In Nevada, home foreclosures have jumped 137 percent compared to a year ago. While the situation in the heartland isn’t nearly as drastic, one bank is reaching out to homeowners in a financial crunch.
The troubling winds of the swinging and unsteady housing market are hitting retiree Pat Yutesler hard. “I’ve had my house on the [...]

While real estate prices continue to hold near their highs, banks are preparing for a decline in property values by tightening mortgage requirements, making it harder for consumers to receive a loan.
“I’ve called all the banks, and each one said they were in the process of renewing their terms and regulations,” said Mikhail Sergeienko, a [...]

Here is the prepared statement of U.S. Treasury Secretary Henry Paulson on Wednesday, as released by the Treasury.
Good afternoon. Last Friday Congress finalized and President Bush signed into law the bipartisan Emergency Economic Stabilization Act. The EESA provides the Treasury, the Federal Reserve and the FDIC with important new authorities to complement existing ones. We [...]

What is being proposed by the US Government?
It is seeking approval from Congress for $700 billion to buy home and commercial mortgages that are now worth less than their face value from American banks and other financial institutions, as well as foreign banks with US operations, over the next two years.
Why is this necessary?
The dramatic [...]

The government’s $700-billion plan to bail out the banking system may calm panicked financial markets, but its real value may be in buying time to address the root problem: the continuing slide in housing values.
The Treasury Department’s rescue plan is far from a done deal, with Democrats saying Sunday that they would push for more [...]