Personal Finance News Mar 2009

HSBC to scale back US consumer finance arm: report
AFP - HSBC on Monday will announce plans to scale back its US consumer finance operations as it launches a 17 billion US dollar rights issues to boost its capital base, the Financial Times reported. (Mon, 02 Mar 2009 04:15:26 GMT)

Freddie Mac CEO Moffett quits after six-month stint
Reuters - Freddie Mac on Monday said Chief Executive Officer David Moffett is quitting just six months after being named to the post as the government forced the No. 2 mortgage finance company into conservatorship. (Mon, 02 Mar 2009 14:24:31 GMT)

Wall Street tumbles anew in early trading
AP - The Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years as investors grew pessimistic about the health of banks, and in turn the economy. (Mon, 02 Mar 2009 14:51:40 GMT)

Moffett resigning as Freddie Mac CEO
AP - The top executive of Freddie Mac is quitting after less than six months on the job as the company continues to hemorrhage from mortgage losses and plans to ask the government for up to $35 billion in additional aid. (Mon, 02 Mar 2009 14:56:47 GMT)

Head of US mortgage giant Freddie Mac quits
AFP - The embattled US mortgage finance giant Freddie Mac, put under government control in September to avoid collapse, said Monday its chief executive will step down this month. (Mon, 02 Mar 2009 15:15:43 GMT)

East Coast storm postpones House mortgage vote
Reuters - A blanket of snow across much of the Washington area prompted the Democratic-led U.S. House of Representatives to push back its schedule, including a possible vote on Tuesday on a home mortgage bill. (Mon, 02 Mar 2009 19:21:11 GMT)

Budgeting secrets that can fatten your wallet
AP - It's time to polish up your penny-pinching skills. We're stuck in the worst recession in a generation and managing your money will be is more critical than ever. "Americans are mad about money right now, and we should direct that in positive ways," says Jeff Yeager, personal-finance expert. (Mon, 02 Mar 2009 22:21:03 GMT)

HSBC to end US consumer lending, cut 6,100 jobs
AP - HSBC PLC, Europe's biggest bank, said Monday it will no longer write new consumer loans in the United States and will shut down its U.S. lending unit over the next five years due to the subprime mortgage market's collapse. The decision will cost 6,100 U.S. jobs. (Mon, 02 Mar 2009 23:32:41 GMT)

Mortgage delinquencies up for 8th straight quarter
AP - The number of people who were late making their mortgage payments shot up 53 percent in the fourth quarter of 2008 from the same period in 2007, according to data provided by TransUnion LLC. (Tue, 03 Mar 2009 11:42:24 GMT)

Citigroup to allow jobless to cut mortgage payments
Reuters - Citigroup Inc said on Tuesday it will allow some newly unemployed homeowners to temporarily reduce payments on their mortgages. (Tue, 03 Mar 2009 13:36:20 GMT)

Citigroup to lower some mortgage payments
AP - Citigroup Inc. said Tuesday that it will lower mortgage payments for some homeowners to an average of $500 a month for three months as part of a new program to help the unemployed. (Tue, 03 Mar 2009 14:16:01 GMT)

Fed, Treasury launch $200 bln consumer program
AFP - The US Treasury and the Federal Reserve on Tuesday formally launched a program designed to pump 200 billion dollars into consumer credit through the purchase of securities linked to various loans. (Tue, 03 Mar 2009 14:42:49 GMT)

Fed launches new $200B consumer credit program
AP - The Federal Reserve on Tuesday rolled out a much-awaited program aimed at boosting the availability of credit to consumers and small businesses. (Tue, 03 Mar 2009 14:54:18 GMT)

Treasury, Fed launch loan program, eye expansion
Reuters - The U.S. Federal Reserve and Treasury on Tuesday extended a new securities loan program to include equipment and vehicle fleet leases and said a future expansion to $1 trillion may also include some of the riskier mortgage and debt securities now plaguing banks. (Tue, 03 Mar 2009 16:36:56 GMT)

