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March 2008
- Depression-Era FHA Tries to Save Mortgages
  
  newser | Wall Street Journal | Mar 6, 08 1:00 PM CST
  
  It’s been a while since the Federal Housing Administration was relevant. But now policymakers are counting on the Depression-era agency, which mostly insures mortgages, to once again solve a housing crisis. FHA-insured loans are swiftly becoming substantially cheaper than their Fannie Mae or Freddie Mac backed counterparts. “The FHA’s role is going to be huge,” predicted one mortgage consultant. More »
  
  Tags
  
  housing market • housing crisis • mortgage crisis • Fannie Mae • Freddie Mac • Federal Housing Administration • economic stimulus • Great Depression • mortgage insurance
- Fannie, Freddie OK Appraisal Deal
  
  newser | Wall Street Journal | Mar 4, 08 8:20 AM CST
  
  The nation’s two largest backers of home loans have reached a deal with New York Attorney General Andrew Cuomo that could help eliminate inflated mortgage appraisals, the Wall Street Journal reports. Fannie Mae and Freddie Mac have agreed to buy mortgages only from banks that follow a new code of conduct requiring independent appraisals. More »
  
  Tags
  
  housing market • mortgage crisis • Fannie Mae • Freddie Mac • Andrew Cuomo • appraisals
February 2008
- Paulson Raps Mortgage Rescue Plans
  
  newser | Wall Street Journal | Feb 28, 08 7:06 AM CST
  
  Homeowners burned by the subprime mortgage meltdown shouldn't be looking to the federal government for help, Treasury Secretary Henry Paulson told the Wall Street Journal yesterday. Facing down mounting congressional pressure for stronger measures to stem an epidemic of foreclosures, Paulson dismissed proposals on the table as "bailouts" for reckless lenders, investors and speculators. More »
  
  Tags
  
  subprime mortgages • Ben Bernanke • housing crisis • foreclosure • mortgage crisis • Henry Paulson
- Bush Spars With Senators Over Housing Fixes
  
  newser | Washington Post | Feb 27, 08 11:56 AM CST
  
  Congressional Democrats are pushing for new bankruptcy rules to help homeowners suffering from the mortgage crisis, the Washington Post reports—though the White House says it will veto any plan that could hurt lenders and send mortgage rates upward. Democrats say enough Republicans from hard-hit states could join them in allowing some bills to hit the Senate floor for debate. More »
  
  Tags
  
  Senate • mortgage crisis • mortgage • housing • Arlen Specter • Federal Housing Administration • Mortgage Bankers Association • Richard Durbin
- Home Seizures by Banks Jump 90% in Year
  
  newser | Bloomberg | Feb 26, 08 2:00 PM CST
  
  Banks seized more than 45,000 homes in January, nearly double the number from a year ago and up 8% from December, Bloomberg reports. Rising adjustable-rate mortgage payments were the culprit. Total foreclosure filings, which include default and auction notices in addition to seizures, increased 57% to 233,001, the sixth consecutive month with more than 200,000 filings. More »
  
  Tags
  
  housing crisis • subprime crisis • foreclosure • mortgage crisis • default • mortgage defaults • housing sales • repossessions
- Mortgage Crisis: Judges to the Rescue?
  
  newser | Los Angeles Times | Feb 26, 08 1:00 PM CST
  
  Over the loud objections of lenders, Senate Democrats are lining up behind a plan to give bankruptcy judges the power to alter mortgages, the LA Times reports. The proposals could go to the floor as early as today. “This bill will have more impact… than any other option currently on the table,” said Jack Kemp, housing secretary in the first Bush administration. More »
  
  Tags
  
  Senate • housing crisis • subprime crisis • mortgage crisis • Harry Reid • bankruptcy • Arlen Specter • Dick Durbin • lending practices • mortgage rate freeze
- Feds Ponder Rescue Plans as Housing Slump Worsens
  
  newser | New York Times | Feb 22, 08 12:05 PM CST
  
  With one in 10 US homeowners owing more on their homes than they’re worth, the highest proportion of negative-equity loans since the Depression, the government is weighing plans that would apply the brakes to the rapidly accelerating housing market collapse, the New York Times reports. Possibilities include federal loan guarantees and spending billions refinancing at-risk mortgages. More »
  
