While momentum is building on Capitol Hill to extend the $8,000 first-time homebuyer credit, President Obama's housing secretary said Tuesday the administration has not decided whether to support its expansion.
The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
The pig of U.S. financial reform will be stuck in the legislative python a bit longer. U.S. lawmakers are about to flee steamy Washington for their month-long summer recess, leaving much of Barack Obama's ambitious agenda hanging.
Markets were looking for a fall when they open Monday, as the World Bank said a global recovery was 'unusually uncertain' and cut growth forecasts for most countries.
The dollar was mixed against European currencies Tuesday, while remaining strong against the yen, as investors gear up for key economic data and remarks from Federal Reserve chairman Ben Bernanke and President Obama.
The CEOs of the leading automakers were back before Congress Thursday, arguing for a larger bailout than they asked for just two weeks ago, and hoping to undo the damage they did to their case at the earlier hearings.
For more than a century, the U.S. auto industry has been at the center of the American industrial economy. Events over the next month could determine if that remains the case.
The top Democrat on the Senate Banking Committee said Thursday there is not enough support among Republicans to pass a proposed bailout package for the auto industry.
The Bush Administration is working to create a program that would cut down on foreclosures by helping creditworthy borrowers make their monthly mortgage payments
Calls for a sweeping federal response to the housing mess are getting louder. But finding a solution isn't getting any easier.
While momentum is building on Capitol Hill to extend the $8,000 first-time homebuyer credit, President Obama's housing secretary said Tuesday the administration has not decided whether to support its expansion.
The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
The pig of U.S. financial reform will be stuck in the legislative python a bit longer. U.S. lawmakers are about to flee steamy Washington for their month-long summer recess, leaving much of Barack Obama's ambitious agenda hanging.
Markets were looking for a fall when they open Monday, as the World Bank said a global recovery was 'unusually uncertain' and cut growth forecasts for most countries.
The dollar was mixed against European currencies Tuesday, while remaining strong against the yen, as investors gear up for key economic data and remarks from Federal Reserve chairman Ben Bernanke and President Obama.
The CEOs of the leading automakers were back before Congress Thursday, arguing for a larger bailout than they asked for just two weeks ago, and hoping to undo the damage they did to their case at the earlier hearings.
For more than a century, the U.S. auto industry has been at the center of the American industrial economy. Events over the next month could determine if that remains the case.
The top Democrat on the Senate Banking Committee said Thursday there is not enough support among Republicans to pass a proposed bailout package for the auto industry.
The Bush Administration is working to create a program that would cut down on foreclosures by helping creditworthy borrowers make their monthly mortgage payments
Calls for a sweeping federal response to the housing mess are getting louder. But finding a solution isn't getting any easier.
Should Uncle Sam get stock in the companies it helps?
Shares of most large banks and finance firms slumped Tuesday as the Senate Banking Committee's hearing on the $700 billion Wall Street bailout came to an end without alleviating investor concerns.
The Bush administration urgently pressed Congress in public and private Tuesday to move quickly on a $700 billion bailout of the financial industry
At a hearing Tuesday before the Senate Banking Committee, federal officials said a bailout is needed immediately for the health of the U.S. economy.
Stocks inched higher at the open Tuesday, following the previous day's steep selloff, as a Senate hearing on the proposed $700 billion financial services bailout plan got underway.
Democratic leaders on Capitol Hill said on Sunday that the Bush administration's $700 billion proposal to bail out the financial system lacked necessary safeguards for taxpayers and homeowners.
Experts are cautiously optimistic that the massive federal bailout of the nation's financial sector will solve the credit crisis that hit Wall Street this week.
Congressional leaders said Friday that they were determined to quickly pass a massive plan to stabilize the financial market after they heard a "sobering" assessment from the administration's economic team.
Rates on 30-year fixed mortgages fell for the second week in a row on increased speculation that the Federal Reserve will not raise interest rates before the end of the year, according to mortgage backer Freddie Mac.
Bond prices sank on Wednesday amid fresh concerns over inflation, after the most recent Consumer Price Index report showed a surprising surge.
Oil prices plummeted Wednesday, bringing the two-day selloff to $10.58 a barrel, on reports indicating that demand for oil and gas may slacken in the future.
This is one of those days you probably wished you stayed in bed.
The dollar sank to a new all-time low against the euro Tuesday as concerns about the health of the U.S. banking sector and economy deepened. But the dollar bounced back slightly after Federal Reserve Chairman Ben Bernanke acknowledged that the dollar's weakness is a concern.
Treasury Secretary Henry Paulson said Tuesday the Bush Administration has no immediate plans to extend emergency loans to mortgage giants Freddie Mae and Freddie Mac
Several top banking regulators warned lawmakers Thursday of more troubles ahead for the industry, including additional writedowns and the possibility that bigger banks could fail.
When the Senate Banking Committee passed a housing bill intended to limit foreclosures, panel Chairman Christopher Dodd, D-Conn., said he expected the measure could help 500,000 borrowers stay in their homes.
Senate Banking Committee leaders said Monday that they have come to a deal on a housing bill that would prevent foreclosures, create affordable housing and revamp oversight of two of the mortgage market's biggest players: Fannie Mae and Freddie Mac.
Key lawmakers spent Thursday trying to broker a deal on a bill that would allow the government to insure up to $300 billion of home loans and overhaul oversight of key players in the mortgage industry.
The momentum behind congressional efforts to let the government offer more aid to struggling homeowners has hit stiff resistance.
A bill that would allow the government to guarantee new mortgages for homeowners facing foreclosure passed the House on Thursday, but it faces a veto threat from the White House and an uncertain fate in the Senate.
A group of Democratic lawmakers unveiled sweeping legislation Wednesday that promises to shield consumers from harmful, and in some instances predatory practices, by the credit card industry.
