywide Financial Corporation (NYSE: CFC).

OTHER PAPERS:

• According to rumors in the industry, Guardian Unlimited reported that AT&T Inc (NYSE: T) made a bid for business communications company Colt Telecom, reportedly valuing Colt at at around 240p-250p per share, or GBP1.6B-GBP1.7B.

WEBSITES:

• Federal Reserve Chairman Ben Bernanke has suggested that another cut in interest rates may be warranted to help boost the economy, reported the Associated Press; he does not foresee a recession.
• Treasury Secretary Henry Paulson is in talks with banks regarding an agreement to slow the rising number of foreclosures by fixing interest rates on loans to subprime borrowers, Bloomberg reported.

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