AP - Federal Reserve Chairman Ben Bernanke acknowledges he was wrong in believing that there would be limited fallout to financial markets from risky mortgages that soured after the housing market’s collapse.
Reuters - President-elect Barack Obama may consider delaying an election promise - to roll back tax cuts on high-income Americans - as part of his economic recovery strategy, a senior aide and an adviser said on Sunday.
AP - American farmers have long worried about the declining population of honeybees, a key crop pollinator. But honeybees originally came from Europe, so can’t U.S. farms get by without them with a little help from good old American bugs whose ancestors were here before Columbus?
BusinessWeek Online - With the financial system in crisis, investors increasingly rely on government guarantees to protect their money. Bank accounts are backed by the Federal Deposit Insurance Corp. and its $53 billion war chest. After decades on their own, money market funds now are backed by the U.S. Treasury. And life insurance policies and annuities? They’re backed by state guaranty associations. There’s only one hitch: The states have virtually no cash on hand and must rely on promises to pay made by healthy life insurers.
BusinessWeek Online - The implosion of the subprime mortgage market has been a boon to loan-modification consultants who promise to help borrowers refinance and get back on the road to financial stability.
BusinessWeek Online - As if they haven’t done enough damage. Thousands of subprime mortgage lenders and brokers — many of them the very sorts of firms that helped create the current financial crisis — are going strong. Their new strategy: taking advantage of a long-standing federal program designed to encourage homeownership by insuring mortgages for buyers of modest means.
AP - Home repossessions in Britain jumped 12 percent to 11,300 in the third quarter from the previous quarter, the Council of Mortgage Lenders said Friday, more evidence that the financial crisis is taking its toll on households and the ailing housing market.
Reuters - Fannie Mae and Freddie Mac, the two biggest U.S. home loan finance companies, on Thursday said they would suspend foreclosures of occupied homes until early 2009, as the government moves to stem the tide of home losses plaguing the economy.
AFP - The two US mortgage finance giants, Fannie Mae and Freddie Mac, said on Thursday they halt home foreclosures until early January as they modify loans to help keep owners in their homes.
Original post by AFP and software by Elliott Back
Reuters - Fannie Mae and Freddie Mac, the two biggest home loan finance companies, on Thursday said they would suspend foreclosures of occupied homes until early 2009, one of the biggest moves to date by the government to stem the tide of evictions and home losses.
Original post by Reuters and software by Elliott Back