"Cramdown" bill vote expected in House on Thursday
Reuters - Key U.S. House Democrats have agreed on changes in legislation letting bankruptcy judges reduce mortgage debt, and hope to have a vote on the legislation on Thursday, House Financial Services Committee Chairman Barney Frank said on Tuesday. (Tue, 03 Mar 2009 19:20:20 GMT)

Give yourself credit: Tax credits may lift refunds
AP - It may not be enough to jump start your personal economy, but your tax refund this year may contain a bit of extra stimulus. That's especially true if the national downturn has hit home. (Tue, 03 Mar 2009 21:46:54 GMT)

Citigroup to lower some mortgage payments
AP - Citigroup Inc. said Tuesday that it will lower mortgage payments for some homeowners to an average of $500 a month for three months as part of a new program to help the unemployed. (Wed, 04 Mar 2009 00:03:50 GMT)

U.S. mortgage demand off before Obama rescue details
Reuters - Applications for loans to buy U.S. homes and to refinance existing mortgages fell for the second straight week, the Mortgage Bankers Association said on Wednesday, as consumers awaited for specific details on President Barack Obama's housing stimulus plan. (Wed, 04 Mar 2009 12:09:10 GMT)

BJ's Wholesale Club 4Q profit up on settlements
AP - BJ's Wholesale Club Inc. said Wednesday that its fiscal fourth-quarter profit rose 5 percent partly on favorable state income tax audit settlements. (Wed, 04 Mar 2009 12:46:54 GMT)

One in five U.S. mortgage borrowers are underwater
Reuters - One in five U.S. homeowners with mortgages owe more to their lenders than their properties are worth, and the rate will increase as housing values drop in states that have so far avoided the worst of the crisis, a new study shows. (Wed, 04 Mar 2009 13:55:30 GMT)

U.S. Treasury launches mortgage modification program
Reuters - The Obama administration on Wednesday launched a $75 billion mortgage modification program aimed at preventing home foreclosures for single-unit home loans up to $729,750. (Wed, 04 Mar 2009 14:33:55 GMT)

Democrats reach deal on mortgage relief bill
AP - For key moderate Democrats in the House, giving debt-strapped homeowners the right to seek mortgage modifications in bankruptcy court had to be a last resort. (Wed, 04 Mar 2009 14:57:03 GMT)

East Europe home buyers squeezed by foreign loans
AP - After Ukraine's currency collapsed in the global meltdown, so did Valery Ilyin's household finances — and, he fears, his family's dream of a bigger home. (Wed, 04 Mar 2009 17:05:05 GMT)

Cost cutting that counts: 10 ways to save $1,000
AP - Sometimes it takes creativity to cut back. Whether you're getting squeezed by credit card bills or saving for a big purchase like a car or home, there are some easy ways to save big chunks of change many people aren't thinking about. Here are a few, with assists from personal finance experts Jeff Yeager and Lynnette Khalfani-Cox. (Wed, 04 Mar 2009 21:16:56 GMT)

Failure worries drag down life insurers
AP - The life insurance industry is weakening, and policy holders around the country are calling their agents to ask the same question: Is my policy safe? (Wed, 04 Mar 2009 22:18:31 GMT)

Housing plan aims to help 9M, but leaves out many
AP - The Obama administration's housing plan is intended to help 9 million struggling homeowners avoid foreclosure, but it leaves out tens of thousands of borrowers in the most battered housing markets who won't qualify because their homes have lost too much value. (Wed, 04 Mar 2009 23:30:24 GMT)

Meltdown 101: Will Obama's housing plan help me?
AP - President Barack Obama's new mortgage relief plan, launched Wednesday, aims to help up to 9 million borrowers qualify for more affordable mortgages and stay in their homes. (Wed, 04 Mar 2009 23:32:05 GMT)

Lawmaker goes after ex-Fannie CEO over loan deal
AP - A Republican lawmaker is accusing the former chief executive of mortgage finance company Fannie Mae of being dishonest in testimony before Congress about discounts he received on his home loan. (Wed, 04 Mar 2009 23:38:16 GMT)

