Personal Finance News Jul 2008

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CIT Group exits home lending businesses
AP - CIT Group Inc. said Tuesday it will sell its home lending business to Lone Star Funds for $1.5 billion in cash, plus $4.4 billion of assumed debt, in a move to exit the troubled mortgage arena and focus on its commercial finance operations. (Tue, 01 Jul 2008 11:00:00 GMT)

Real Estate: Making the REIT Picks
BusinessWeek Online - After a great run, real estate investments have suffered over the past year, with the average real estate mutual fund down 18%, according to Morningstar. David Lee has managed the $2.5 billion T. Rowe Price Real Estate Fund (NASDAQ:TRREX - News) since it opened in October 1997, so he has seen tough times before. In the two years after the fund started, shares of real estate investment trusts (REITs) lost almost 20%, even as the Standard & Poor's 500-stock index raced ahead 50%. "Even my family was calling up saying they were going to disown me," Lee jokes. (Tue, 01 Jul 2008 12:08:41 GMT)

CIT shares jump on deal to shed mortgage assets
Reuters - CIT Group Inc said on Tuesday it agreed to sell nearly $10 billion of mortgage assets, in a deal that removes problem loans from the commercial lender's balance sheet and lifted its shares 14 percent in premarket trading. (Tue, 01 Jul 2008 13:12:54 GMT)

Bank of America completes acquisition of Countrywide
AFP - Bank of America said Tuesday it completed its purchase of Countrywide Financial, the largest US mortgage lender that had been at the center of the country's subprime loan crisis. (Tue, 01 Jul 2008 13:25:06 GMT)

Gov. pushing plan to help struggling NC homeowners
AP - Gov. Mike Easley called on state lawmakers Tuesday to make up for the federal government's inaction by approving a measure to help some struggling North Carolina homeowners by giving them more latitude to repay their debt. (Tue, 01 Jul 2008 21:49:03 GMT)

BofA completes deal for Countrywide Financial
AP - Bank of America Corp. completed its purchase of Countrywide Financial Corp. Tuesday, making the Charlotte-based bank the nation's leading mortgage originator and servicer. (Tue, 01 Jul 2008 22:04:03 GMT)

Housing market seen getting worse
Reuters - An even gloomier scenario may be in store for an already ailing U.S. housing market if the overall economy slips into a recession, according to UBS Securities analysts. (Thu, 03 Jul 2008 15:54:50 GMT)

Rates on 30-year mortgages drop to 6.35 percent
AP - Rates on 30-year mortgages, which had been rising for five straight weeks, posted a decline this week as signals from the Federal Reserve eased worries about imminent rate increases. (Thu, 03 Jul 2008 16:35:02 GMT)

TPG pulls out of Bradford & Bingley plan
AP - Bradford & Bingley PLC said Friday it is revising its plans to raise new capital after U.S. private equity fund Texas Pacific Group pulled out of its agreement to invest more than $350 million in the mortgage banker. (Fri, 04 Jul 2008 18:18:36 GMT)

Employers use federal law to deny benefits
AP - Dying of cancer, Thomas Amschwand did everything he was told to make sure his wife would collect on the life insurance policy he had through his employer. (Sun, 06 Jul 2008 03:31:51 GMT)

Treasuries move higher on concerns about economy
AP - Treasury bonds rose Monday as investors fled the stock market amid growing concerns about the financial sector. A Federal Reserve official warned that financial companies' problems might worsen, and a Wall Street analyst raised questions about government lenders Freddie Mac and Fannie Mae. (Mon, 07 Jul 2008 21:24:29 GMT)

Financial worries weigh on Wall Street
Reuters - Stocks fell on Monday on concerns that the top two mortgage providers would have to raise even more capital, severely devaluing existing shareholders' stakes, while big energy companies fell along with oil prices. (Mon, 07 Jul 2008 21:35:48 GMT)

Stocks fall on worries about financial sector
AP - Wall Street lost more ground in extremely volatile trading Monday, as investors recoiled at a cautious economic outlook from a Federal Reserve official and the possibility of more financial troubles of Fannie Mae and Freddie Mac. (Mon, 07 Jul 2008 21:39:52 GMT)

IndyMac to stop most mortgage loans and cut 3,800 jobs
Reuters - IndyMac Bancorp Inc , one of the largest U.S. mortgage lenders, said on Monday it will eliminate 3,800 jobs and stop making most home loans after regulators concluded it was no longer "well-capitalized." (Mon, 07 Jul 2008 21:47:12 GMT)

IndyMac stops new loans, to cut work force by half
AP - Mortgage lender IndyMac Bancorp Inc., struggling to raise capital to stay in business, said Monday it has stopped accepting new loan submissions in its main mortgage lending divisions and plans to slash 3,800 jobs, or more than half of its work force. (Mon, 07 Jul 2008 23:20:29 GMT)

Fannie, Freddie shares gain after OFHEO comments
Reuters - Shares of Fannie Mae and Freddie Mac , the two largest providers of U.S. mortgage finance, rose after their regulator said on Tuesday that they should have adequate returns to raise capital. (Tue, 08 Jul 2008 13:05:14 GMT)

Fed plans new rules to protect future homebuyers
AP - The Federal Reserve, trying to stabilize a shaky U.S. financial system, may give squeezed Wall Street firms more time to tap the central bank's emergency loan program, chairman Ben Bernanke said Tuesday. (Tue, 08 Jul 2008 13:46:55 GMT)

