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November 21, 2008 8:21:47 PM CST

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Feds Near $50B Plan to Guarantee 3M Mortgages

Treasury, FDIC working on measure to help avoid more foreclosures

Washington Post Washington Post Oct 29, 08 4:36 PM CDT
(Newser) - The Treasury Department and the FDIC are working on a plan to guarantee the mortgages of 3 million struggling homeowners, the Washington Post reports. Under the plan, lenders would reduce monthly payments so owners could avoid foreclosure. If the homeowners defaulted anyway on the reconfigured loan, the government would repay the lender a portion of the loss. More »

More about:  Financial Crisis • bailout • housing crisis • foreclosure • Treasury Department • FDIC • mortgages

Clinton Housing Chief Paved the Way for Risky Loans

How American Dream Became Economic Nightmare

New York Times New York Times Oct 19, 08 11:27 AM CDT
(Newser) - The top housing chief of the Clinton administration helped launch a major financing wave that transformed the American dream of homeownership into reality for thousands of people—whether they could afford it or not, reports the New York Times . From his post, Henry Cisneros loosened mortgage restrictions for first-time buyers, then later joined the board of a major housing developer and the nation's largest mortgage lender. More »

analysis

What Will Taxpayers Shell
Out for All This?

Some bailouts are more risky, some less—and add up to $1 trillion

Wall Street Journal Wall Street Journal Sep 28, 08 1:44 PM CDT
(Newser) - If a $700 billion federal bailout sounds like a lot, it is—but Washington will actually shell out $1 trillion in all of its present and proposed plans. Between Henry Paulson's plan, and bailouts of Bear Stearns, AIG, and Fannie Mae and Freddie Mac, the Wall Street Journal breaks down Washington's rescues into pieces to see how much of it will hit taxpayers' wallets. More »

House Passes Huge
Housing Rescue Bill

Measure should clear Senate soon; Bush says he'll sign it

The Hill The Hill Jul 23, 08 5:34 PM CDT
(Newser) - The House today approved a massive bill to provide relief for struggling homeowners, communities hit hard by the housing crisis, and mortgage giants Fannie Mae and Freddie Mac, the Hill reports. The bill passed 272-152 hours after President Bush switched course and said he would not veto it. The measure is expected to clear the Senate by the end of the week. More »

More about:  bailout • House of Representatives • housing crisis • Fannie Mae • Freddie Mac • mortgages

 Mortgage Rates
 Surge to
 5-Year High 

Problems with Freddie, Fannie threaten further woes for housing market

New York Times New York Times Jul 23, 08 7:40 AM CDT
(Newser) - Mortgage rates rose yesterday to a 5-year high of 6.71% as investors worried that—even with government intervention—Fannie Mae and Freddie Mac wouldn’t play as big a role in the $12 trillion US mortgage market as in the past, reports the New York Times . The rising rates threaten to further depress the struggling housing market. More »

More about:  Fannie Mae • Freddie Mac • mortgage backed securities • mortgage rates • mortgages

 US Must Stop
 Foreclosures,
 Bernanke Warns 

He warns of cascading crisis

Los Angeles Times Los Angeles Times May 6, 08 2:35 AM CDT
(Newser) - Federal Reserve Chairman Ben Bernanke yesterday called for government intervention to halt home foreclosures, warning that to do nothing could "destabilize communities, reduce property values of nearby homes, and lower tax revenues." Bernanke said in a speech in New York that a million Americans were already three months behind in mortgage payments at the beginning of this year, threatening dire consequences for the future of the economy, reports the Los Angeles Times . More »

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