British house prices plunge
AFP - British house prices slumped by a record 17.7 percent in the three months to February 2009 compared to a year earlier as the recession continued to bite, home loans provider Halifax said Thursday. (Thu, 05 Mar 2009 10:10:55 GMT)

Report: 1 in 5 Mortgages Are Underwater
BusinessWeek Online - It's bad enough when the value of your house is sinking like a lead balloon. But for a growing number of Americans, their woes are compounded by owing more on the mortgage than what that house is now worth. It's called having negative equity -- the opposite of what happens when a home appreciates and a homeowner builds positive equity above and beyond his initial investment. (Thu, 05 Mar 2009 13:08:41 GMT)

Mortgage Bailout: Details on Rates and Incentives
BusinessWeek Online - On Mar. 4 the Treasury Dept. released final guidelines for banks and homeowners looking to participate in a new $75 billion program called "Making Home Affordable." Among the new details of the program, which is now up and running: cash payments for mortgage holders who choose not to foreclose on borrowers and new rates as low as 2% for borrowers. The Obama Administration also indicated it will seek changes in bankruptcy laws to allow judges to restructure home loans in court. (Thu, 05 Mar 2009 13:08:41 GMT)

U.S. productivity plummets, factory orders fall
Reuters - U.S. business productivity fell in the fourth quarter as output plunged at its fastest pace since 1982, while one in eight U.S. households ended 2008 behind on its mortgage or in foreclosure, according to data on Thursday that underscored the economy's weakness. (Thu, 05 Mar 2009 16:06:26 GMT)

One in 8 U.S. homeowners late paying or in foreclosure
Reuters - About one in eight U.S. homeowners with mortgages, a record share, ended 2008 behind on their loan payments or in the foreclosure process as job losses intensified a housing crisis spawned by lax lending practices, the Mortgage Bankers Association said on Thursday. (Thu, 05 Mar 2009 17:32:04 GMT)

Mortgage troubles hit fresh highs in US
AFP - US mortgage woes hit fresh highs in the fourth quarter of 2008 with more than one out of 10 homeowners late on their payments, an industry survey showed Thursday. (Thu, 05 Mar 2009 18:03:08 GMT)

Financial reform push reignited by Rep. Frank
Reuters - U.S. financial regulation reform, sidelined for months by the market crisis, got a boost on Thursday as Rep. Barney Frank laid out plans for legislation to overhaul mortgage financing, combat predatory lending and prevent credit card lender abuses. (Thu, 05 Mar 2009 20:18:33 GMT)

Feeling adrift? Money managers share your mood
AP - So you're trying to save for retirement, but at a loss for what to do after seeing the market slide to 1997 levels? Don't worry so much — at least you've got good company. (Thu, 05 Mar 2009 22:40:42 GMT)

US lawmakers approve mortgage relief bill
AFP - Amid a storm of foreclosures and other housing woes, the US House of Representatives passed legislation Thursday to give bankruptcy judges power to lower some homeowners' mortgage payments. (Fri, 06 Mar 2009 00:31:34 GMT)

House approves mortgage bankruptcy overhaul
Reuters - Bankruptcy judges could cut the mortgage debt of homeowners in bankruptcy court as a last resort to avert foreclosure, under a bill approved by a 234-191 vote on Thursday in the U.S. House of Representatives. (Fri, 06 Mar 2009 00:54:44 GMT)

Mortgage woes break records again in 4Q
AP - Foreclosures are spreading by epidemic proportions, expanding beyond a handful of problem states and now affecting almost 1 in every 8 American homeowners. (Fri, 06 Mar 2009 01:44:18 GMT)

Financial Planners on the Couch
BusinessWeek Online - Opened up your retirement savings plan lately? Forget the old quip about a 201(k). A 101(k) seems more apt. The value of your home is down. Your savings have shrunk. And for this you paid thousands to a financial planner? (Fri, 06 Mar 2009 13:08:41 GMT)

Among chemical makers, Rohm & Haas a prized asset
AP - When Dow Chemical swooped in last summer to buy a much-smaller rival, many believed the more-than $15 billion offer was too high with Wall Street barreling toward an economic meltdown and the mortgage crises in full swing. (Fri, 06 Mar 2009 21:04:54 GMT)

