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Daily Biz - From the NBR News Desk

posted by Denise Royal, Producer at 3:17 PM on 03/24/08

Daily Biz Title GraphicWall Street is keeping up last week's momentum.. up more than 200 points today. That's due in part to a new agreement that will give Bear Stearns shareholders five times the payout than was outlined in a JPMorgan Chase buyout deal a week ago. So far today, Bear Stearns shares have nearly doubled in value. New York Bureau Chief Scott Gurvey will have analysis on today's announcement.

A stronger-than-expected housing report is adding to the upswing. The National Association of Realtors reported sales of previously-owned homes rose in February after falling six months in a row. At the same time, the trade group says median home prices fell by the largest amount on record. Tonight, Susie Gharib interviews Tobias Levkovich, chief U.S. strategist at Citigroup about what's going on in the commodities markets. Stephanie Dhue looks at parallels between the current credit crisis and and the Savings & Loan Crisis of the 1980's and early 90's. And, in tonight's Tax Tips, advice for homeowners facing foreclosure from Kevin McCormally, Executive Editor at Kiplinger's Personal Finance.

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Fundtimes-
According to GMAC spokeswoman Toni Simonetti the company is considering so-called strategic alternatives regarding some parts of its residential mortgage business. Alvaro de Molina, who will take over as CEO April 1, has been quoted as saying GMAC is considering asset sales when the markets open up.

Is GM trying to unload 1t's 49% stake in GMAC/RESCAP...if so how pro-active are they and where are they in the process?

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