When the housing crisis hit last summer, it became very hard for borrowers to land the jumbo loans they needed to buy homes in high-priced areas, like California and New York.
A bill meant to help homeowners caught up in the spreading mortgage crisis received committee approval Thursday after Democrats fended off numerous Republican challenges to the bill.
A bill meant to help homeowners caught up in the spreading mortgage crisis received committee approval Thursday after Democrats fended off numerous Republican challenges to the bill.
Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats' housing rescue plan
Government officials urged credit rating agencies Wednesday to rethink the way they rate municipal bonds, arguing that the current system saddles local governments and taxpayers with unnecessary costs.
Federal regulators stressed the importance of leaving the United States open to investments by sovereign wealth funds Wednesday, but warned of the need to push for better transparency among these growing state-sponsored entities.
This year's special rebate checks haven't been mailed out yet, but Congress is working on a foreclosure-prevention bill in conjunction with more proposals aimed at stimulating the economy.
When the housing crisis hit last summer, it became very hard for borrowers to land the jumbo loans they needed to buy homes in high-priced areas, like California and New York.
A bill meant to help homeowners caught up in the spreading mortgage crisis received committee approval Thursday after Democrats fended off numerous Republican challenges to the bill.
A bill meant to help homeowners caught up in the spreading mortgage crisis received committee approval Thursday after Democrats fended off numerous Republican challenges to the bill.
Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats' housing rescue plan
Government officials urged credit rating agencies Wednesday to rethink the way they rate municipal bonds, arguing that the current system saddles local governments and taxpayers with unnecessary costs.
Federal regulators stressed the importance of leaving the United States open to investments by sovereign wealth funds Wednesday, but warned of the need to push for better transparency among these growing state-sponsored entities.
This year's special rebate checks haven't been mailed out yet, but Congress is working on a foreclosure-prevention bill in conjunction with more proposals aimed at stimulating the economy.
The bond insurance crisis will come under congressional scrutiny Thursday as a number of high-profile players including Ambac and MBIA executives and New York Gov. Eliot Spitzer are scheduled to testify before lawmakers.
House Financial Services Committee Chairman Barney Frank, D-Mass., has secured two key Republican endorsements on his legislative plan to reform the mortgage industry, avoiding a potentially bruising political fight this week.
Bar mortgage brokers from getting bonuses to sign up borrowers for more costly loans. Force lenders to verify whether consumers are able to repay loans.
Since the subprime crisis erupted, plenty of blame has been pinned on the big credit rating agencies. Just what went wrong at these firms - and what can be done to stave off another disaster - will be the topic of hearings on Capitol Hill this week.
Make more money available for mortgages to ease the credit crunch. Give borrowers greater protection from predatory lenders. And encourage homeowners to call their bank.
The dollar took another fall on currency markets Thursday, reaching one-to-one parity against the Canadian dollar for the first time in 30 years and plumbing a new low against the 13-nation European currency.
If home prices fall as forecast, the $23 trillion housing market could lose $3 trillion in value by August 2008, a leading housing economist and former mortgage bank president told lawmakers on Wednesday.
House lawmakers are planning to vote Tuesday on an overhaul of a federal agency that insures mortgages against default in an effort to help struggling homeowners avoid foreclosure.
The subprime crisis has put lawmakers under pressure to do something not only to help homeowners who could lose their homes but also to nail the guys who created the mess.
Rep. Paul Gillmor of Ohio was found dead in his townhouse in Arlington, Virginia, on Wednesday, leadership aides for both the Republican and Democratic parties said.
The full impact of the upheaval in financial markets "has yet to play out," a top administration official said Wednesday, while stressing that the effect will be dampened somewhat by solid economic growth
The worst housing slump in 16 years and upheaval in financial markets have cast a shadow on the economy, leading lawmakers to question federal regulators
The full impact of the upheaval in financial markets "has yet to play out," a top administration official said Wednesday, while stressing that the effect will be dampened somewhat by solid economic growth.
Senate Banking Committee Chairman Christopher Dodd sought Monday an unusual meeting with two top U.S. economic policy-makers, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson, to discuss the recent financial market volatility.
The House Financial Services Committee asked the Federal Reserve and the U.S. Treasury Department to testify at a hearing Sept. 5 that will examine the current crises in the credit and mortgage market, Chairman Barney Frank, a Massachusetts Democrat, said Monday.
The U.S. House Financial Services Committee said Thursday it will hold a July 11 hearing into systemic risks to the economy and the financial system posed by hedge funds.
Bear Stearns does not plan to bail out the second of two struggling hedge funds - citing stabilizing markets - but the subprime loan woes that brought the funds down continue to rattle investors.
U.S. lawmakers asked the Securities and Exchange Commission on Tuesday to clarify an accounting rule that may be preventing some institutions from making loan modifications to help subprime mortgage borrowers.
Lawmakers will take a closer look at the exclusive world of private equity on Wednesday, with a focus on the effect that buyouts can have on companies and on workers.
A series of speakers at a Congressional hearing of the House Financial Services Committee on Tuesday called for restructuring adjustable rate mortgage (ARM) loans to help solve the subprime mortgage crisis.
About 2.4 million holders of subprime mortgage loans made between 1998 and 2006 will lose their properties to foreclosure, according to a report from the Center for Responsible Lending, a non-profit policy and advocacy organization for home owners.
Merrill Lynch & Co. Inc. annouced Wednesday former congressman Harold E. Ford will join the firm as vice chairman and senior policy advisor, effective March 5.
The cost of affordable rental housing has risen 28 percent in the past seven years, far outpacing the wages of those who need it most, according to a new report released Tuesday.
Businesses that have been complaining about the cost of complying with the Sarbanes-Oxley corporate reporting regulations will get some, but not all, of the relief they've been seeking, according to a published report.
Treasury prices rose for the third straight session as investors interpreted Federal Reserve Chairman Ben Bernanke's comments as a hint that interest rates may be set for a pause.
NEW YORK (CNN/Money) - When Federal Reserve Chairman Alan Greenspan says he favors adding individual investment accounts to Social Security, he's thinking big picture.
Bond prices fell Friday as the market absorbed this week's note auction and investors looked ahead to Fed Chairman Alan Greenspan's Congressional testimony. The dollar edged higher against the euro and changed little against the yen.
Treasury prices nudged lower on Monday ahead of Federal Reserve Chairman Alan Greenspan's semiannual speech on monetary policy on Tuesday, but traders and analysts expect the bond market to hold reasonably steady.
When Federal Reserve Chairman Alan Greenspan testifies on Capitol Hill on Wednesday, Wall Street will listen closely for clues about the future path of Fed policy, while politicians will hope for some warnings about the swollen federal budget deficit.
Lisa Boxer is suffering from sticker shock--and not from the cost of a new car or refrigerator. In May her husband was transferred from Florida to New York City. That gave the couple four months to...
When the House Committee on Financial Services hauled top WorldCom executives onto Capitol Hill in early July, its intent was to uncover how and why the telco booked nearly $4 billion of operating ...
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