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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Nov
AP - Wall Street remained weary Wednesday, disheartened by more signs of economic stress including dismal reports from major retailers, a bleak outlook for the nation’s auto industry and additional job cuts in the already beaten-down financial sector.
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Nov
AFP - US authorities have scrapped plans to buy up toxic mortgage securities and are shifting the focus of a massive financial rescue plan, Treasury Secretary Henry Paulson said Wednesday.
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Nov
Reuters - The Treasury backed away from using a $700 billion bailout fund to cleanse bank balance sheets of toxic mortgage debt, while Europe reported more gloomy economic news and the World Bank warned that international trade may contract in 2009.
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Nov
AP - An already disheartened Wall Street turned sharply lower Wednesday after Treasury Secretary Henry Paulson said the government won’t buy banks’ soured mortgage assets after all, disappointing investors who hoped to see the bad debt wiped off companies’ books. The Dow Jones industrials fell about 250 points, and all the major indexes dropped more than 2 percent as the market retreated for a third straight session.
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