Chrysler To Sell Stocks; Lenders To Review Foreclosures

Chrysler's CEO said the carmaker plans to sell shares to the public again by the second half of next year. Chrysler declared bankruptcy last year, which wiped out the company's previous investors. And the seven biggest U.S. mortgage lenders have been ordered by federal regulators to review their foreclosure process.

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STEVE INSKEEP, host:

NPR's business news starts with the Chrysler stock plan.

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INSKEEP: Chrysler's CEO, Sergio Marchionne, said today the carmaker plans to sell shares to the public again by the second half of next year. Like General Motors, Chrysler declared bankruptcy last year, which wiped out the company's previous investors.

The Italian carmaker Fiat, which is also led by Marchionne, currently owns about 20 percent of Chrysler. Fiat has the option to raise that stake to 51 percent.

ARI SHAPIRO, host:

Here in the U.S., federal regulators have ordered the seven biggest mortgage lenders to review their foreclosure processes. This comes after JPMorgan Chase suspended over 50,000 foreclosures this week, after finding errors in foreclosure documents.

Last week, Allied Financial halted evictions in 23 states after significant flaws in its foreclosure processes were also exposed. Other banks affected by this new order include Bank of America, Citibank and Wells Fargo.

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