News Summary

Obama has extended the deadline for home buyers to get a federal home-buyer tax credit for three months. To be eligible for the tax credit, which can go up to $8,000, buyers need to be ready with a contract by September 30. This gives roughly 180,000 buyers, who missed filing the papers by April 30 due of clogged paperwork, another chance to get their mortgage approved. Reuters quoted an unidentified source as saying that AIG AIG CEO Robert Benmosche and Chairman Harvey Golub are trying to resolve their differences. The two have been at loggerheads ever since the sale of the company’s Asian unit failed. Benmosche had reportedly threatened the board of directors last week that he will quit the post if Golub does not resign. General Motors' sales in China for the first half exceeded those in the US. GM sold 1.21 million vehicles in China, which reflects roughly 50% year/year sales growth. In contrast, the company has sold only 1.08 million vehicles in the US. Read more from Benzinga's Markets.