Stocks fluctuate after Bernanke talk; oil down
AP - Wall Street fluctuated Tuesday, with investors still jittery about the nation's ailing financial system but relieved to hear Federal Reserve chairman Ben Bernanke say the central bank might extend its lending efforts to investment banks. (Tue, 08 Jul 2008 14:26:55 GMT)

SEC finds shortcomings in credit raters
Reuters - Credit rating agencies did not properly manage their conflicts of interests when assigning ratings to structured products such as mortgage-backed securities, a report by the U.S. Securities and Exchange Commission said on Tuesday. (Tue, 08 Jul 2008 17:30:20 GMT)

ALL BUSINESS: Wall Street CEOs should return pay
AP - If Wall Street CEOs really want to revive their credibility, they should return the bloated bonuses they got when they made what eventually turned into wrongheaded bets on the mortgage market. (Tue, 08 Jul 2008 19:00:22 GMT)

Ka-ching! Consumers borrow mostly on credit cards
AP - Consumers boosted their borrowing in May, mostly reflecting heavy credit card use to finance their purchases. (Tue, 08 Jul 2008 19:55:27 GMT)

Fannie, Freddie rise after dive a day earlier
AP - Shares of mortgage financiers Fannie Mae and Freddie Mac bounced back Tuesday, a day after plunging over worries the pair might need billions of dollars in new capital if a new accounting rule is put into effect. (Tue, 08 Jul 2008 20:58:22 GMT)

IndyMac depositors pull cash as mortgage woes grow
Reuters - Mortgage lender IndyMac Bancorp Inc said on Tuesday depositors had been withdrawing cash at an "elevated" pace since a key U.S. senator questioned its ability to survive the housing crisis. (Tue, 08 Jul 2008 22:15:54 GMT)

Bearish Murdoch sees another year of stock trouble
AP - Rupert Murdoch expects the capital markets to lurch through the next 12 months as Wall Street banks sift through mountains of bad debt related to the mortgage crisis, the News Corp. chairman said Wednesday. (Wed, 09 Jul 2008 21:14:01 GMT)

Wachovia names Steel CEO, sees loss
Reuters - Wachovia Corp , the fourth-largest U.S. bank, named senior Treasury Department official Robert Steel chief executive, and said mortgage and legal problems would result in a $2.6 billion to $2.8 billion second-quarter loss, much larger than many analysts expected. (Thu, 10 Jul 2008 00:49:13 GMT)

Deputy US Treasury chief named to head Wachovia bank
AFP - Wachovia Corp named US Treasury Department Under Secretary Robert Steel as its new chief executive Wednesday after the commercial banking giant ousted its previous CEO over hefty mortgage-related losses. (Thu, 10 Jul 2008 05:58:33 GMT)

June home foreclosures up 53 percent
Reuters - Home foreclosure filings jumped 53 percent in June from a year earlier, although they were down 3 percent from May, and foreclosures are expected to rise further, real estate data firm RealtyTrac said on Thursday. (Thu, 10 Jul 2008 09:51:30 GMT)

Fannie, Freddie insolvent, Poole tells Bloomberg
Reuters - Mortgage lenders Fannie Mae and Freddie Mac are "insolvent" and may need a U.S. government bailout, former St. Louis Federal Reserve President William Poole was quoted as saying in an interview with Bloomberg. (Thu, 10 Jul 2008 12:58:36 GMT)

Stocks extend gains on Bernanke's testimony
Reuters - Stocks added to gains on Thursday as a source familiar with Federal Reserve Chairman Ben Bernanke's testimony said the central bank chief will tell the House Financial Services Committee that government efforts are focused on helping the financial system return to normal. (Thu, 10 Jul 2008 14:04:16 GMT)

Fannie, Freddie stocks and bonds plummet
Reuters - A firestorm of anxiety over the ability of U.S. mortgage giants Fannie Mae and Freddie Mac to get the capital they need to survive sent their debt and stocks plummeting on Thursday. (Thu, 10 Jul 2008 14:18:16 GMT)

White House focusing on legislation for Fannie and Freddie
Reuters - The White House remains focused on passing legislation on Fannie Mae and Freddie Mac that will give confidence to the financial markets, a White House spokesman said on Thursday, amid ongoing concerns about the mortgage finance heavyweights' capital levels. (Thu, 10 Jul 2008 15:04:03 GMT)

McCain says U.S. cannot let Fannie, Freddie fail
Reuters - Republican presidential candidate Sen. John McCain said on Thursday that the United States could not allow government-sponsored mortgage finance giants Fannie Mae and Freddie Mac to fail. (Thu, 10 Jul 2008 16:22:24 GMT)

Obama aide: Fannie and Freddie woes reflect economy
Reuters - Presidential candidate Barack Obama's top economic aide said on Thursday that the difficulties facing mortgage giants Fannie Mae and Freddie Mac reflected the softness in the U.S. economy. (Thu, 10 Jul 2008 17:07:57 GMT)

Rates on 30-year mortgages rise, other rates mixed
AP - Rates on 30-year mortgages edged up this week, while rates on other home loans were a mixed bag. (Thu, 10 Jul 2008 19:24:36 GMT)

US mortgage sector primed to run for covered bonds
FT.com - Hank Paulson, US Secretary of the Treasury, has found a potential source of hope for the moribund US mortgage market in a European funding mechanism that he believes could boost investor confidence and cut costs for American home-buyers. (Thu, 10 Jul 2008 20:20:20 GMT)

Fears rise on trillion-dollar trouble for Fannie, Freddie
AFP - A downward spiral for mortgage giants Fannie Mae and Freddie Mac was unabated Thursday despite reassuring comments from Treasury Secretary Henry Paulson, as fears grew about the firms which underpin trillions of dollars in the housing system. (Thu, 10 Jul 2008 20:48:17 GMT)