For years, financial firms made good money making government-guaranteed loans to college students.
Paying for college is rarely easy, but this year parents and students could have a tougher time securing the necessary financing.
The Federal Reserve bailed out Bear Stearns to prevent a failure that could have dealt serious consequences to the U.S. economy, Federal Reserve Chairman Ben Bernanke said
Congress on Thursday will scrutinize JPMorgan Chase's controversial acquisition of Bear Stearns and quiz top executives from both firms as well as the regulators who helped engineer the rescue.
Stock futures fell early Tuesday after chipmaker Intel cut its profit forecast and as investors awaited the latest on the battered U.S. economy from Federal Reserve Chairman Ben Bernanke.
As if the economy wasn't already fighting enough strong headwinds, the risk of capital shortfalls and outright failure of the nation's banks is rising.
The Federal Reserve cut its economic growth forecast for the economy Wednesday and suggested that more rate cuts could be on the way to combat further weakness.
Bond prices fell Thursday after Federal Reserve Chairman Ben Bernanke said the U.S. economy will continue to struggle and suggested that the central bank is willing to cut interest rates further.
Treasury Secretary Hank Paulson will tell the Senate Banking Committee Thursday that he still believes the U.S. economy will avoid falling into a recession this year, according to a published report.
U.S. stock futures pointed toward a flat open Thursday as investors waited to hear what Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson would say during their testimony before the Senate Banking Committee, slated to start at 10:00 a.m. ET.
After enduring months of scrutiny and attacks, the big three credit rating agencies were criticized once again Thursday, with critics charging that their recent efforts to shore up their shaken rating systems are too little and too late.
A proposal to bail out subprime mortgage borrowers who are at risk of foreclosure was floated at a Senate Banking Committee hearing Thursday.
Lend a hand to distressed homeowners? No way, say many, who worry the tab will come out of their pockets as taxpayers.
U.S. stock futures rose Wednesday after General Motors reached a tentative agreement with the United Auto Workers to end a two-day strike.
Lawmakers grilled credit rating agency executives Wednesday about their role in the subprime mortgage meltdown, particularly their cozy relationship with issuers of some of the securities that soured during this summer's crisis.
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.
U.S. bank regulators Friday tightened standards for mortgage lending in a bid to curtail risky practices that have been blamed for a record level of foreclosures.
Connecticut Democratic Sen. Christopher Dodd said Monday that federal regulators have been "asleep at the switch" and must start exercising their authority to stop the hemorrhaging of the subprime mortgage market.
Everyone is blaming "explosive ARMs" for the crisis in subprime loans. But several spokesmen for the mortgage industry told Congress this Thursday that these variable mortgages have not contributed much to rising default rates.
Banking regulators came under fire in the Senate Thursday, with pointed questions on why they didn't do more in advance of the subprime lending crisis.
The Senate Banking Committee held hearings Thursday on the crisis in the subprime mortgage lending industry. But we're going to tell you why you should care about the subprime mortgage meltdown and how it's going to affect you.
Stocks rose Thursday morning, with the Dow hitting a fresh record trading high as investors digested the second day of Federal Reserve Chairman Ben Bernanke's testimony on the economy.
Democratic lawmakers challenged credit card executives Thursday over rising late fees and other penalties and marketing practices they portrayed as predatory.
In most instances today, it would be silly to pay an annual fee for a credit card simply because most cards don't have them anymore.
The traditional two-day Fed hearing may no longer be enough for Congress.
A pension reform bill moving through Congress includes a clause to allow hedge funds to manage significantly more pension-fund money, 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.
Stocks rose in the early going Tuesday as a rebound in commodities and global markets lifted sentiment.
Treasury prices turned higher Tuesday, extending their rally, as a wave of economic uncertainty sent investors running toward safe haven investments.
Bonds held steady Thursday morning, barely moving on upbeat labor and housing reports, as traders awaited new Fed Chairman Ben Bernanke's second day of testimony on Capitol Hill.
The members of the Senate Banking Committee are throwing a lot of questions today at Ben Bernanke, President Bush's nominee to succeed Alan Greenspan as Fed chairman -- about inflation targeting, about transparency at the Fed, about taxes.
More details about the abuse of soldiers from misleading and overpriced insurance ploys will be reported by a government auditor next week, according to people who have seen the report.
The Bush administration and some Republican leaders in Congress are pushing for tighter regulation on mortgage financing firms Freddie Mac and Fannie Mae, according to a published report.
Traders expect the more bullish reading on the strength of the U.S. economy to lift stocks Thursday.
Stocks were slightly higher early Thursday as investors digested upbeat earnings from Hewlett-Packard and Wal-Mart, but showed caution ahead of day two of Fed chair Alan Greenspan's congressional testimony.
Stocks gripped the unchanged line Wednesday, as investors sorted through Fed Chairman Alan Greenspan's Senate commentary and opted to remain on the sidelines.
Federal Reserve Chairman Alan Greenspan heads to Capitol Hill Tuesday to give his view of the economy, and Fed watchers say his comments could probably be distilled down to four words: "I told you so."
U.S. stock markets gained early Tuesday, after a report showed consumer prices rose in May, but only by a small measure excluding volatile food and energy prices.
So Federal Reserve Chairman Alan Greenspan may be on the hot seat today as he faces the Senate Banking Committee for his confirmation hearing.
U.S. stock markets inched higher early Tuesday on upbeat earnings and a continued bounce after a few down sessions.
U.S. stocks edged lower at the open Thursday, as mixed reports on retail and jobless claims gave investors an incentive to take profits after Wednesday's strong rally.
Retail sales in the United States fell in January, the government said Thursday, defying Wall Street expectations, due to a bigger-than-expected decline in automobile sales.
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