Reuters - U.S. Treasury Secretary Henry
Paulson and Democratic presidential candidate Barack Obama
agreed on Tuesday that Washington must restore confidence in
mortgage finance giants Fannie Mae and Freddie Mac, Obama's
spokesman said.
AP - Stocks rebounded Tuesday after the previous session's steep tumble, as a drop in oil prices and a rise in consumer confidence gave investors hope for a possible letup in Americans' financial woes. The Dow Jones industrial average rose about 190 points.
AP - The Bush administration and federal banking regulators joined with the nation's four largest banks Monday to endorse a new way to pump money into the battered U.S. mortgage market.
Reuters - The Treasury and the nation's four
biggest banks on Monday said they will kick-start a market for
an investment product to support home financing in the latest
effort to spur a slumping housing market.
Reuters - The Bush administration on Monday
projected the U.S. budget deficit will soar to a record of
nearly half a trillion dollars in fiscal 2009 as a housing-led
economic slowdown cuts into government revenues.
Reuters - General Motors Corp is in negotiations
with Hummer dealers to buy out stores as it looks to sell the
SUV brand whose popularity has plunged amid high gas prices,
Automotive News reported on Monday.
AP - The Bush administration and federal banking regulators joined with the nation's four largest banks Monday to endorse a new way to pump money into the battered U.S. mortgage market. -- read full article
AP - The White House on Monday lowered its forecast for economic growth this year and next and said unemployment is likely to rise as housing and financial debacles along with high energy prices take their toll. -- read full article
Reuters - U.S. Treasury Secretary Henry
Paulson said the nation's four biggest banks were ready to
kick-start a market for covered bonds that could help
significantly expand home mortgage financing.
AP - Franca Tantillo puts rising fuel prices in the same category as the springtime hail storm that wiped out part of her strawberry crop. Both cut into the profit she can make at the farmers markets she sells at in New York City, about 135 miles south of her farm.
Reuters - The Bush administration on Monday
projected the U.S. budget deficit will soar to a new record of
nearly half a trillion dollars in fiscal 2009 as a housing-led
economic slowdown cuts into government revenues.
Reuters - U.S. presidential candidate Barack
Obama gave a vote of confidence to Federal Reserve Chairman Ben
Bernanke, saying he had made some good decisions in difficult
circumstances.
The Christian Science Monitor - When the price of gasoline crested over $4 a gallon, it threw a bucket of cold water on the economy: Americans scaled back their driving, parked the SUV, and even cut back their spending at the mall. -- read full article