  Tags
  
  subprime mortgages • housing crisis • mortgage crisis • debt • mortgage debt • negative equity • Federal government
- Homeless Look to Foreclosures
  
  newser | Associated Press | Feb 19, 08 4:52 PM CST
  
  As the nation's spate of foreclosures leaves more people homeless, more homeless people are finding shelter in those newly abandoned buildings, the AP reports. The stock of foreclosed homes in hard-hit areas may well outnumber people on the street, leading many to chance arrest or a run-in with drug dealers for a roof over their heads. More »
  
  Tags
  
  foreclosure • mortgage crisis • Philadelphia • homeless • Cleveland • urban poverty • shelter
- Lenders Throw Lifeline to Struggling Borrowers
  
  newser | Wall Street Journal | Feb 12, 08 6:58 AM CST
  
  Six top US mortgage lenders will launch a program today aimed at helping at-risk borrowers avoid foreclosure. Aimed at homeowners more than 90 days delinquent on loans, Project Lifeline will forestall foreclosure actions for 30 days while lenders try to work out new payment options, reports the Wall Street Journal. Contact with borrowers could begin this week. More »
  
  Tags
  
  housing crisis • foreclosure • mortgage crisis • borrowers
- State Lenders Choke Bush's Fight Against Foreclosures
  
  newser | Bloomberg | Feb 1, 08 7:18 PM CST
  
  President Bush’s goal of helping subprime borrowers by offering tax-exempt bonds is meeting resistance from state lenders, Bloomberg reports. Risk-averse state housing agencies are already turning down over half the applicants to their own programs intended to help those affected by the crisis, due mainly to applicants’ existing financial woes. The agencies’ caution could cripple Bush’s scheme to fight foreclosures. More »
  
  Tags
  
  George W. Bush • housing market • housing crisis • subprime crisis • mortgage crisis • borrowers • mortgage debt • housing agencies
January 2008
- Poll: Most Expect Recession but Aren't Hurting—Yet
  
  newser | Los Angeles Times | Jan 25, 08 3:34 AM CST
  
  The vast majority of Americans are convinced the nation is sinking into a recession—but most are not feeling the pinch themselves and have no plans to tighten their belts just yet, according to a Los Angeles Times/ Bloomberg poll. A year ago a similar poll showed widespread confidence that the economy was in good shape. More »
  
  Tags
  
  George W. Bush • Iraq war • US economy • recession • Wall Street • mortgage crisis • weak dollar • trade deficit • mortgage rates
- Foreclosures Double Previous Calif. Record
  
  newser | Los Angeles Times | Jan 23, 08 6:47 PM CST
  
  Foreclosures in California hit a new high in the final quarter of 2007, more than doubling the previous record. Nearly 32,000 foreclosures in the state in the year's final three months smashed the existing high set in 1996. Experts say that the rise in foreclosures stems at least partially from the sub-prime loan collapse, reports the Los Angeles Times. More »
  
  Tags
  
  California • foreclosure • mortgage crisis
- FCC: Economy Could Dampen Wireless Sale
  
  newser | Reuters | Jan 18, 08 10:24 AM CST
  
  FCC head Kevin Martin registered concern this week about the impact of the credit crunch on the government auction of wireless airwaves scheduled to begin Jan. 24, Reuters reports. The auction, which Congress has ordered to go forward, comes at a time when the meltdown of housing and subprime mortgage markets has battered the ability of companies to raise capital. More »
  
  Tags
  
  Congress • mortgage crisis • FCC • Verizon • AT and T • Kevin Martin • spectrum auction
- Court Limits Investors' Suits Over Fraud
  
  newser | Washington Post | Jan 15, 08 5:14 PM CST
  
  The Supreme Court today made it harder for defrauded investors to sue to get their money back. The court limited the ability of investors to sue third parties—accountants, bankers, and lawyers, for example—who help a company commit securities fraud. The 5-3 ruling, considered one of the most important business decisions in years, will make it harder for Enron victims to recover their money, the Washington Post reports. More »
  
