Paulson Unveils TARP Phase II

11/12/2008

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Paulson Unveils Phase Two of TARP   Wed, 12 Nov 2008 09:17:48 EST Delivering an update to the Troubled Asset Relief Program (TARP), U.S. Treasury Secretary Henry Paulson said that purchasing troubled assets - the original intention of the $700 billion rescue package - is not an effective use of the program. "It was clear to me by the time the bill was signed on October 3rd that we needed to act quickly and forcefully, and that purchasing troubled assets - our initial focus - would take time to implement and would not be sufficient given the severity of the problem..." Read Full Story Email This Story To A Friend   TODAY'S VIDEO NEWS Bookmark this page or subscribe to our video RSS Feed and visit daily for breaking Mortgage and Real Estate related news. Mortgage Modification Hearing CNBC Videos 11/12/2008 11:21:48 AM The details on the mortgage modifications underway on Capitol Hill, with CNBC's Diana Olick FDIC, Fed & Treasury Joint Statement CNBC Videos 11/12/2008 11:22:04 AM The regulators urfe banks not to make economically viable & apprpriate loans, reports CNBC's Steve Liesman Mishkin on Monetary Policy CNBC Videos 11/12/2008 9:09:00 AM An economic outlook, with Frederic Mishkin, Former Federal Reserve Board governor American Express Seeks TARP Aid CNBC Videos 11/12/2008 9:15:00 AM The now bank holding company seeks $3.5B in TARP aid, with Frederic Mishkin, Former Federal Reserve Board governor AIG Party Accusations CNBC Videos 11/12/2008 9:15:34 AM Some in Washington are calling for Ed Liddy's resignation, with Rep. Elijah Cummings, D-MD and Doug Dachille, First Principles Management   Please send any feedback or suggestions directly to our editor at info@MortgageNewsDaily.com. To UNSUBSCRIBE login to our Members Area and use the Unsubscribe Feature. Your User Name is your Email Address. If you forgot your Password use our 'Forgot Password' feature. DO NOT REPLY TO THIS EMAIL.

Citigroup to Modify Thousands of Mortgages

11/11/2008

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Another Big Bank Moves to Assist Homeowners and Itself   Tue, 11 Nov 2008 07:32:32 EST Citigroup has joined Morgan Stanley Chase, the Federal Deposit Insurance Corporation (FDIC,) and a few other large banks in initiating an aggressive program to mitigate foreclosures of single family homes. The bank said on Monday that it is putting a moratorium on both initiating new foreclosures and on completing the legal process against homeowners who are currently moving toward foreclosure.? Read Full Story Email This Story To A Friend   TODAY'S VIDEO NEWS Bookmark this page or subscribe to our video RSS Feed and visit daily for breaking Mortgage and Real Estate related news. American Express to Become A Regulated Bank Bloomberg 11/11/2008 1:55:00 AM American Express to become a regulated bank, to get rescue funds from government; American Express needs to refinance $24 Billion of bonds, as debt markets freeze; Citigroup plans to modify $20 Billion of mortgages to keep people in homes Fiscal Packages Do Not Work: Analyst CNBC Videos 11/11/2008 3:45:53 AM Fiscal packages do not work. They are implemented to have a psychological impact rather than a real one, according to Roger Nightingale, strategist at Pointon York. He speaks to CNBC's Stephen Sedgwick & Sri Jegarajah. Lender To Cut Foreclosures Bloomberg 11/11/2008 5:24:21 AM Report and analysis by Ellen Braitman of Bloomberg News   Please send any feedback or suggestions directly to our editor at info@MortgageNewsDaily.com. To UNSUBSCRIBE login to our Members Area and use the Unsubscribe Feature. Your User Name is your Email Address. If you forgot your Password use our 'Forgot Password' feature. DO NOT REPLY TO THIS EMAIL.

