Nov
AP - While the Bush administration shifts course on its $700 billion rescue plan, Congress is examining whether even bigger changes should be made in the program in light of the deteriorating economy and soaring mortgage foreclosures.
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Nov
AFP - The US government abandoned plans to buy up the toxic mortgage assets at the heart of the global financial crisis, a reversal that helped send ailing world markets spiralling even lower.
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Nov
Reuters - Federal criminal probes into mortgage lending will likely produce many indictments under Barack Obama’s presidency, legal experts said on Wednesday.
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Nov
Reuters - Stocks sank on Wednesday for the third day after the United States backed away from using its $700 billion bailout to mop up sour mortgages and added to uncertainty about how the government plans to revive bank lending.
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Nov
Reuters - The Bush administration on Wednesday largely abandoned its plan to buy up toxic mortgage assets and said it will focus its $700 billion financial bailout fund on making direct investments in financial institutions and shoring up consumer credit markets.
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Nov
AP - A disheartened Wall Street fell for the third straight session Wednesday as investors absorbed another series of dismal corporate reports and news that the government won’t buy banks’ soured mortgage assets after all. The Dow Jones industrials skidded more than 410 points, and all the major indexes dropped more than 4 percent.
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Nov
Reuters - Stocks tumbled on Wednesday after the country’s top electronics retailer warned the current business climate was the worst in 40 years, adding to recent economic gloom.
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Nov
Reuters - Stocks slid on Wednesday as the United States backed away from its initial plan of using the $700 billion bailout to mop up sour mortgages, worsening economic fears sparked by a slashed forecast from Best Buy.
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Nov
Reuters - Congress needs to tackle legal obstacles that prevent mortgage servicing companies from doing more to help distressed borrowers stay in their homes, the head of a U.S. congressional committee said on Wednesday.
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Nov
Reuters - Stocks tumbled on Wednesday as gloomy news pointing to the worsening scope of problems buffeting the U.S. economy diminished investors’ appetite for risk.
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