There is bipartisan agreement today that stemming home foreclosures and restructuring troubled mortgages would slow the downward spiral harming financial institutions and the real American economy. The federal government possesses a range of tools to take action, but what’s missing is a way to persuade the mortgage servicers who control most of these loans on [...]
The Canadian government moved to shore up the nation’s banks by taking on some of their mortgages in a bid to ease higher borrowing costs that have crippled lending. Toronto-Dominion Bank and Bank of Nova Scotia responded by cutting their prime rates.
Canada Mortgage and Housing Corp., a government-run agency, will buy as much as C$25 [...]
A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis.
Addie Polk was found lying on the floor of her home with what appeared to be a self-inflicted gunshot wound to her shoulder when [...]
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 [...]
The US government would snap up 300 billion dollars of bad home loans, Republican John McCain vowed Tuesday unveiling a new plan to help struggling homeowners if he is elected president.
“People are no longer able to afford their mortgage payments,” said McCain as he laid out what he billed as an original proposal for addressing [...]
Republican presidential candidate John McCain is proposing a $300 billion program for the federal government to buy up bad home mortgages and allow homeowners to keep their houses.
McCain said: “Until we stabilize home values in America, we’re never going to start turning around and creating jobs and fixing our economy and we’ve got to get [...]
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 [...]
A Congress criticized for being asleep at the switch while financial problems festered is eyeing tough new regulations for investment banks and a new government role in the mortgage market as Wall Street reels from another round of collapses.
Just weeks after approving a housing-rescue package designed to help homeowners avoid foreclosure and prevent further spread [...]
Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible.
“It has the potential to be an epidemic,” Chris [...]
The Scottish housing market has suffered a severe downturn with the number of loans taken out by homebuyers falling by more than a third in a year. The figures appear to contradict comments made recently by Alex Salmond, the First Minister, who described the market as “relatively stable”.
There were almost 10,000 fewer people who obtained [...]