Nov
AP - Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defense Tuesday of his handling of the $700 billion program and expressed fresh reservations about tapping the pool for mortgage guarantees to relieve skyrocketing home foreclosures.
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Nov
Reuters - Treasury Secretary Henry Paulson and members of Congress clashed on Tuesday over the best use for the $700-billion financial bailout fund, with lawmakers demanding money to stem a national wave of mortgage foreclosures.
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Nov
AP - Treasury Secretary Henry Paulson expressed fresh reservations Tuesday about tapping a $700 billion bailout pool to provide mortgage guarantees to help stem soaring home foreclosures.
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Nov
AP - President George W. Bush’s choice to be the federal watchdog over the $700 billion bailout for banks and other financial companies promised Monday to use his experience prosecuting mortgage and securities fraud to keep Congress apprised if the money is being misused.
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Nov
Reuters - A senior U.S. senator on Monday introduced legislation to let judges alter the terms of distressed mortgages in bankruptcy cases, reviving a controversial proposal meant to help troubled homeowners, a said an aide to the lawmaker.
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Nov
Reuters - Freddie Mac could post losses totaling $20 billion to $40 billion in 2009, hurt by higher credit costs and write-downs in mortgage assets, an analyst at Friedman Billings Ramsey said.
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Nov
AP - The Postal Service is investigating whether the nation’s postmaster general improperly received a sweetheart deal on a mortgage from Countrywide Financial Corp., the chairman of the service’s governing board said.
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Nov
Reuters - Life and mortgage insurer Genworth Financial Inc said on Sunday it applied for capital under a U.S. government program, after reaching a deal to buy a bank, bringing it under federal regulation.
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Nov
Reuters - Merrill Lynch & Co said on Friday that the majority of its best-performing financial advisors will join Bank of America Corp when that bank buys Merrill at the end of the year.
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Nov
AP - The young prosecutor tapped to monitor the $700 billion financial rescue plan has brought down Colombian drug traffickers, gone after swindling corporate executives and now heads the mortgage fraud unit for the U.S. attorney’s office in Manhattan.
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