Jul 15 Bernanke: Economy Faces 'Numerous Difficulties' By Admin, PBS News Hour Amid a flurry of government-backed steps to fortify the U.S. economy, Fed chief Ben Bernanke told lawmakers Tuesday the economy continues to face "numerous difficulties" including turbulent financial markets, rising unemployment and housing troubles. Continue reading
Jul 14 U.S. Government Takes Steps to Back Struggling Mortgage Giants By PBS News Hour The Treasury Department and Federal Reserve laid out plans Sunday to help bolster lagging confidence in mortgage-finance giants Fannie Mae and Freddie Mac. Continue reading
Jul 11 Paulson: No Bailout for Fannie Mae, Freddie Mac By Admin, PBS News Hour Amid worries that Fannie Mae and Freddie Mac might run short of capital, Treasury Secretary Henry Paulson said Friday the government would support them "in their current form as they carry out their important mission."… Continue reading
Jul 10 Fannie Mae, Freddie Mac Stocks Tumble over Bailout Fears By PBS News Hour Shares of government-chartered mortgage giants Fannie Mae and Freddie Mac plunged to their lowest levels since 1991 in Thursday trading over concerns the companies won't be able to raise necessary capital. Continue reading
Jul 08 Bernanke to Propose Stricter Mortgage Regulation By PBS News Hour Federal Reserve Chairman Ben Bernanke outlined a new set of mortgage-lending rules Tuesday, which will be aimed at shielding future homebuyers from risky lending practices and avoiding a repeat of the country's current mortgage crisis. Continue reading
Jun 19 More than 400 Arrested in Mortgage Fraud Sting By Admin, PBS News Hour More than 400 real estate industry workers have been indicted since March in a Justice Department crackdown on incidents of mortgage fraud nationwide -- a key contributing factor to the country's housing crisis. Continue reading
Jun 16 Watch Lehman Reports $3 Billion in Losses Due to Bad Mortgage Investments Lehman Brothers chief Richard Fuld took responsibility Monday for a staggering $3 billion in losses in the second quarter, saying the company was too slow to react to the unfolding credit and mortgage crisis. Roben Farzad of BusinessWeek magazine outlines… Continue watching
May 06 Watch Fannie Mae Posts Losses; Mortgage Market Quakes The mortgage giant Fannie Mae posted $2.2 billion in losses Tuesday in its third consecutive quarter of bad news. A reporter from the New York Times explains this latest bad news and its potential impact on the mortgage market. Continue watching
Apr 30 Watch Fed Cuts Rate Again in Latest Bid to Shore Up Economy The Federal Reserve cut a key interest rate by a quarter point Wednesday, bringing the federal funds rate down to its lowest level since late 2004. The move is intended to help address the ongoing housing slump and credit crunch. Continue watching
Apr 11 Watch Lawmakers Remain Split Over Help for Homeowners Amid the subprime mortgage crisis and subsequent economic downturn, Republican and Democratic legislators alike have called for the government to do more to aid struggling homeowners. However, the amount and kind of such aid is the subject of fierce debate. Continue watching