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Reuters - Treasury Secretary Henry Paulson and members of Congress clashed on Tuesday over the best use for the $700-billion financial bailout fund, with lawmakers demanding money to stem a national wave of mortgage foreclosures.
AP - Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defense Tuesday of his handling of the $700 billion program and expressed fresh reservations about tapping the pool for mortgage guarantees to relieve skyrocketing home foreclosures.
Reuters - Fannie Mae , the largest provider of money for U.S. home mortgages, on Tuesday said its federal regulator suspended a mandate to set aside money for a housing trust fund.
Electronics were supposed to be a bright spot in a dismal holiday shopping season, but Best Buy and Circuit City are in terrible shape. Are any sectors looking good?
The Big Three U.S. automakers — General Motors, Ford and Chrysler — will appear today before lawmakers on Capitol Hill to ask for federal funds to curb to decline of the auto industry. Warren Brown, of the Washington Post; John Schmitt, of the Center for Economic and Policy Research in Washington and Mary Chapman, of African Americans on Wheels magazine discuss the automotive crisis and how consumers should be prepared to respond.
AP - President George W. Bush's choice to be the federal watchdog over the $700 billion bailout for banks and other financial companies promised Monday to use his experience prosecuting mortgage and securities fraud to keep Congress apprised if the money is being misused.
Reuters - A senior U.S. senator on Monday introduced legislation to let judges alter the terms of distressed mortgages in bankruptcy cases, reviving a controversial proposal meant to help troubled homeowners, a said an aide to the lawmaker.
Reuters - Freddie Mac could post losses totaling $20 billion to $40 billion in 2009, hurt by higher credit costs and write-downs in mortgage assets, an analyst at Friedman Billings Ramsey said.
AP - The Postal Service is investigating whether the nation's postmaster general improperly received a sweetheart deal on a mortgage from Countrywide Financial Corp., the chairman of the service's governing board said.
Reuters - Life and mortgage insurer Genworth Financial Inc said on Sunday it applied for capital under a U.S. government program, after reaching a deal to buy a bank, bringing it under federal regulation.
AP - Freddie Mac is asking for an initial injection of $13.8 billion in government aid after posting a massive quarterly loss Friday.
AP - Publicly breaking with the Bush administration's official stance, the Federal Deposit Insurance Corp. proposed Friday to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.
AFP - Freddie Mac, one of the mortgage finance giants taken over by the government earlier this year, reported Friday a quarterly loss of 25.3 billion dollars as it asked for a fresh capital infusion.
BusinessWeek Online - It may seem like ancient history now, but not long ago the mortgage industry was turning ordinary people into millionaires. One of them was Sharmen Lane, a high school dropout who, like many other young women during the boom, found her way into an obscure banking job with the clunky title "mortgage wholesaler." Her experience -- and the experiences of other wholesalers like her -- offers a glimpse into the recklessness and indulgence that drove the industry to ruin.
Reuters - U.S. mortgage finance companies should soon adopt a foreclosure prevention plan developed by Fannie Mae and Freddie Mac to ease loan terms for troubled borrowers, the companies' overseer said on Thursday.
AP - Hundreds of lenders told federal housing officials Thursday that a $300 billion mortgage aid program requires too many losses for consumers and lenders to realistically help 400,000 Americans avoid foreclosure.
AP - Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets.
Reuters - Franklin Bank Corp , the lender founded by mortgage securities pioneer Lewis Ranieri, filed for bankruptcy protection and plans to liquidate, after federal regulators seized its banking unit.
BusinessWeek Online - Listening to Hank Paulson's Nov. 12 speech, one is impressed both by his flexibility and a barely controlled underlying sense of panic. In a few short weeks, the Treasury Secretary has gone from a bailout plan focused solely on using $700 billion to buy up mortgage-backed securities to one that may not spend any money at all on mortgage-backed securities. Instead, as he announced Wednesday, much of the remaining money will be used to support consumer loan markets that have frozen up -- credit-card debt, student loans, and auto loans. ...