AIG, other mortgage insurers fall on loss fears
Reuters - Shares of American International Group Inc , the world's largest insurer, fell 8.2 percent on Thursday on concerns that a rating cut at its mortgage insurance unit could signal more losses in the pipeline. (Thu, 10 Jul 2008 21:23:08 GMT)

GE to sell Japanese consumer finance arm to Shinsei
AFP - US conglomerate General Electric Co. will sell its Japanese consumer finance arm to Shinsei Bank in a multi-billion dollar deal, a newspaper reported Friday. (Fri, 11 Jul 2008 09:11:39 GMT)

Fannie, Freddie sink on government rescue fears
AP - Fears that the government will be forced to rescue Fannie Mae and Freddie Mac could well become a self-fulfilling prophecy. (Fri, 11 Jul 2008 10:55:45 GMT)

Shinsei to buy GE's Japanese finance unit
AFP - Japan's Shinsei Bank said Friday it had agreed to buy US giant General Electric's Japanese consumer finance arm for 580 billion yen (5.4 billion dollars) in a major push into the troubled sector. (Fri, 11 Jul 2008 11:11:41 GMT)

Shinsei to buy GE's Japan finance unit
AP - Midsize Japanese lender Shinsei Bank Ltd. said Friday it would acquire the local financial arm of General Electric Co. for 580 billion yen ($5.4 billion) in a bid to boost its consumer finance business. (Fri, 11 Jul 2008 11:24:11 GMT)

Fannie, Freddie keep plunging
Reuters - Shares of Fannie Mae and Freddie Mac plunged anew on Friday on the latest set of concerns about their future after the New York Times reported the U.S. is considering taking over the two finance companies if their funding problems worsen. (Fri, 11 Jul 2008 11:29:36 GMT)

White House presses Congress on Fannie-Freddie legislation
Reuters - The "best thing" for Fannie Mae and Freddie Mac right now would be for Congress to pass new oversight legislation, the White House said on Friday, amid growing concerns about the mortgage giants' funding problems. (Fri, 11 Jul 2008 13:31:19 GMT)

Fannie, Freddie shares plummet on NYSE after market open
Reuters - Shares of Fannie Mae and Freddie Mac plunged after the market open on Friday, after a New York Times report said the U.S. government is considering a takeover of the housing finance giants amid funding problems. (Fri, 11 Jul 2008 13:44:30 GMT)

Freddie, Fannie shares sink on bailout concerns
AP - Shares of Freddie Mac plummeted Friday as Wall Street and Washington became more convinced that the government is likely to bail out the nation's key mortgage financiers. (Fri, 11 Jul 2008 13:51:19 GMT)

Stocks tumble on Fannie, Freddie, oil
Reuters - Stocks slid on Friday on concerns about the stability of home financing providers Freddie Mac and Fannie Mae , and the impact of record oil prices on the economy and fueling inflation. (Fri, 11 Jul 2008 13:55:35 GMT)

Stock decline as Fannie, Freddie fall sharply
AP - Stocks tumbled Friday as investors focused on troubles at mortgage companies Fannie Mae and Freddie Mac and watched oil prices climb further into record territory. (Fri, 11 Jul 2008 14:04:09 GMT)

Key US mortgage lenders in shares meltdown
AFP - Shares of US mortgage finance giants Fannie Mae and Freddie Mac were in a freefall Friday on heightened concerns the trillion-dollar firms may face insolvency or a government takeover. (Fri, 11 Jul 2008 14:05:01 GMT)

Government mulls Fannie Mae, Freddie Mac takeover: report
Reuters - The U.S. government may take over Fannie Mae and Freddie Mac if their funding problems worsen, the New York Times said on Friday, causing shares of the mortgage finance companies to plunge. (Fri, 11 Jul 2008 14:19:03 GMT)

GE profit falls, meets estimates, sells loan unit
AP - Industrial and financial conglomerate General Electric Co. said Friday its profit fell 6 percent in the second quarter, and has agreed to sell its Japanese consumer finance business for $5.4 billion. (Fri, 11 Jul 2008 14:22:53 GMT)

Paulson-prime focus to support GSEs in "current form"
Reuters - Treasury Secretary Henry Paulson said on Friday that his chief aim at present is to back government-sponsored mortgage finance companies Fannie Mae and Freddie Mac in their "current form," giving no sign a government bailout of them was imminent. (Fri, 11 Jul 2008 14:50:39 GMT)

2 in 3 Americans say harder to get mortgage: survey
Reuters - Two in three Americans say it has become more difficult to obtain mortgages, reflecting how lenders have made it tougher to obtain credit as housing prices tumble and capital markets tighten. (Fri, 11 Jul 2008 16:35:13 GMT)

Sen Shelby pushes for stronger Fannie regulator
Reuters - The Congress must move quickly to put a stronger regulator in place for government-sponsored entities Fannie Mae and Freddie Mac, a senior aide to Republican Sen. Richard Shelby said on Friday. (Fri, 11 Jul 2008 18:01:55 GMT)

Freddie Mac, Fannie Mae cut losses on Dodd comments
Reuters - Shares of Freddie Mac briefly turned positive on Friday and those of Fannie Mae sharply pared their losses after Sen. Christopher Dodd, chairman of the Senate Banking Committee, said the two government-sponsored mortgage giants were fundamentally sound. (Fri, 11 Jul 2008 18:29:19 GMT)