H&R Block posts 3Q profit, beats expectations
AP - H&R Block Inc. is bracing for what could be a make-or-break final stretch of this year's income tax season. (Fri, 06 Mar 2009 22:26:15 GMT)

5 ways to get low-cost tax assistance
AP - Cutting corners on tax preparation costs might sound penny-wise and pound-foolish in a year when people are desperate for the biggest refunds or smallest tax bills possible. But it doesn't have to be. (Fri, 06 Mar 2009 22:38:48 GMT)

Virgin's Branson says to return to mortgage finance
Reuters - Virgin Group will return to the mortgage market and obtain a license to operate a high street bank, the group's billionaire founder Richard Branson told the Times newspaper. (Mon, 09 Mar 2009 03:51:29 GMT)

Financial Planners on the Couch
BusinessWeek Online - Opened up your retirement savings plan lately? Forget the old quip about a 201(k). A 101(k) seems more apt. The value of your home is down. Your savings have shrunk. And for this you paid thousands to a financial planner? (Mon, 09 Mar 2009 12:08:41 GMT)

Bill seeks stronger consumer finance protections
AP - Lawmakers proposed Tuesday to create a new government agency that could stop lenders from offering mortgages and other financial products deemed unsafe for consumers. (Tue, 10 Mar 2009 18:41:24 GMT)

Startup Plans Online Wills to Protect Digital Assets
NewsFactor - Estate planning took on a new meaning Tuesday as a San Francisco-based startup announced plans to offer an online will of sorts. Legacy Locker is tapping into a new segment of estate planning by offering to manage a person's digital assets once they die. (Tue, 10 Mar 2009 19:38:02 GMT)

U.S. mortgage policy draws ire from bond investors
Reuters - U.S. mortgage bond investors are crying foul as federal policy responses to the worst housing crisis since the 1930s threaten to cripple their tenuous positions. (Tue, 10 Mar 2009 20:49:11 GMT)

Hovnanian loss widens, rev falls 66 percent
Reuters - U.S. homebuilder Hovnanian Enterprises on Tuesday reported a bigger quarterly loss that missed analyst estimates, but a federal tax refund increased its cash cushion slightly, (Wed, 11 Mar 2009 01:56:03 GMT)

Germany's HRE bank faces bankruptcy without more aid: report
AFP - Stricken German specialist mortgage lender Hypo Real Estate (HRE) could declare bankruptcy on April 24 if it does not get more state aid, a press report said on Wednesday. (Wed, 11 Mar 2009 07:37:19 GMT)

Freddie Mac appoints interim CEO and chairman
AP - Embattled mortgage giant Freddie Mac said Wednesday John Koskinen will take over as interim chief executive of the company. (Wed, 11 Mar 2009 13:36:01 GMT)

Freddie Mac board names interim CEO, chairman
AFP - Freddie Mac, the ailing US mortgage finance giant seized by the government, on Wednesday named an interim chief executive after the current CEO resigned in early March. (Wed, 11 Mar 2009 16:24:03 GMT)

Freddie Mac loses 50.1 billion dollars in year
AFP - Freddie Mac, the ailing US mortgage finance giant seized by the government, reported Wednesday a 2008 net loss of 50.1 billion dollars, bleeding nearly half of it the fourth quarter. (Wed, 11 Mar 2009 20:54:00 GMT)

Freddie Mac posts $23.9 billion loss, needs capital
Reuters - Freddie Mac, one of the two main U.S. mortgage companies that the U.S. government is depending on to help stabilize the housing market, said on Wednesday it needs $30.8 billion from the Treasury to survive after a massive fourth-quarter loss. (Wed, 11 Mar 2009 22:14:49 GMT)

Business owners can make last-minute tax mistakes
AP - With income tax filing season in its final weeks, many small business owners will feel the pressure to get all their information together and their returns compiled. But rush jobs can mean mistakes that catch the attention of the IRS. (Thu, 12 Mar 2009 17:07:36 GMT)