  Tags
  
  US Supreme Court • mortgage crisis • investors • John Paul Stevens • Enron
- Greenspan Signs On With Mortgage Profiteer
  
  newser | Wall Street Journal | Jan 15, 08 12:20 PM CST
  
  Paulson & Co. made a fortune as the mortgage crisis unfolded, and now the hedge fund has hired the man some say caused the meltdown. Alan Greenspan, whose actions as chairman of the Fed have been under fire lately, today agreed to advise the firm, which saw one fund rise 590% on bearish housing plays and is betting things get worse, the Wall Street Journal reports. More »
  
  Tags
  
  housing crisis • mortgage crisis • hedge fund • Alan Greenspan • John Paulson
- Citi Takes $9.83B Loss, $18B in Writedowns
  
  newser | Bloomberg | Jan 15, 08 6:03 AM CST
  
  Citigroup announced $18 billion in writedowns and a $9.83-billion fourth-quarter loss today as a relentless torrent of mortgage defaults has brought the banking giant to its knees. The $1.99-per-share loss is the largest in Citi’s 196-year history, Bloomberg reports. Citi, struggling to recapitalize, also reported US and foreign investors—including Kuwait and Singapore—have agreed to a $14.5-billion cash infusion. More »
  
  Tags
  
  subprime mortgages • mortgage crisis • Citigroup • corporate earnings
- Investigators Ask: Did Banks Withhold Info?
  
  newser | New York Times | Jan 12, 08 4:35 PM CST
  
  Prosecutors are probing Wall Street banks to see if they ever revealed the risky nature of certain subprime mortgage investments, the New York Times reports. Industry experts are accusing the banks of turning high-risk loans, called exceptions, into investments without divulging details to investors and credit-rating agencies. One probe, led by New York Attorney General Andrew M. Cuomo, could lead to charges within weeks. More »
  
  Tags
  
  subprime mortgages • Wall Street • mortgage crisis • home loans • Andrew Cuomo
- Merrill's $15B Write-Down Nearly Doubles Estimate
  
  newser | New York Times | Jan 11, 08 1:10 PM CST
  
  Merrill Lynch will announce $15 billion in losses stemming from mortgage investments, figure twice its earlier forecast, the New York Times reports. The firm is expected to raise $4 billion quickly from outside investors. New CEO John Thain, who has already sold a $5.6 billion stake to a Singapore state company, is considering selling off its $4 billion holdings in Bloomberg. More »
  
  Tags
  
  mortgage crisis • Merrill Lynch • Singapore • Charles Schumer • John Thain • sovereign wealth funds • write down
- Bank of America Buys Countrywide for $4B
  
  newser | Bloomberg | Jan 11, 08 6:52 AM CST
  
  Bank of America, five months after throwing a $2 billion lifeline to rapidly sinking Countrywide Financial, will pay nearly $4 billion in stock to save the damaged mortgage lender. The deal makes BofA the nation's largest mortgage lender and loan servicer and should help build a bulwark against the still-spreading default crisis, the Wall Street Journal notes. But fund manager Eric Schopf tells Bloomberg: “I hope Bank of America isn’t throwing good money after bad.” More »
  
  Tags
  
  mortgage crisis • acquisitions • Bank of America • Countrywide Financial
- Cap One Cuts Earnings Forecast
  
  newser | Wall Street Journal | Jan 10, 08 6:46 AM CST
  
  The nation’s largest independent credit card issuer, facing worsening loan troubles and a struggling US economy, says it will cut its 2007 profit forecast 20%. Capital One Financial 's news is another indicator that the mortgage crisis is infecting other loans, the Wall Street Journal notes; the company is also a big issuer of auto loans, and has seen increasing delinquency in that business . More »
  
  Tags
  
  mortgage crisis • earnings • Capital One

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