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Personal Finance News

Fri, 25 Jul 2008 22:47:28 +0200

.::Housing bill clears test, foreclosure halt asked (Reuters) ::.

Reuters - Housing market rescue legislation cleared a procedural test vote in the U.S. Senate on Friday ahead of final passage expected on Saturday, and lawmakers asked banks to suspend further foreclosures until a new mortgage refinancing program gets going on October 1.

Fri, 25 Jul 2008 20:16:07 +0200

.::S&P may cut Fannie and Freddie sub debt, preferreds (Reuters) ::.

Reuters - Standard & Poor's said on Friday it may cut its ratings on the preferred shares and subordinated bonds of Fannie Mae and Freddie Mac , citing concerns that U.S. government plans to sure up the mortgage finance companies may subordinate the debt.

Fri, 25 Jul 2008 22:31:38 +0200

.::Market rises as data eases economic fears (Reuters) ::.

Reuters - Stocks rose on Friday as a drop in oil prices, and stronger-than-expected data on consumer sentiment and housing blunted the latest concerns about the health of U.S banks.

Fri, 25 Jul 2008 16:26:30 +0200

.::Housing bill clears hurdle, vote seen Saturday (Reuters) ::.

Reuters - The U.S. Senate voted on Friday to limit debate on a bill aimed at shoring up both the housing market and mortgage finance companies Fannie Mae and Freddie Mac, paving the way for a final vote expected on Saturday.

Fri, 25 Jul 2008 12:46:41 +0200

.::JP Morgan discusses breakup of UK's HBOS: report (Reuters) ::.

Reuters - U.S. investment bank JP Morgan has held talks with potential partners about forming a consortium to break up British mortgage lender HBOS , The Daily Telegraph newspaper reported.

Fri, 25 Jul 2008 00:39:20 +0200

.::National City posts $1.8B loss for 2nd quarter (AP) ::.

AP - Regional bank National City Corp. on Thursday reported a $1.76 billion loss for the second quarter, as mortgage loans soured and it took a big charge related to previous acquisitions.

Thu, 24 Jul 2008 20:51:13 +0200

.::All types of mortgages see rate increases (AP) ::.

AP - Mortgage rates shot up this week with 30-year mortgages climbing to the highest level in nearly a year, reflecting concerns in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac.

Thu, 24 Jul 2008 18:34:55 +0200

.::US rescue of Fannie, Freddie 'right direction': IMF (AFP) ::.

AFP - The International Monetary Fund on Thursday welcomed the US government's plans to aid mortgage finance giants Fannie Mae and Freddie Mac and ease the housing crisis.

Thu, 24 Jul 2008 17:23:54 +0200

.::Pimco: $1 trillion housing losses seen (Reuters) ::.

Reuters - The best way to help the ailing housing market recover from the $1 trillion of losses it faces will be to cut the cost of mortgages via the housing bill and rescue package for mortgage finance giants, the manager of the world's biggest bond fund said on Thursday.

Thu, 24 Jul 2008 14:08:41 +0200

.::House Helps Fannie and Freddie (BusinessWeek Online) ::.

BusinessWeek Online - The House dealt Fannie Mae and Freddie Mac a "Get Out of Jail Free" card on July 23, passing a bill that authorizes the Treasury Dept. to extend the mortgage-finance giants a lifeline without any of the conditions that the companies' critics had demanded. The bill now heads to the Senate, where passage is expected within days. President Bush earlier dropped his threat to veto the legislation, so it should be signed into law soon.

Thu, 24 Jul 2008 14:08:41 +0200

.::Credit Cards: How to Protect Your Limits (BusinessWeek Online) ::.

BusinessWeek Online - As big banks such as Wachovia , Citigroup and Bank of America continue to post multimillion-dollar writedowns to cover mortgage loan losses and other bad investments, credit-card holders are increasingly getting squeezed. Card issuers such as American Express have started taking a closer look at the math that determines how much credit is available to each customer, and some are cutting their credit lines to keep more money in house.

Thu, 24 Jul 2008 13:40:15 +0200

.::National City has $1.76 billion loss (Reuters) ::.

Reuters - National City Corp , a large U.S. Midwest regional bank, on Thursday posted a $1.76 billion loss, hurt by soaring losses on mortgage and real estate construction loans and a write-down for acquisitions.

Thu, 24 Jul 2008 02:22:21 +0200

.::San Diego sues Bank of America to halt foreclosures (Reuters) ::.

Reuters - San Diego's city attorney said on Wednesday he filed a lawsuit against Bank of America Corp and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in the city, which he aims to make a "foreclosure sanctuary."

Thu, 24 Jul 2008 01:48:50 +0200

.::Sallie Mae quarterly earnings fall 72 percent (Reuters) ::.

Reuters - Sallie Mae , the largest U.S. student loan company, said on Wednesday second-quarter net income fell 72 percent, hurt by restructuring expenses, but results were better than analysts had expected.

Thu, 24 Jul 2008 01:02:33 +0200

.::House OKs rescue for homeowners, Freddie, Fannie (AP) ::.

AP - Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.

Thu, 24 Jul 2008 00:29:08 +0200

.::Sallie Mae's 2Q profit falls 72 percent (AP) ::.

AP - Student lender SLM Corp., more commonly known as Sallie Mae, said Wednesday its second-quarter profit plunged 72 percent as funding costs remained high amid further weakening in the credit markets and the company took charges related to its restructuring.

Wed, 23 Jul 2008 02:42:46 +0200

.::IAC to take $170M in charges for spinoffs (AP) ::.

AP - Internet conglomerate IAC/InterActiveCorp, preparing to spin off four of its operating units, said late Tuesday it plans to take about $170 million in charges because the housing crisis has diminished the value of its mortgage and real estate businesses.

Wed, 23 Jul 2008 07:24:34 +0200

.::Washington Mutual posts 2Q loss of $3.3 billion (AP) ::.

AP - Washington Mutual, the Seattle-based bank known for its buoyant advertising slogan, "Whoo hoo!," had little to cheer about as it reported a staggering $3 billion loss the biggest quarterly loss in its history.

Wed, 23 Jul 2008 00:30:11 +0200

.::Rescue of mortgage giants could hit $25 billion (AP) ::.

AP - A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure.

Tue, 22 Jul 2008 23:36:34 +0200

.::Fannie and Freddie: Getting to know powerful pair (AP) ::.

AP - Behind their down-home names, Fannie Mae and Freddie Mac are so vital to the economy that the government scrambled to offer them a lifeline. But what exactly are they, and what do they do?