Senate may vote on bankruptcy bill this month
Reuters - Legislation that would allow bankruptcy judges to cut the mortgage debt of homeowners may get approved this month, the head of the U.S. Senate Banking Committee said on Thursday. (Thu, 12 Mar 2009 19:17:05 GMT)

Shakeout from money fund's collapse just starting
AP - It's not the sexiest investment around, but the money-market mutual fund has become a high-demand safe haven for those who can no longer stomach the stock market. (Thu, 12 Mar 2009 21:46:36 GMT)

BofA seeks more jumbo mortgages: report
Reuters - Bank of America Corp is seeking to produce more "jumbo" mortgages, which can range from $417,000 in most areas to as much as $729,750, Barbara Desoer, the bank's head of mortgage, home equity and insurance services told Bloomberg in an interview. (Fri, 13 Mar 2009 08:55:35 GMT)

NAACP says bank giants steered blacks to bad loans
AP - The NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates. (Fri, 13 Mar 2009 13:21:14 GMT)

Fed extends deadline for consumer credit program
AP - The Federal Reserve is giving investors two extra days to sign up for a $1 trillion program to jumpstart lending to consumers and small businesses. (Fri, 13 Mar 2009 18:47:32 GMT)

Senate Dems squabble over which homeowners to help
AP - Disagreement among Senate Democrats over how many struggling homeowners should qualify for court-ordered mortgage relief has stalled a key part of President Barack Obama's foreclosure prevention plan on Capitol Hill. (Fri, 13 Mar 2009 20:44:14 GMT)

Nonprofit touring US to help struggling homeowners
AP - Philip and Gloria Spigner saw their monthly mortgage payments climb from $800 to $1,300. Carol and Butch Dycus have received foreclosure notices though they say they're not behind on their payments. And Tony Jumper's mortgage hasn't changed, but 26 people were laid off this week from his job. (Sat, 14 Mar 2009 09:06:23 GMT)

G20 needs 'mechanisms' to check big economies: Medvedev
AFP - The G20 summit should find ways to give other states a say in decisions by the world's richest to mitigate disasters like the US mortgage loan crisis, Russian President Dmitry Medvedev said Saturday. (Sat, 14 Mar 2009 18:13:35 GMT)

Mortgage fraud reports up 26 percent
AP - A mortgage industry group says there were a record number of mortgage fraud incidents last year, and Rhode Island made its first appearance as the nation's top fraud hot spot. (Mon, 16 Mar 2009 18:14:47 GMT)

Some Relief from the High Cost of Health Insurance
BusinessWeek Online - The rise in corporate layoffs over the last 15 months is leaving more people, especially those close to retirement age, scrambling to find health insurance they can afford. "It's the early baby boomers, in the 58- to 64-age bracket, who are the ones getting downsized," says financial planner Charles Auerbach, co-founder of Wealth Strategies Group in Cordova, Tenn. Not only do they lose their last years of income when they get laid off, the "insult to injury is they're going to see their health-insurance payments double or triple," he says. (Tue, 17 Mar 2009 12:08:41 GMT)

U.S. housing starts rebound
Reuters - New U.S. housing starts unexpectedly rebounded in February, surging 22.2 percent, according to data on Tuesday that provided a rare dose of good news for the recession-hit economy and fractured housing market. (Tue, 17 Mar 2009 13:18:45 GMT)

Housing starts surge; wholesale prices edge up
AP - Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West. (Tue, 17 Mar 2009 13:24:54 GMT)

US housing starts, permits post unexpected jump
AFP - US home construction starts and permits saw a surprise jump in February from 50-year low levels in a positive sign for the moribund home market at the epicenter of global financial crisis. (Tue, 17 Mar 2009 13:32:02 GMT)

U.S. housing starts surge, inflation slower
Reuters - New U.S. housing starts and permits unexpectedly rebounded in February, according to data on Tuesday that provided a rare dose of good news for the recession-hit economy and fractured housing market. (Tue, 17 Mar 2009 13:38:16 GMT)

Stocks rise on housing data, bank hope
Reuters - Stocks rose on Tuesday, with sentiment underpinned by data showing a surprise jump in U.S. housing starts and by hopes that the banking sector may be seeing some stabilization. (Tue, 17 Mar 2009 13:38:16 GMT)