McCain backs action to support Freddie, Fannie
Reuters - Republican presidential contender John McCain said on Friday that government assistance would likely be needed for Freddie Mac and Fannie Mae because a failure of the two mortgage giants would have a ripple effect through the entire U.S. economy. (Fri, 11 Jul 2008 19:30:40 GMT)

Fannie, Freddie recover most losses after early plunge
AFP - Shares of US mortgage finance giants Fannie Mae and Freddie Mac recouped most losses after an early freefall of some 50 percent, as Freddie Mac turned positive in late trade. (Fri, 11 Jul 2008 19:35:18 GMT)

Questions and answers about Fannie, Freddie
AP - Some questions and answers about Fannie Mae and Freddie Mac and their role in the mortgage market: (Fri, 11 Jul 2008 21:15:36 GMT)

Treasurys fall on worries about Fannie, Freddie
AP - Treasury bond prices slid sharply Friday on speculation that a massive government bailout of Fannie Mae and Freddie Mac could hurt the nation's triple-A credit rating. (Fri, 11 Jul 2008 21:38:51 GMT)

Washington, Wall St. weigh Fannie, Freddie help
AP - Wall Street and Washington wrestled Friday with how to shore up mortgage giants Fannie Mae and Freddie Mac, two troubled pillars of the economy whose failure would deal a devastating blow to the already crippled housing market. (Fri, 11 Jul 2008 21:39:33 GMT)

Top funds may have lost $4 billion on Freddie, Fannie this week
Reuters - Some of the best known U.S. fund firms probably suffered significant losses in this week's meltdown in the stocks of mortgage finance agencies Fannie Mae and Freddie Mac . (Sat, 12 Jul 2008 00:17:11 GMT)

Analysis: A new financial crisis at the worst time
AP - The last thing the Bush White House and the rest of the country needed in these economically trying times was another financial crisis. But they got one. (Sat, 12 Jul 2008 00:48:53 GMT)

Fannie and Freddie fears, oil over $147 hit Wall St
Reuters - U.S. stocks tumbled on Friday as fears about the stability of the top two home financing providers, Fannie Mae and Freddie Mac, combined with oil at a record above $147 to cloud the economic outlook. (Sat, 12 Jul 2008 01:03:11 GMT)

Stocks, dollar slide on latest credit crisis fear
Reuters - Fear the two largest U.S. mortgage finance companies are in such poor health that they need a government bailout pushed financial markets lower on Friday, although stocks pared losses as officials began to talk of safety-net moves for the ailing sector. (Sat, 12 Jul 2008 02:43:22 GMT)

Stocks end lower amid worries on Fannie, Freddie
AP - Wall Street's angst over the ongoing fallout from the credit crisis made for a turbulent end to a volatile week Friday — stocks tumbled, soared and then turned south again as investors tried to assess the dangers faced by the country's biggest mortgage financiers, Fannie Mae and Freddie Mac. (Sat, 12 Jul 2008 02:52:54 GMT)

IndyMac seized as financial troubles spread
Reuters - U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history. (Sat, 12 Jul 2008 06:05:54 GMT)

Government shuts down mortgage lender IndyMac
AP - IndyMac Bank's assets were seized by federal regulators on Friday after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. (Sat, 12 Jul 2008 11:21:19 GMT)

Washington, Wall St. weigh Fannie, Freddie help
AP - Wall Street and Washington wrestled Friday with how to shore up mortgage giants Fannie Mae and Freddie Mac, two troubled pillars of the economy whose failure would deal a devastating blow to the already crippled housing market. (Sat, 12 Jul 2008 11:24:26 GMT)

Economic storm brews as US mortgage lenders pushed to brink
AFP - As panicked investors pushed US mortgage finance giants Fannie Mae and Freddie Mac to the brink, debate swirled on whether the meltdown was a crisis of confidence or the onset of wider economic woes. (Sat, 12 Jul 2008 14:18:27 GMT)

Paulson cool to shield Fannie/Freddie investors: report
Reuters - U.S. Treasury Secretary Henry Paulson is insisting that if Fannie Mae and Freddie Mac need rescuing, the plan should not benefit shareholders of the giant mortgage finance firms, the Wall Street Journal said on Saturday. (Sat, 12 Jul 2008 21:15:08 GMT)

IndyMac bank seized by US amid intensifying crisis
AFP - Federally-seized IndyMac Bank was due to reopen Monday after suffering one of the biggest bank closures in US history, as the troubled US mortgage industry struggles to stem further meltdown. (Sat, 12 Jul 2008 21:58:46 GMT)

IndyMac seized as financial troubles spread
Reuters - U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history. (Sun, 13 Jul 2008 00:20:20 GMT)

US bank IndyMac seized amid intensifying crisis
AFP - Federally-seized IndyMac Bank was due to reopen Monday after suffering one of the biggest bank closures in US history, as the troubled US mortgage industry struggles to stem further meltdown. (Sun, 13 Jul 2008 10:38:38 GMT)

Officials check on Freddie Mac securities sale
Reuters - U.S. Treasury Department officials are trying to make sure that Freddie Mac, one of two troubled U.S. giant mortgage firms, will be able sell $3 billion in securities this week at a previously scheduled sale, the Washington Post reported on Sunday. (Sun, 13 Jul 2008 14:04:58 GMT)

Obama cautious on steps to help Freddie/Fannie
Reuters - Democratic White House hopeful Barack Obama said on Saturday he was confident "prudent steps" by the U.S. government would stabilize mortgage giants Fannie Mae and Freddie Mac but that it was necessary to see how the situation developed before deciding on what steps to take. (Sun, 13 Jul 2008 14:11:04 GMT)

