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When's the last time you went to a mortgage-burning party? Do people even pay off their 30-year mortgages anymore? NPR's Planet Money team went on a mission to find out.
In 2004, an investigator with the Securities and Exchange Commission warned superiors of inconsistencies in convicted fraudster Bernard Madoff's trading practices. She was, however, told to focus on other investigations. Zachary Goldfarb, a business and economics reporter with The Washington Post, offers his insight.
For years, oil production has been largely banned in the Gulf of Mexico off the coast of Florida. In large part, that's because of concerns that a spill could devastate the state's tourism industry. But now, some elected officials seem willing to take another look at offshore drilling after years of opposition.
Reuters - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.
AP - Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday.
Reuters - U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.
BusinessWeek Online - With signs the economy is improving but still fragile, Federal Reserve policymakers held the Fed funds rate steady -- at zero to 0.25% -- on June 24, and maintained its pace of purchases of government debt at mortgage-backed securities.
AP - President Barack Obama asked Congress on Tuesday to create a new agency to police the fine print on credit card bills and mortgage documents and determine what fees, penalties and interest rates are fair.
AP - The Treasury Department said Tuesday that it has approved three more firms for its mortgage relief program.
Reuters - The Obama administration sent Congress a draft bill on Tuesday to create a new agency with sweeping powers to impose tough consumer protection rules for banks, mortgage lenders and other financial firms, setting up a summer-long political brawl over the plan.
AP - Chase said Tuesday it has approved 138,000 trial mortgage modifications for struggling homeowners in the past three months.
AP - Protests are planned in more than a dozen cities across the country to demand that a group of mortgage companies who benefited from federal bailout money participate in a government program designed to prevent foreclosures.
Reuters - Freddie Mac , the second-largest U.S. home funding company, on Friday said its mortgage investment portfolio shrank by an annualized 9.9 percent rate in May, while delinquencies on loans it guarantees accelerated.
AP - Rates for 30-year home loans edged up this week, remaining above record lows reached over the spring.
Reuters - The federal government has agreed to accept $25 billion of preferred stock in two American International Group Inc businesses as partial repayment of debt, the company said on Thursday.
Reuters - The Federal Reserve on Wednesday stuck to its huge program of buying government and mortgage debt, which is designed to keep borrowing costs low and boost recovery, and said it saw signs that the deep U.S. recession was easing.
Reuters - U.S. mortgage applications climbed last week from a seven-month low, the Mortgage Bankers Association said on Wednesday, adding to emerging signs that the three-year housing market collapse may be abating.