Thornburg Mortgage may file Chapter 11 bankruptcy
Reuters - Thornburg Mortgage Inc , a large and troubled provider of "jumbo" mortgage loans, on Tuesday said it may file for Chapter 11 bankruptcy protection. (Tue, 17 Mar 2009 18:12:52 GMT)

Oil rises as U.S. housing data lifts markets
Reuters - Oil rose nearly $2 a barrel on Tuesday as better-than-expected U.S. housing data helped lift markets. (Tue, 17 Mar 2009 19:53:25 GMT)

Wall Street resumes rally following housing report
AP - You know things have changed on Wall Street when the housing industry saves the day. (Tue, 17 Mar 2009 22:41:32 GMT)

Signs of Hope for Housing?
BusinessWeek Online - This St. Patrick's Day, even the economic data reports were wearing green. In a welcome surprise, U.S. housing starts jumped 22% in February, according to a report released Mar. 17. The news helped boost various housing-related stocks, including builders Ryland and KB Home , as well as retailer Home Depot . Another Mar. 17 release on wholesale inflation was also encouraging, as it showed inflation remains well under control -- something to comfort Federal Reserve policymakers as they kicked off their two-day policy meeting. (Wed, 18 Mar 2009 12:08:41 GMT)

Fannie Mae: Refinance volume triples in February
AP - Fannie Mae said the volume of mortgage loans it refinanced in February totaled $41 billion, nearly triple January's volume. (Wed, 18 Mar 2009 17:41:05 GMT)

Fed says to buy long-term U.S. government debt
Reuters - The U.S. Federal Reserve on Wednesday, in a surprise move, said it will buy up to $300 billion worth of longer-term U.S. government debt over the next six months and expand purchases of mortgage-related debt to help ease credit market conditions. (Wed, 18 Mar 2009 18:28:17 GMT)

Glimmer of hope for student aid in a bad economy
AP - True, it's not a great time financially to be going or sending a kid to college. But from the success of a bailout to the federal student loan system, to the tuition "deals" some colleges are offering, there's more good news out there on college costs and financial aid than some families recognize. (Wed, 18 Mar 2009 21:32:31 GMT)

Mortgage rates likely to sink on Fed actions
AP - If you've got a good job, solid credit and your home's value hasn't fallen dramatically, you're likely to benefit from the Federal Reserve's extraordinary action Wednesday to help drive mortgage rates to historic lows and revive the U.S. housing market. (Wed, 18 Mar 2009 23:23:36 GMT)

Fed to buy long-term U.S. government debt
Reuters - The Federal Reserve on Wednesday vowed to pump an additional $1 trillion into the U.S. economy in an aggressive bid to battle a deep recession, partly by buying government bonds for the first time since the 1960s. (Wed, 18 Mar 2009 23:25:55 GMT)

Fannie plans bonuses of $1M for 4 execs
AP - Fannie Mae plans to pay retention bonuses of at least $1 million to four key executives as part of a plan to keep hundreds of employees from leaving the government-controlled company. (Thu, 19 Mar 2009 00:33:14 GMT)

Fed launches bold $1.2T effort to revive economy
AP - With the country sinking deeper into recession, the Federal Reserve launched a bold $1.2 trillion effort Wednesday to lower rates on mortgages and other consumer debt, spur spending and revive the economy. (Thu, 19 Mar 2009 10:28:39 GMT)

Obama administration launches mortgage aid Website
Reuters - The Obama administration on Thursday launched a new Website to provide information to home owners about its mortgage modification and refinancing programs. (Thu, 19 Mar 2009 13:50:37 GMT)

Mortgage rates sink; likely to fall further
AP - Rates on 30-year mortgages plunged this week to the lowest level since January, and are poised to fall further after the Federal Reserve launched a new effort to prop up the flailing housing market. (Thu, 19 Mar 2009 14:37:49 GMT)

