Personal Finance News 09/2008 (Page 2)

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Reuters - Stocks surged on Monday as investors bet that Washington's bailout of home finance companies Fannie Mae and Freddie Mac would help stabilize the housing market and the outlook for financials. (Sep 8, 2008)

AP - Stocks surged Monday as investors rushed to lay bets on a broad economic recovery following the weekend announcement that the U.S. government will bail out mortgage giants Fannie Mae and Freddie Mac. The major indexes jumped, with the Dow Jones industrials gaining more than 250 points. (Sep 8, 2008)

FT.com - The US authorities' decision to place mortgage groups Fannie Mae (NYSE:FNM) and Freddie Mac into 'conservatorship' provides a sharp contrast to the 'tough love' policy announced by European authorities last week, says Ian Harnett at Absolute Strategy Research. (Sep 8, 2008)

AFP - Central banks must be on alert for risks from the global credit crisis and the US government bailout of ailing US mortgage giants Fannie Mae and Freddie Mac is welcome in this regard, the Group of 10 said on Monday. (Sep 8, 2008)

Reuters - The White House said on Monday that the administration's rescue plan for troubled mortgage finance agencies Fannie Mae and Freddie Mac was necessary to prevent broader financial damage and was structured to limit costs to taxpayers. (Sep 8, 2008)

Reuters - U.S. consumer credit expanded at the slowest pace in seven months in July as banks tightened lending standards, a Federal Reserve report on Monday showed. (Sep 8, 2008)

FT.com - The seizure of Freddie Mac and Fannie Mae (NYSE:FNM) by the US Treasury boosted credit markets on Monday and prompted a buying frenzy in mortgage bonds that pushed rates sharply lower. (Sep 8, 2008)

Reuters - Fannie Mae is the subject of an investor lawsuit seeking class-action status that accuses the mortgage giant of misrepresenting the company's capital needs, court documents filed on Monday said. (Sep 8, 2008)

FT.com - The government takeover of the US mortgage agencies ends the period of acute uncertainty surrounding these institutions. (Sep 8, 2008)

AP - The White House said Monday that the federal takeover of troubled mortgage giants Fannie Mae and Freddie Mac could have been prevented if Congress had only acted on its recommendations for changing the system, but housing experts say it's more complicated than that. (Sep 8, 2008)

AFP - The dollar gathered strength Monday, hitting an 11-month high on the euro, as news of a US government takeover of ailing mortgage giants Fannie Mae and Freddie Mac eased economic jitters. (Sep 8, 2008)

AP - Stocks rallied Monday as investors placed bets that a recovery in the financial and housing sectors is more likely to occur following the U.S. government's move to bail out mortgage giants Fannie Mae and Freddie Mac. The Dow Jones industrials gained nearly 300 points. (Sep 9, 2008)

Reuters - Four former top executives of Fannie Mae were sued on Monday, one day after the mortgage finance giant was seized by the U.S. government, in an investor lawsuit that claims the four lied about the company's financial position and artificially inflated its share price. (Sep 9, 2008)

AFP - The US takeover of struggling mortgage giants Fannie Mae and Freddie Mac offers hope for an easing of the credit and housing crunch while putting the government's finances on the line, analysts have said. (Sep 9, 2008)

Reuters - Republican White House nominees John McCain and Sarah Palin would ensure mortgage giants Fannie Mae and Freddie Mac were permanently restructured and downsized, the pair wrote in The Wall Street Journal. (Sep 9, 2008)

AFP - European stock markets held steady at the opening of trade on Tuesday following surges the day before caused by the US bailout of former mortgage titans Fannie Mae and Freddie Mac. (Sep 9, 2008)

Reuters - The U.S. government's move to take control of Fannie Mae and Freddie Mac will help shore up the housing market, the banking system and the wider economy, a senior International Monetary Fund official said on Tuesday. (Sep 9, 2008)

AFP - The world's largest reinsurer, Swiss Re, is out of danger from major exposure to the subprime mortgage crisis, the group's chief executive Jacques Aigrain said in remarks published Tuesday. (Sep 9, 2008)

AP - Treasury Secretary Henry Paulson said Congress should view the next few months as a "time out" in the highly charged debate over what to do with mortgage giants Fannie Mae and Freddie Mac. (Sep 9, 2008)

AFP - The dollar fell versus the euro and yen Tuesday on profit-taking following strong gains on the back of a US government takeover of two beleaguered mortgage groups, dealers said. (Sep 9, 2008)

BusinessWeek Online - Skepticism swept over the financial blogosphere in response to the government's historic bailout of mortgage giants Fannie Mae and Freddie Mac announced on Sept. 7. (Sep 9, 2008)

BusinessWeek Online - It wasn't hard to find skeptics on Wall Street on Sept. 8, the day after the federal government's weekend takeover of mortgage giants Fannie Mae and Freddie Mac . (Sep 9, 2008)

Reuters - The Dow and the Nasdaq Composite Index pared gains in skittish trade on Tuesday following a report that showed a steeper-than-expected drop in pending sales of existing U.S. homes in July. (Sep 9, 2008)

Reuters - The operations of mortgage finance companies Fannie Mae and Freddie Mac, which were placed into a federal conservatorship, should now be treated as part of the federal budget, the head of the Congressional Budget Office said on Tuesday. (Sep 9, 2008)

AP - The government doesn't want Fannie Mae or Freddie Mac to go broke, but it better start thinking about what happens if the rest of us do. (Sep 9, 2008)

