Economic Recovery to Take Months: Paulson

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• Fannie, Freddie Will Stop Foreclosures Over Holidays

  Nov 20, 08 4:38 PM CST
  Homeowners facing foreclosure got a morsel of good news today: Fannie Mae and Freddie Mac won’t give them the boot over the holidays. The companies will suspend foreclosures of occupied houses from Nov. 26-Jan. 9 while they work out a loan-reform plan with lenders, MarketWatch reports. The six-week suspension should keep 16,000 homeowners safe for the time being. More »

• Freddie Posts Record $25.3B Loss; Taps $13B Infusion

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  Freddie Mac, the swamped mortgage giant seized by the government two months ago, asked for $13.8 billion from the Treasury today after a record quarterly loss plunged its net worth into the negative, Bloomberg reports. Sister company Fannie Mae, also under government control, said this week it might need funds beyond the $100 billion previously earmarked for each of the firms before the end of the year.
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• Fannie, Freddie to Offer Mass Loan Modifications

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  Fannie Mae and Freddie Mac will roll out a plan today to modify hundreds of thousands of loans in an effort to prevent foreclosures, the Wall Street Journal reports. The mortgage giants, under federal conservatorship, aim to reduce mortgage payments to no more than 38% of household income. Private banks will be encouraged by the Treasury to perform similar surgeries. More »

• Paulson Outlines His 'Bold' Bailout

  Sep 19, 08 10:10 CDT
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