Fed drives down mortgage rates; inflation may loom
AP - Mortgage rates tumbled to historic lows Thursday after the Federal Reserve's sudden decision to print $1.2 trillion and pump it into the economy, a move that also triggered warning signs of inflation — a weaker dollar and the highest oil prices of the year. (Thu, 19 Mar 2009 22:22:45 GMT)

US moving 'very quickly' on crisis: Geithner
AFP - The United States is moving "very quickly" to remove the troubled home mortgage-based assets clogging the banking system, Treasury Secretary Timothy Geithner said Thursday. (Thu, 19 Mar 2009 22:58:27 GMT)

Investors request $4.7 billion in Fed loans
AP - Investors requested $4.7 billion worth of loans from a new government program that aims to jumpstart lending to consumers and small businesses, the Federal Reserve Bank of New York said Thursday. (Fri, 20 Mar 2009 00:25:44 GMT)

AIG unit sues Countrywide over loan losses
AP - A unit of embattled insurer American International Group Inc. filed suit against mortgage lender Countrywide Financial Corp. in California federal court Thursday, alleging Countrywide misrepresented the health of loans that the company insured, resulting in massive losses. (Fri, 20 Mar 2009 09:18:33 GMT)

FTC to curb mortgage-lending abuse: report
Reuters - The U.S. Federal Trade Commission (FTC) will use new authority to bar lending practices by mortgage brokers who have deceived borrowers, Bloomberg said, citing the FTC's chairman. (Fri, 20 Mar 2009 09:21:45 GMT)

New student loans require payments while in school
AP - The running joke about student loans: Don't ever graduate, since you don't have to start paying them back until you do. (Fri, 20 Mar 2009 17:14:46 GMT)

AIG, Countrywide in legal feud over subprime loans
Reuters - An AIG unit and Countrywide Financial Corp, now part of Bank of America Corp , have sued each other, alleging breach of contract, in a dispute over insurance losses for subprime mortgage loans now in default. (Fri, 20 Mar 2009 21:13:17 GMT)

Fannie Mae CEO defends retention bonuses
AP - Mortgage giant Fannie Mae's chief executive and a top government regulator warned Friday that canceling bonuses for workers at institutions receiving federal bailout money could undermine efforts to stabilize the U.S. housing market. (Fri, 20 Mar 2009 22:27:09 GMT)

Credit union victim of soured mortgage market
Reuters - Regulators worked on Saturday to assess troubles at the largest U.S. corporate credit union with the aim of keeping liquidity flowing through the nation's 7,800 credit unions. (Sat, 21 Mar 2009 23:41:06 GMT)

Correction: AIG-Countrywide Lawsuit story
AP - In a story sent March 19 and March 20 about a unit of American International Group Inc. suing mortgage lender Countrywide Financial Corp., The Associated Press erroneously reported the amount of government money received by AIG. The company received $182.5 billion, not $170 million. (Sun, 22 Mar 2009 16:26:25 GMT)

H&R Block sees fewer tax returns
AP - With about a month to go before the April 15 tax filing deadline, H&R Block Inc. says tax preparation numbers are down from a year ago. (Mon, 23 Mar 2009 15:09:24 GMT)

Sales of preowned homes climb in February
AP - Sales of previously occupied homes in the Western United States climbed in February, as low mortgage rates and cheap foreclosed properties drew in many first-time buyers and investors, according to two reports released Monday. (Mon, 23 Mar 2009 22:14:36 GMT)

Dow jumps as White House moves on bad bank assets
AP - The Obama administration aimed squarely at the crisis clogging the nation's credit system Monday with a plan to take over up to $1 trillion in sour mortgage securities with the help of private investors. (Tue, 24 Mar 2009 04:05:39 GMT)

Asking for Student Loan Forgiveness
BusinessWeek Online - In just two short months, Robert Applebaum has become something of a spokesman for a generation of people burdened with student loan debt. Applebaum, a 35-year-old attorney in New York, started a Facebook group in January called "Cancel Student Loan Debt to Stimulate the Economy," fed up with news reports about bank executives spending millions to redecorate their offices and receiving hefty bonuses. "I wanted to rant, so instead of sending an e-mail to a couple of my friends, I decided to start a Facebook group," says Applebaum, who finished law school owing $80,000 in student loans. ... (Tue, 24 Mar 2009 12:08:42 GMT)

