Wall Street Roundup: Former AIG executive off the hook. Banks face downgrades

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Home sales rise. The sales of previously owned homes in the U.S. was up more than analysts expected, thanks in part to a recently-expired federal tax credit for home buyers, the National Assn. of Realtors says.

Former AIG exec off the hook. Federal prosecutors have decided not to bring criminal charges related to American International Group Inc.’s financial ruin against a former executive, inside sources are saying.

Banks face downgrades. The big banks could face significant rating downgrades after financial reform removes government support for the banks, reports the Wall Street Journal.

Inside the battle. New York magazine psychoanalyzes the fight between the Obama administration and Wall Street.

-- Nathaniel Popper