AP - Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn’t go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
Reuters - California Democrats who control the state Assembly said on Tuesday they would push for a 120-day moratorium on foreclosures after mortgage default notices have been filed, compared with a 90-day stay proposed by Gov. Arnold Schwarzenegger.
AP - A new joint government-industry effort to help struggling homeowners is insufficient to bring widespread changes in home loans to stem the tide of foreclosures, the head of the FDIC said Tuesday.
Reuters - The regulator for the two largest U.S. mortgage finance companies on Tuesday unveiled a plan that could cut payments for hundreds of thousands of struggling homeowners to help reverse a wave of defaults threatening to swamp the economy.
AP - Wall Street got another dose of painful reality Tuesday and sent stocks diving as investors recognized that few industries are safe from the consumer spending slump whether they’re building homes, making cars or selling coffee. The Dow Jones industrial average lifted off its lows of the day, but still closed down nearly 180 points.
Reuters - Stocks fell on Tuesday as faltering demand at aluminum maker Alcoa and a dismal outlook from Tyco International showed the global economic slowdown is deepening.
AP - The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac.
Reuters - Stocks slid on Tuesday as faltering demand at aluminum maker Alcoa and a dismal outlook from Tyco International showed the economic slowdown is deepening.
AFP - The US government Tuesday announced a sweeping program to ease payment terms for hundreds of thousands of homeowners struggling to service mortgages held by home finance giants Fannie Mae and Freddie Mac.