U.S. mortgage applications jump; rates at record low
Reuters - U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday. (Wed, 25 Mar 2009 12:47:12 GMT)

Asking for Student Loan Forgiveness
BusinessWeek Online - In just two short months, Robert Applebaum has become something of a spokesman for a generation of people burdened with student loan debt. Applebaum, a 35-year-old attorney in New York, started a Facebook group in January called "Cancel Student Loan Debt to Stimulate the Economy," fed up with news reports about bank executives spending millions to redecorate their offices and receiving hefty bonuses. "I wanted to rant, so instead of sending an e-mail to a couple of my friends, I decided to start a Facebook group," says Applebaum, who finished law school owing $80,000 in student loans. ... (Wed, 25 Mar 2009 16:32:03 GMT)

Mortgage applications up on jump in refinancing
AP - Mortgage applications surged last week, coming mostly from borrowers looking to refinance at sharply lower rates after the Federal Reserve unveiled plans to buy Treasury bonds and mortgage-backed securities. (Wed, 25 Mar 2009 17:32:14 GMT)

Mortgage rates drop to record low
AP - Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market. (Thu, 26 Mar 2009 15:47:05 GMT)

Obama touts refinancing for struggling homeowners
AP - As rates on 30-year mortgages fall to their lowest levels on record, President Barack Obama is pointing to refinancing as a lifeline for homeowners being stung by plunging home values. (Thu, 26 Mar 2009 16:04:55 GMT)

Senate panel to draft credit card bill
Reuters - Key congressional panels are set to meet next week to discuss credit card legislation aimed at cleaning up unfair and deceptive practices that have slapped consumers with unexpected fees and rate hikes. (Thu, 26 Mar 2009 22:28:57 GMT)

Bargains in the REIT Wreckage
BusinessWeek Online - After a terrible 2008, real estate investment trusts are having an awful 2009. The SPDR Dow Jones Wilshire REIT (NYSEArca:RWR - News) exchange-traded fund, which tracks 82 REITs, has dropped 35% after plunging about 45% in 2008. On Mar. 19, Moody's downgraded General Growth Properties to "C," its lowest rating above default, prompting another wave of selling. (Fri, 27 Mar 2009 12:08:42 GMT)

Fla. Realtor uses boat to display foreclosed homes
AP - Here at the epicenter of the nation's housing crisis, an ebullient Marc Joseph bounces off a pontoon boat onto a dock behind a lovely waterfront home — it was recently vacated when its former inhabitants couldn't pay the mortgage. (Fri, 27 Mar 2009 17:36:32 GMT)

Regulators see new role for Fannie, Freddie: report
Reuters - The regulator of U.S. government-controlled Fannie Mae and Freddie Mac is looking at ways the two firms might help finance small mortgage banks hobbled by a dearth of credit, the Wall Street Journal reported. (Mon, 30 Mar 2009 04:57:33 GMT)

Bargains in the REIT Wreckage
BusinessWeek Online - After a terrible 2008, real estate investment trusts are having an awful 2009. The SPDR Dow Jones Wilshire REIT (NYSEArca:RWR - News) exchange-traded fund, which tracks 82 REITs, has dropped 35% after plunging about 45% in 2008. On Mar. 19, Moody's downgraded General Growth Properties to "C," its lowest rating above default, prompting another wave of selling. (Mon, 30 Mar 2009 12:08:41 GMT)

ECB refi rate to hit new record low, other steps eyed
Reuters - The European Central Bank is expected to cut its main interest rate to a new record low of 1 percent on Thursday and step up efforts to boost the flow of funds from banks to euro-zone companies and households. (Mon, 30 Mar 2009 16:27:53 GMT)

Auditor: Bailed-out banks use aid differently
AP - Banks that have received federal aid are using the money as they see fit, in some cases providing new loans to customers, retiring debt or buying mortgage-backed securities, a chief investigator told Congress on Tuesday. (Tue, 31 Mar 2009 22:49:02 GMT)