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House OKs rescue for homeowners, Freddie, Fannie (AP)
Thu, 24 Jul 2008 06:20:16 GMT

Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., left, and the committee's ranking Republican, Sen. Richard Shelby, R-Ala., right, take part in a news conference on Capitol Hill in Washington, Wednesday, July 23,2008, to discuss President Bush's decision to support the housing bill. (AP Photo/Lauren Victoria Burke)AP - Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.


Housing bill won't solve market's problems (AP)
Thu, 24 Jul 2008 06:03:08 GMT

In this July 2, 2008 file photo, a bank owned home is seen for sale in Sacramento, Calif.. Rescue legislation sailed through the House Wednesday, July 23, 2008, aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing. (AP Photo/Rich Pedroncelli, file)AP - Cash-strapped homebuyers and borrowers facing foreclosure will get some relief from a housing bill passed by the House on Wednesday but the bill won't solve the deep-rooted ills of the U.S. housing market.


Mass. woman kills self before home foreclosure (AP)
Thu, 24 Jul 2008 00:48:24 GMT
AP - A 53-year-old wife and mother fatally shot herself shortly after faxing a letter to her mortgage company saying that by the time they foreclosed on her house that day, she would be dead.
San Diego sues Bank of America to halt foreclosures (Reuters)
Thu, 24 Jul 2008 00:22:57 GMT

San Diego City Attorney Michael Aguirre speaks at a news conference in San Diego in this May 15, 2008 file photograph. (Mike Blake/Files/Reuters)Reuters - San Diego's city attorney said on Wednesday he filed a lawsuit against Bank of America Corp and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in the city, which he aims to make a "foreclosure sanctuary."


Economy - Wednesday (Investor's Business Daily)
Wed, 23 Jul 2008 22:36:43 GMT
Investor's Business Daily - The Mortgage Bankers Assoc.'s mortgage applications index fell 6.2% in the week ended July 18 to 489.6 as 30-year mortgage rates rose 0.37 point 15 6.59%, the highest in a year. The purchase index fell 6.7% to 335.6 and the refi index fell 5.6% to 1392.7. Financial turmoil has caused interest rates to rise while soaring home-loan defaults have forced banks to curb credit, deepening the housing slump.
How they voted: House roll call on housing bill (AP)
Wed, 23 Jul 2008 22:04:54 GMT
AP - The 272-152 roll call Wednesday by which the House passed a bill that aims to help homeowners facing foreclosure and to prevent mortgage giants Fannie Mae and Freddie Mac from collapsing.
Title insurer Fidelity National's net sinks 92 percent (Reuters)
Wed, 23 Jul 2008 21:58:25 GMT
Reuters - Fidelity National Financial Inc , which controls one of the largest U.S. title insurers, said on Wednesday second-quarter profit tumbled 92 percent as the housing slump cut into home sales and refinancings.
House passes housing bill; Bush lifts veto threat (Reuters)
Wed, 23 Jul 2008 21:30:38 GMT

President Bush on Wednesday dropped a threat to veto a housing rescue bill, clearing the way for measures meant to shore up the worst U.S. home market since the Great Depression. (Paul Szep/Reuters)Reuters - The House of Representatives passed a massive housing rescue bill on Wednesday while the White House dropped a threat to veto it, paving the way for measures aimed at shoring up the worst U.S. housing market since the Great Depression.


GM global auto sales skid 5.0 percent (AFP)
Wed, 23 Jul 2008 17:17:54 GMT

General Motors on Wednesday posted a five percent drop in global sales in the second quarter as a sharp drop in its home market offset strong gains overseas.(AFP/File/Stan Honda)AFP - General Motors on Wednesday posted a five percent drop in global sales in the second quarter as a sharp drop in its home market offset strong gains overseas.