Treasury to make statement on Fannie, Freddie: source
Reuters - The U.S. Treasury Department will issue a statement on Sunday expressing support for beleaguered mortgage finance lenders Freddie Mac and Fannie Mae , a source familiar with the matter said. (Sun, 13 Jul 2008 19:42:44 GMT)

Fed poised to curb shady home-lending practices
AP - Confronted by record foreclosures, the Federal Reserve is ready to give home buyers more protection from the types of shady lending practices that have contributed to the housing crisis. (Sun, 13 Jul 2008 20:09:21 GMT)

After last week's debacle, a critical step for Freddie Mac
AFP - Troubled mortgage giant Freddie Mac is aiming to sell off three billion dollars in securities on Monday following last week's meltdown, in a potentially decisive move to heal shattered investor confidence. (Sun, 13 Jul 2008 21:25:14 GMT)

Treasury may support GSEs with equity stake
Reuters - The U.S. Treasury on Sunday may say it is prepared to take an equity stake in troubled mortgage financiers Fannie Mae and Freddie Mac if requested, sources close to talks about the issue said. (Sun, 13 Jul 2008 21:44:59 GMT)

US spells out Freddie-Fannie backstop plan
AP - The U.S. Treasury and the Federal Reserve announced steps Sunday to shore up mortgage giants Fannie Mae and Freddie Mac. (Sun, 13 Jul 2008 22:08:54 GMT)

Fed, Treasury step up to backstop GSEs
Reuters - The U.S. Treasury Department and Federal Reserve on Sunday announced sweeping measures to lend money and buy stocks if necessary in embattled mortgage lenders Fannie Mae and Freddie Mac . (Sun, 13 Jul 2008 22:09:35 GMT)

Government not expected to help more companies
AP - The U.S. government is signaling it won't throw a lifeline to struggling financial companies — except for mortgage linchpins Fannie Mae and Freddie Mac — marking a shift to a new and potentially more volatile phase of the credit crisis. (Sun, 13 Jul 2008 22:17:43 GMT)

SEC says expanding rumor crackdown
Reuters - U.S. securities regulators are boosting efforts to stop the spread of false rumors that threaten financial institutions, after a week that saw steep slides in the shares of Fannie Mae , Freddie Mac and Lehman Brothers . (Mon, 14 Jul 2008 00:15:19 GMT)

Obama says U.S. must maintain capital flows to housing
Reuters - U.S. government support for mortgage giants Fannie Mae and Freddie Mac should protect taxpayers and not bail out shareholders or management, Democratic presidential hopeful Barack Obama said on Sunday. (Mon, 14 Jul 2008 02:02:09 GMT)

Government not expected to help more companies
AP - The U.S. government is signaling it won't throw a lifeline to struggling financial companies — except for mortgage linchpins Fannie Mae and Freddie Mac — marking a shift to a new and potentially more volatile phase of the credit crisis. (Mon, 14 Jul 2008 04:49:03 GMT)

Dollar gains ground on US mortgages plan
AFP - The dollar rose against the euro and yen on Monday as markets cheered measures by Washington to bolster US mortgage giants Fannie Mae and Freddie Mac, dealers said. (Mon, 14 Jul 2008 10:27:51 GMT)

Freddie Mac in $3 bln debt sell-off to calm investor fears
AFP - Troubled US mortgage giant Freddie Mac planned Monday to sell off three billion dollars in securities in a test of investor reaction to a bold rescue plan by the US Treasury. (Mon, 14 Jul 2008 10:52:53 GMT)

European stocks firmer after US mortgage plan
AFP - European stocks were firmer on Monday but Asian markets fell as investors digested measures to bolster US mortgage giants Fannie Mae and Freddie Mac amid a raft of major company takeover news. (Mon, 14 Jul 2008 12:05:02 GMT)

Welcomes but warnings for Fannie, Freddie rescue plan
Reuters - A government plan to rescue mortgage agencies Fannie Mae and Freddie Mac was welcomed by one of the world's biggest holders of dollar assets on Monday but fears remained about the state of the global financial system. (Mon, 14 Jul 2008 12:32:29 GMT)

World stocks mixed on US mortgage plan
AP - World markets were mixed Monday as investors took in news of U.S. government moves to prop up ailing mortgage financiers Fannie Mae and Freddie Mac. (Mon, 14 Jul 2008 12:43:05 GMT)

Oil rebound to near $145 a barrel
AP - Oil prices crept back up near $145 a barrel Monday on supply concerns after falling more than $2 earlier in the session as the dollar rose on expectations that the U.S. could avert a short-term worsening of the credit crisis. (Mon, 14 Jul 2008 13:27:01 GMT)

US spells out Fannie-Freddie backstop plan
AP - Scrambling to bolster eroding investor confidence, the Federal Reserve and the Treasury Department announced steps to brace slumping mortgage giants Fannie Mae and Freddie Mac. (Mon, 14 Jul 2008 14:02:49 GMT)

Fed poised to curb shady home-lending practices
AP - The Federal Reserve is moving closer to giving home buyers more protection from the types of shady lending practices that have contributed to the housing crisis and propelled foreclosures to record highs. (Mon, 14 Jul 2008 14:05:07 GMT)

Fannie, Freddie rebound after weekend aid plan
AFP - Fannie Mae and Freddie Mac surged Monday after a near-meltdown last week, boosted by a weekend plan offering a lifeline of fresh credit from the US Federal Reserve and Treasury. (Mon, 14 Jul 2008 14:08:22 GMT)