Reuters - The U.S. budget deficit will swell to record levels in 2009 as the "turbulent" economy cuts revenues and hikes government spending, a congressional report said on Tuesday in an assessment that does not include the possible costs of rescuing two gigantic mortgage companies. (Sep 9, 2008)

FT.com - Turning points in bear markets are more often than not signposted by big U-turns in government policy. The de facto nationalisation of Fannie Mae (NYSE:FNM) and Freddie Mac by a pro-market Republican administration is a U-turn of huge proportions. The question, nonetheless, is whether it will be enough to put a floor under both credit and equity markets. (Sep 9, 2008)

Reuters - Democratic presidential candidate Barack Obama said on Tuesday he was dismayed by reports that the ousted chief executives of Fannie Mae and Freddie Mac could receive multimillion-dollar severance packages. (Sep 9, 2008)

Reuters - Shares of American International Group Inc , the world's biggest insurer, fell 16 percent on Tuesday on fears that the company's large exposure to the mortgage markets could trigger the need to raise fresh capital. (Sep 9, 2008)

AP - Eight student loan companies agreed to adopt a code of conduct that bans deceptive marketing practices — such as offering prizes to students who sign up for loans — following an investigation by the state of New York, the state attorney general said Tuesday. (Sep 9, 2008)

Reuters - U.S. Democrats on Tuesday criticized the multimillion-dollar pay packages awarded to the former chief executives of Fannie Mae and Freddie Mac at a time when taxpayers could foot a massive bill for the companies' bailout. (Sep 9, 2008)

Reuters - U.S. Treasury Secretary Henry Paulson and the regulator for Fannie Mae and Freddie Mac are slated to testify at a Senate Banking Committee hearing on September 16, a source familiar with the hearing said on Tuesday. (Sep 9, 2008)

Reuters - The Bush administration's bailout of U.S. mortgage giants Fannie Mae and Freddie Mac frustrated many voters who worried it would set a bad precedent and that well-paid executives would go scot-free. (Sep 9, 2008)

Reuters - Democratic presidential candidate Barack Obama warned U.S. regulators on Tuesday it would be "a gross violation of the public trust" if they did not use their power to block excessive severance payments to executives leaving Fannie Mae or Freddie Mac. (Sep 10, 2008)

Reuters - Democratic presidential contender Barack Obama on Tuesday denounced the possibility of rich exit pay packets for the outgoing chiefs of Fannie Mae and Freddie Mac as lawmakers weighed how to restructure the seized mortgage finance companies. (Sep 10, 2008)

AFP - The dollar weakened against other major currencies Tuesday as investors worried about the health of the US economy after the nationalization of two mortgage finance giants over the weekend. (Sep 10, 2008)

AP - European Central Bank President Jean-Claude Trichet on Wednesday welcomed the U.S. government's decision to rescue mortgage giants Fannie Mae and Freddie Mac. (Sep 10, 2008)

AFP - Europe's main stock markets fell Wednesday, while Wall Street rose, as ailing US investment bank Lehman Brothers unveiled huge write-downs linked to the subprime mortgage crisis. (Sep 10, 2008)

Reuters - Stocks extended gains on Wednesday as gains in the energy and tech sectors drove the Nasdaq and S&P 500 indexes up more than 1 percent each. (Sep 10, 2008)

Reuters - Dozens of members of the U.S. Congress, including presidential candidate John McCain, had investments last year in Fannie Mae and Freddie Mac, possibly putting a keen edge on their interest in the companies' troubles, a watchdog group said on Wednesday. (Sep 10, 2008)

Reuters - Washington Mutual Inc shares sank 30 percent to a 17-year low and the perceived risk of its debt soared on worries the largest U.S. savings and loan will not find a buyer or raise enough capital to combat soaring mortgage losses. (Sep 10, 2008)

AP - Stocks ended an erratic session moderately higher Wednesday, lifted by buying in the energy, materials and consumer-staple sectors. Investors remained nervous, however, about the financial sector after Lehman Brothers Holdings Inc. said it plans to sell a majority stake in its investment management business and spin off mortgage assets. (Sep 10, 2008)

Reuters - The health of the largest U.S. financial firms is on the mend as the fallout from the subprime mortgage crisis begins to moderate, the managing director of a leading international banking lobby said on Thursday. (Sep 11, 2008)

Reuters - American International Group Inc , the world's largest insurer, holds between $550 million and $600 million in Fannie Mae and Freddie Mac preferred shares, according to a source familiar with the investment. (Sep 11, 2008)

Reuters - Home loans to higher-risk borrowers fell sharply in 2007, as did some riskier practices such as layering "piggyback" mortgages to finance home purchases, U.S. regulators said in a report on Thursday. (Sep 11, 2008)

Reuters - American International Group Inc , the world's largest insurer, has exposure to between $550 million and $600 million in Fannie Mae and Freddie Mac preferred shares, according to a source familiar with the investment. (Sep 11, 2008)

Reuters - U.S. Senate Democrats on Thursday urged Fannie Mae and Freddie Mac to halt all pending foreclosure proceedings on mortgages they hold for at least 90 days. (Sep 11, 2008)

Reuters - Washington Mutual Inc shares sank below $2 for the first time since 1990 as anxiety grew about its capital needs and survival prospects, before staging a powerful late rally. (Sep 11, 2008)

Reuters - The Treasury will guarantee the mortgage securities and debt issued by Fannie Mae and Freddie Mac that currently exist and those issued at least into 2010, the Treasury said. (Sep 11, 2008)

Reuters - Fears that American International Group Inc's large mortgage exposure could trigger another round of losses has rankled investors so much that the insurer has lost its iron grip as the world's industry leader by market value. (Sep 12, 2008)

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