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Bank of America (BAC) takeover of Countrywide (CFC) may be in jeopardy

Analysts believe that BAC will probably lower its takeover price of CFC or possibly abandon the deal altogether. This is because problems at the mortgage lender intesified, making the agreement less attractive.

Oil pushes above $120 level

Concerns about supply in Iran, Iraq and Nigeria are pushing oil prices higher. Earlier today, oil reached $120,93. Great Britain´s economic recovery, for instance, could be delayed beyond next year if the price of crude oil doesn´t fall. This will also happen worldwide, as higher oil and other commodities pushed inflation higher.

Fed report indicated US banks clamp down on lending

In a signal that the credit crunch has intesified, a Federal Reserve report found that banks in the US tightened lending standards to near record levels.

Fannie Mae stock analysis

The largest US mortgage company, Fannie Mae (stock ticker: FNM), reported earlier today a wider loss than analysts predicted; Fannie´s loss was $2.19 billion or $2.57 a share, versus a loss of 64 cents that analysts expected. Also, they said the dividend will be cut and that they will raise $6 billion in capital  to help overcome what some think is the worst housing slamp since the Great Depression. Fannie´s stock price is currently losing 8% of its value in the premarket session, reaching the price of $26.13

Yahoo still open to Microsoft´s takeover at right price

Yahoo! Inc´s CEO, Jerry Yang, criticized by many investors for rejecting the takeover offer of $47.5 billion, said that he will consider selling the software company or another bidder for the right price. If Yang doesn´t bring up Yahoo´s share price in the next few months, he will probably lose his job.

UBS stock analysis

UBS also posted a huge loss of $17.3 billion and also plans to cut 5,500 more jobs. UBS fell as much as 5,6% in Swiss trading, the most in seven weeks. The bullish season might be over after some financial companies are showing investors the true colours of the economy.