Bernanke: new mortgage rules to protect consumers
Reuters - Federal Reserve Chairman Ben Bernanke on Monday said new final mortgage rules are aimed at protecting consumers from deceptive lending practices that led to many unaffordable subprime loans. (Mon, 14 Jul 2008 14:10:49 GMT)

Stocks trade mixed on plan to aid Fannie, Freddie
AP - Stocks turned mixed in early trading Monday as investors lost some of their initial enthusiasm over the government's plans to shore up confidence in mortgage financiers Fannie Mae and Freddie Mac. (Mon, 14 Jul 2008 14:12:51 GMT)

Stocks lose ground as Fannie, Freddie slip
Reuters - The Dow and the S&P 500 sharply cut gains and the Nasdaq turned lower on Monday as investors worried that Washington's rescue plan to shore up Fannie Mae and Freddie Mac won't be enough to allay concerns about the fallout from the housing slump. (Mon, 14 Jul 2008 14:16:42 GMT)

Goldman: No turning point for U.S. housing from GSEs plan
Reuters - A major U.S. government plan to shore up mortgage finance firms Fannie Mae and Freddie Mac will not revive the ailing U.S. housing market yet, wrote Goldman Sachs economists in a research note dated Sunday. (Mon, 14 Jul 2008 15:23:30 GMT)

House's Hoyer targets timely action on GSE plan
Reuters - The Democratic leader of the House of Representatives on Monday said he does not expect housing finance giants Fannie Mae and Freddie Mac will need to draw on additional liquidity or capital from the Treasury Department or the Federal Reserve. (Mon, 14 Jul 2008 15:25:37 GMT)

Fannie, Freddie shares unable to hold early bounce
Reuters - Shares of mortgage finance firms Fannie Mae and Freddie Mac could not hold the gains they made early on Monday as questions remained over what the U.S. government's sweeping rescue plan means for shareholders. (Mon, 14 Jul 2008 15:36:46 GMT)

Santander bids for UK mortgage lender
AP - Spanish banking giant Banco Santander said Monday it has agreed to buy the British mortgage lender Alliance & Leicester PLC in a deal valued at $2.5 billion. (Mon, 14 Jul 2008 16:21:29 GMT)

McCain backs U.S. actions on Freddie Mac, Fannie Mae
Reuters - Republican presidential candidate John McCain said on Monday he backed U.S. actions aimed at saving mortgage finance giants Freddie Mac and Fannie Mae from financial collapse. (Mon, 14 Jul 2008 17:10:47 GMT)

Fannie, Freddie are in trouble. Should we care?
AP - Questions and answers about Fannie Mae and Freddie Mac and their role in the mortgage market: (Mon, 14 Jul 2008 20:30:50 GMT)

Bank shares plummet amid stability fears
Reuters - Shares in major U.S. banks plunged on Monday amid fears about the sector's stability following Friday's seizure by regulators of IndyMac Bancorp Inc , once one of the nation's largest mortgage lenders. (Mon, 14 Jul 2008 20:37:07 GMT)

FDIC halts foreclosure on IndyMac mortgages: Bair
Reuters - The Federal Deposit Insurance Corp has temporarily halted any foreclosures on the $15 billion of bank-owned mortgage loans found in IndyMac's portfolio, FDIC Chairman Sheila Bair said on Monday. (Mon, 14 Jul 2008 21:20:41 GMT)

The Short View: Too big to fail
FT.com - For the market, the Sunday announcement of government aid for the mortgage agencies Fannie Mae (NYSE:FNM) and Freddie Mac was nothing more than the confirmation of the obvious. Everyone knew they were too big to fail, and that their debt carried an implicit guarantee from the government. (Mon, 14 Jul 2008 21:30:18 GMT)

Freddie Mac auction draws plenty of bidders
AP - Freddie Mac attracted more bidders Monday for a highly anticipated auction of $3 billion in short-term securities than it had nearly all year, a day after the federal government provided support for the mortgage giant. (Mon, 14 Jul 2008 21:31:50 GMT)

Dollar firms against euro after US lifeline for Freddie, Fannie
AFP - The dollar firmed slightly against the euro Monday after Washington moved to bolster ailing mortgage finance giants Fannie Mae and Freddie Mac, dealers said. (Mon, 14 Jul 2008 22:36:31 GMT)

Fed adopts plan to curb shady mortgage practices
AP - For Roxanna Evans, the Fed's new rules to crack down on abusive lending practices, approved Monday, came too late. (Tue, 15 Jul 2008 02:33:22 GMT)

AOL launches personal finance site
Reuters - Time Warner Inc's AOL will launch a personal finance site on Tuesday, adding to a roster of new properties that do not bear its name. (Tue, 15 Jul 2008 04:48:53 GMT)

Lehman Brothers, other US banks buffeted by falling confidence
AFP - Investment giant Lehman Brothers and other US banks are being roiled by falling confidence in the banking sector which has been spurred in part by hefty mortgage-related losses, analysts said. (Tue, 15 Jul 2008 07:01:20 GMT)

Global stocks dive on scepticism over US mortgage rescues
AFP - World equity markets and the dollar fell heavily on Tuesday on scepticism that a dramatic weekend US government rescue of two mortgage giants would contain crisis in American finance. (Tue, 15 Jul 2008 10:40:12 GMT)

Paulson should consider receivership for Fannie, Freddie: report
Reuters - The U.S. Treasury Secretary could make greater progress toward a safer financial system by putting Fannie Mae and Freddie Mac into federal receivership, the Wall Street Journal said on Tuesday. (Tue, 15 Jul 2008 10:46:57 GMT)