 Congress May Vote Today on Fannie-Freddie Rescue Plan (Bloomberg)
Wed, 23 Jul 2008 15:25:17 GMT
Bloomberg - July 23 (Bloomberg) -- The U.S. Congress may vote today on a rescue plan for Fannie Mae and Freddie Mac after lawmakers reached a deal on legislation aimed at alleviating the worst housing recession in a quarter century.
"Wall Street got drunk": Bush at private event (Reuters)
Wed, 23 Jul 2008 15:04:59 GMT
Reuters - President George W. Bush has an explanation for the housing market meltdown that has thrown the global economy into turmoil: Wall Street got drunk.
House Lawmakers to Vote on Fannie-Freddie Rescue Plan (Bloomberg)
Wed, 23 Jul 2008 14:05:30 GMT
Bloomberg - July 23 (Bloomberg) -- The U.S. House of Representatives is set to vote today on a rescue plan for Fannie Mae and Freddie Mac after lawmakers reached a deal on legislation aimed at alleviating the worst housing recession in a quarter century.
Bush will sign housing bill into law: W. House (Reuters)
Wed, 23 Jul 2008 13:47:52 GMT
Reuters - President George W. Bush will sign into law a housing rescue package, despite objections about a provision to provide grants to communities to buy and repair foreclosed homes, because the legislation was needed promptly to address the crisis, the White House said on Wednesday.
I Ain't Buyin' It (The Motley Fool)
Wed, 23 Jul 2008 13:16:31 GMT
The Motley Fool - Banks are closing, and unemployment's up. We have record foreclosures and sky-high gas prices. Everywhere we turn, there's gloom and doom -- on the newspapers, the nightly news, radio âEuro¦ every media outlet is full of these stories.
Banks Stick with Stadium Sponsorships (BusinessWeek Online)
Wed, 23 Jul 2008 12:08:41 GMT
BusinessWeek Online - Over the last several years, many banks galvanized by the housing boom affixed their names to sports stadiums and arenas across the country, hoping to drive brand awareness at the ballpark. Now, as the subprime and credit crisis continues to strike many financial institutions, one expert criticizes certain money-losing companies for buying naming rights.
As economic woes mount, homeless plan to vote (Reuters)
Wed, 23 Jul 2008 05:17:50 GMT

Homeless men sleep on a sidewalk along West 39th street in New York City, July 2, 2004. REUTERS/Mike SegarReuters - Single mother Mary White worked as a sales clerk until the bank foreclosed on the home she rented.


Rescue of mortgage giants could hit $25 billion (AP)
Wed, 23 Jul 2008 00:34:33 GMT

This May 2, 2007 file photo shows the Fannie Mae building in Washington. For years, mortgage giants Fannie Mae and Freddie Mac tenaciously worked to nurture, and then protect, their financial empires by invoking the political sacred cow of homeownership and fielding an army of lobbyists, power brokers and political contributors. Now, new attention is being focused on the bruised mortgage companies as the Bush administration presses its rescue plan to Congress. (AP Photo/Manuel Balce Ceneta, File)AP - A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure.


Tension, Inflation Drive Price Of Gold Higher (Investor's Business Daily)
Tue, 22 Jul 2008 21:38:59 GMT
Investor's Business Daily - Geopolitical tensions and fears in the financial markets owing to the bailout of Freddie Mac and Fannie Mae, along with a weak dollar, have pushed gold higher again, according to a World Gold Council report released Tuesday.
Fannie and Freddie: Getting to know powerful pair (AP)
Tue, 22 Jul 2008 21:36:34 GMT
AP - Behind their down-home names, Fannie Mae and Freddie Mac are so vital to the economy that the government scrambled to offer them a lifeline. But what exactly are they, and what do they do?
Paulson says financial stability is top priority (AP)
Tue, 22 Jul 2008 21:11:59 GMT

Treasury Secretary Henry Paulson addresses a morning gathering at the the main branch of the New York Public Library, Tuesday July 22, 2008. Paulson said Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to make sure the two mortgage giants maintain their critically important role in housing finance. (AP Photo/Richard Drew)AP - Treasury Secretary Henry Paulson spent another day stumping for the U.S. banking system, declaring Tuesday that his top priority was ensuring "stability and confidence in our markets and financial institutions."