Nov
Reuters - President George W. Bush intends to nominate Assistant U.S. Attorney Neil Barofsky to be the special inspector general for the Troubled Assets Relief Program at the Treasury Department, the White House said on Friday.
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Nov
AP - The Federal Deposit Insurance Corp. says a new plan could help 1.5 million American households avoid foreclosure.
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Nov
AP - Mortgage finance company Freddie Mac is asking for $13.8 billion out of a potential $100 billion in government aid after posting a massive quarterly loss.
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Nov
AFP - Freddie Mac, one of the mortgage finance giants taken over by the government earlier this year, reported Friday a quarterly loss of 25.3 billion dollars as it asked for a fresh capital infusion.
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Nov
BusinessWeek Online - It may seem like ancient history now, but not long ago the mortgage industry was turning ordinary people into millionaires. One of them was Sharmen Lane, a high school dropout who, like many other young women during the boom, found her way into an obscure banking job with the clunky title “mortgage wholesaler.” Her experience — and the experiences of other wholesalers like her — offers a glimpse into the recklessness and indulgence that drove the industry to ruin.
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Nov
BusinessWeek Online - Individual investors aren’t the only ones scared to look at their portfolios. Insurance giants are also watching their holdings wither, a situation that could have serious implications for their customers and the markets. The biggest independent life insurer, MetLife, reported total paper losses of $12.2 billion on its $340 billion portfolio. “You have to plan for things to be depressed for the next few quarters at a minimum,” says Steven A. Kandarian, chief investment officer at MetLife.
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Nov
Reuters - U.S. mortgage finance companies should soon adopt a foreclosure prevention plan developed by Fannie Mae and Freddie Mac to ease loan terms for troubled borrowers, the companies’ overseer said on Thursday.
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Nov
AP - The nation’s financial picture grew darker Thursday, a day marked by breathtaking numbers: a quarter-trillion-dollar budget deficit for a single month and projections of up to $1 trillion for a year, a half-million new applications for unemployment benefits and a 900-point swing on Wall Street.
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Nov
AP - The nation’s financial picture grew darker Thursday, a day marked by breathtaking numbers: a quarter-trillion-dollar budget deficit for a single month, a half-million new applications for unemployment benefits and a 900-point swing that led Wall Street to its third-biggest point gain ever.
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Nov
AP - Hundreds of lenders told federal housing officials Thursday that a $300 billion mortgage aid program requires too many losses for consumers and lenders to realistically help 400,000 Americans avoid foreclosure.
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