Asia, Europe stocks drop on credit woes
AP - Asian and European stock markets fell sharply Tuesday as investor confidence in the U.S. financial system eroded further despite a government-backed plan to help beleaguered mortgage financiers Fannie Mae and Freddie Mac. (Tue, 15 Jul 2008 11:54:51 GMT)

US markets anxious, awaiting Bernanke statement
AFP - US financial markets remained on tenterhooks on Tuesday as the banking sector faced a crisis of confidence even after an unprecedented government rescue of mortgage giants. (Tue, 15 Jul 2008 11:57:04 GMT)

AOL launches 2 niche sites to grow ad potential
AP - AOL on Tuesday launched new sites on personal finance and photography as part of its bid to grow advertising opportunities by serving niche audiences. (Tue, 15 Jul 2008 13:53:28 GMT)

Analyst warns on Wachovia amid more bank worries
AP - The situation is increasingly bleak for Wachovia Corp. and the bank's mortgage portfolio will continue to lose value, "seriously jeopardizing" the company's ability to generate earnings, an influential analyst warned on Tuesday. (Tue, 15 Jul 2008 13:59:39 GMT)

Fannie, Freddie must provide access to credit: Bush
Reuters - President George W. Bush on Tuesday said Fannie Mae and Freddie Mac must be able to continue providing access to credit and the mortgage lenders should remain owned by shareholders. (Tue, 15 Jul 2008 14:58:07 GMT)

Paulson: GSE risk potential requires new regulator
Reuters - Housing finance giants Fannie Mae and Freddie Mac have the potential to pose systemic risks to the financial system and need a stronger regulator, U.S. Treasury Secretary Henry Paulson said on Tuesday. (Tue, 15 Jul 2008 16:03:22 GMT)

House Republicans call for hearing on GSE rescue
Reuters - Republican leaders in the House of Representatives on Tuesday called for hearings on the Bush administration's proposal to shore up mortgage finance giants Fannie Mae and Freddie Mac, a move that could slow down congressional action on a housing rescue package. (Tue, 15 Jul 2008 16:50:45 GMT)

Fannie, Freddie shares dive, banks stocks weaken
Reuters - Investors unloaded shares of Fannie Mae and Freddie Mac on Tuesday after a credit agency cut the mortgage finance companies' ratings amid fears that a government rescue plan may come at the expense of embattled shareholders. (Tue, 15 Jul 2008 17:19:33 GMT)

Paulson sees mortgage assistance as backup
AP - Treasury Secretary Henry Paulson said Tuesday the Bush administration has no immediate plans to extend emergency loans to mortgage giants Fannie Mae and Freddie Mac or to purchase the stock of the two companies. (Tue, 15 Jul 2008 17:36:49 GMT)

ALL BUSINESS:Taxpayers on hook for mortgage rescue
AP - We knew it could happen, even though they said it wouldn't. The government is using our money again to haul private companies' hindquarters out of the fire — this time it's troubled mortgage giants Fannie Mae and Freddie Mac. (Tue, 15 Jul 2008 18:39:16 GMT)

SEC moves on short sellers
Reuters - The Securities and Exchange Commission will issue an emergency rule later on Tuesday to stop "naked" short selling in major financial firms, including Fannie Mae and Freddie Mac , the SEC said. (Tue, 15 Jul 2008 18:41:18 GMT)

Congress dissects Treasury's GSE plan, no vote set
Reuters - Congressional leaders on Tuesday agreed swift action is needed to bolster housing finance giants Fannie Mae and Freddie Mac, but they raised basic questions about the Treasury Department's plan, leaving the timing of final action in doubt. (Tue, 15 Jul 2008 21:49:03 GMT)

Fannie, Freddie shares continue downward spiral
AP - Shares of mortgage giants Fannie Mae and Freddie Mac tumbled again Tuesday as investors began to accept their holdings might be wiped out by a government rescue plan. (Tue, 15 Jul 2008 21:54:27 GMT)

Bush: Troubled financial system is basically sound
AP - President Bush said Tuesday the nation's troubled financial system is "basically sound" and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac. He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production. (Tue, 15 Jul 2008 22:23:05 GMT)

SEC issues emergency rule to curb short sales
Reuters - U.S. securities regulators issued an emergency rule on Tuesday to limit certain types of short selling in major financial firms, including Fannie Mae and Freddie Mac . (Wed, 16 Jul 2008 02:51:39 GMT)

Bush: Troubled financial system is basically sound
AP - President Bush said Tuesday the nation's troubled financial system is "basically sound" and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac. (Wed, 16 Jul 2008 04:22:42 GMT)

Fannie Mae, Freddie Mac: Investors Flee
BusinessWeek Online - It's not often that Federal Reserve Chairman Ben Bernanke plays second fiddle when he makes his twice-yearly trip to Capitol Hill to outline his current outlook on monetary policy and the economy. (Wed, 16 Jul 2008 12:08:46 GMT)

Congress could pass housing aid by next week: White House
Reuters - Congress should be able to approve legislation aimed at shoring up mortgage lending giants Fannie Mae and Freddie Mac by next week and has an existing housing bill as a vehicle, the White House said on Wednesday. (Wed, 16 Jul 2008 14:18:50 GMT)

Wells Fargo results ease fears, shares surge
Reuters - Wells Fargo & Co , the fifth-largest U.S. bank, reported surprisingly strong quarterly results and raised its dividend, easing investor fears about mortgage losses and causing its shares to soar on Wednesday. (Wed, 16 Jul 2008 16:35:19 GMT)

Fannie, Freddie shares jump; financial stocks rally
Reuters - NEW YORK (Reuters) -Investors bought back into shares of mortgage finance companies Fannie Mae and Freddie Mac on Wednesday, after reassuring results from big mortgage lender Wells Fargo helped ease concerns about the impact of the credit crisis on the U.S. economy. (Wed, 16 Jul 2008 16:50:13 GMT)

Bernanke: Fannie, Freddie in no danger of failing
AP - Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing." (Wed, 16 Jul 2008 17:09:24 GMT)

FBI mortgage probe expands to 21 firms from 19
Reuters - The FBI's investigation into potential corporate fraud in the U.S. home mortgage industry now encompasses 21 companies, up from 19 reported in April, a bureau spokesman said on Wednesday. (Wed, 16 Jul 2008 18:08:50 GMT)

FBI probing IndyMac for possible fraud: report
Reuters - IndyMac is under investigation by the FBI for possible fraud involving home loans made to risky borrowers, The Associated Press reported on Wednesday, citing an unnamed law enforcement official. (Wed, 16 Jul 2008 20:12:57 GMT)

Bernanke: Economy in "rough time"
Reuters - Federal Reserve Chairman Ben Bernanke told a House of Representatives panel on Wednesday the U.S. economy is going through a "rough time" and urged lawmakers to approve Treasury Department proposals to back up mortgage markets. (Wed, 16 Jul 2008 20:25:50 GMT)

Dems, Paulson fight to keep housing bill moving
Reuters - Congressional Democrats and the Bush administration were scrambling on Wednesday to shore up support for a major housing market rescue bill as Republican backing for it faltered on doubts about adding on a plan to bolster Fannie Mae and Freddie Mac. (Wed, 16 Jul 2008 21:15:51 GMT)

Bernanke comments ease fears on Fannie, Freddie
AFP - Federal Reserve chairman Ben Bernanke said Wednesday ailing Fannie Mae and Freddie Mac are "in no danger of failing," helping fuel a big boost in the troubled finance sector as fears of a deeper crisis eased. (Wed, 16 Jul 2008 21:36:53 GMT)

FBI probes possible home-loan fraud at IndyMac
AP - The FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud, an official said Wednesday of the government's latest target following the collapse of the nation's subprime mortgage market. (Wed, 16 Jul 2008 21:48:15 GMT)

Democrats, Paulson fight to keep housing bill moving
Reuters - Congressional Democrats and the Bush administration scrambled on Wednesday to shore up support for a major housing market rescue bill, as Republican backing for it faltered on doubts about attaching a plan to bolster Fannie Mae and Freddie Mac. (Thu, 17 Jul 2008 00:45:55 GMT)

FBI probing IndyMac for possible fraud: authorities
Reuters - Failed bank IndyMac is under investigation by the FBI for possible fraud involving its mortgage lending, unnamed law enforcement officials said on Wednesday. (Thu, 17 Jul 2008 02:20:25 GMT)

FBI probing failed IndyMac bank: report
AFP - The FBI is investigating failed IndyMac Bank for possible mortgage fraud, US media reported on Thursday, citing US officials. (Thu, 17 Jul 2008 09:57:22 GMT)

Fannie, Freddie spent millions on lobbying
AP - 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. (Thu, 17 Jul 2008 11:17:35 GMT)

June housing starts up 9.1 pct; NY code cited
Reuters - Home building projects started in June surprisingly rose 9.1 percent due chiefly to a change in New York City building codes that, if it were ignored, would have seen starts decrease by 4.0 percent, a government report said on Thursday. (Thu, 17 Jul 2008 13:04:33 GMT)

JPMorgan Chase profit falls 53 pct on loan losses
AP - JPMorgan Chase's profit took a 53 percent hit in the second quarter as mortgage and other loan defaults worsened, but the bank's results were better than expected and gave Wall Street a lift. (Thu, 17 Jul 2008 13:27:15 GMT)

Stocks lose ground after Philly Fed
Reuters - The Dow and the S&P 500 pared gains and the Nasdaq briefly turned negative on Thursday following a report that factory activity shrunk in July in the U.S. Mid-Atlantic region, offsetting optimism about bank profits. (Thu, 17 Jul 2008 14:21:28 GMT)

Stocks trade higher on upbeat earnings results
AP - Wall Street extended its rally into a second session Thursday after stronger-than-expected quarterly reports from JPMorgan Chase & Co. and United Technologies Corp. gave investors some reassurance about the health of the economy. (Thu, 17 Jul 2008 14:22:12 GMT)

Fannie Mae, Freddie Mac shares jump again
Reuters - Investors snapped up shares of Freddie Mac and Fannie Mae for a second day on Thursday after Freddie pulled off its second successful debt sale following Sunday's announcement of a U.S. rescue plan for the two housing finance companies. (Thu, 17 Jul 2008 16:32:58 GMT)

JPMorgan beats forecasts, warns on mortgages
Reuters - JPMorgan Chase & Co posted a smaller-than-expected drop in earnings on resilient stock and bond underwriting revenue, sending its shares surging, but the company cautioned that the mortgage market and the economy are getting worse. (Thu, 17 Jul 2008 17:53:51 GMT)

Treasury prices edge lower as stocks rise
AP - Treasury prices fell sharply Thursday as several upbeat earnings reports, falling energy prices and an unexpected jump in housing starts alleviated some of investors' concerns about the economy. (Thu, 17 Jul 2008 21:11:26 GMT)

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