Realtors Ask Feds for Reduction in Owner-Occupancy Ratio

11/10/2008

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Realtors Ask Feds for Reduction in Owner-Occupancy Ratio   Mon, 10 Nov 2008 10:36:46 EST The National Association of Realtors (NAR) recently called on the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Administration (FHFA) to reduce the owner-occupied ratio requirement for condominium complexes. In letters to HUD Secretary Steven C. Preston and James B. Lockhart, III, Director of FHFA, NAR President Dick Gaylord asked that the two agencies reduce the current requirement that 51 percent of individual units within a condo development be owner occupied for that unit to qualify for Freddie Mac, Fannie Mae, or Federal Housing Administration loans. Read Full Story Email This Story To A Friend   TODAY'S VIDEO NEWS Bookmark this page or subscribe to our video RSS Feed and visit daily for breaking Mortgage and Real Estate related news. Focus on Financial Services CNBC Videos 11/10/2008 7:03:13 AM Wall Street is watching Washington closely with a new President-elect and a soon-to-be-named Treasury Secretary, with Rob Nichols, Financial Services Forum AIG Restructure CNBC Videos 11/10/2008 9:49:04 AM The Fed and Treasury announce the restructuring of a bailout plan for AIG, reports CNBC's David Faber AIG Bailout: Take Two CNBC Videos 11/10/2008 10:09:59 AM The U.S. government will give AIG a new bailout plan worth more than $150B, reports CNBC's David Faber Kashkari Speaks CNBC Videos 11/10/2008 10:43:40 AM The man in charge of the government's $700B plan speaks at the SIFMA summit in New York, reports CNBC's Mary Thompson AIG CEO on Government Bailout CNBC Videos 11/10/2008 10:47:52 AM Insight on the company's loss of $24B in Q3 and the government's bailout package to help the troubled insurer, with Edward Liddy, AIG chairman/CEO   Please send any feedback or suggestions directly to our editor at info@MortgageNewsDaily.com. To UNSUBSCRIBE login to our Members Area and use the Unsubscribe Feature. Your User Name is your Email Address. If you forgot your Password use our 'Forgot Password' feature. DO NOT REPLY TO THIS EMAIL.

GMAC Warns that ResCap May Fail

11/5/2008

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Losses May Sink GMAC's Residential Lending Unit   Wed, 5 Nov 2008 09:49:41 EST General Motors Corp. (GM) had another bad day on Tuesday as its partially owned subsidiary GMAC Financial Services announced a major loss for the third quarter. GMAC is co-owned by GM and Cerberus Capital Management, a private-equity firm. While its original role was to finance the purchase of General Motors autos, over the years it has evolved into a major mortgage lender and insurance company. The company's losses have come from both its subprime lending and vehicle leasing operations and GMAC admitted that its mortgage lender, Residential Capital LLC (ResCap) may not survive the current downturn without significant financial input from GMAC. Read Full Story Email This Story To A Friend   TODAY'S VIDEO NEWS Bookmark this page or subscribe to our video RSS Feed and visit daily for breaking Mortgage and Real Estate related news. GMAC Battles Credit Losses CNBC Videos 11/5/2008 10:27:41 AM The financial services company's credit losses is the highest in two years in consumer auto-finance operations, reports CNBC's David Faber Housing Impact CNBC Videos 11/5/2008 10:52:48 AM A look at how the President-elect plans to save the economy starting with housing, reports CNBC's Diana Olick The White House & Wall St. CNBC Videos 11/5/2008 7:14:48 AM Discussing the Democratic-controlled Congress and what it will mean for Wall St. next year, with Anthony Chan, JPMorgan's Private Wealth Management and Alan Gayle, Ridgeworth Capital Management and Brian Gardner, KBW Washington Wilbur Ross on the Election CNBC Videos 11/5/2008 7:48:21 AM Insight on the election and the economy, with Wilbur Ross, WL Ross chairman/CEO and Jack Welch, former GE CEO Oct. ADP Employment Report CNBC Videos 11/5/2008 8:40:37 AM A look at the employment data, with CNBC's Steve Liesman   Please send any feedback or suggestions directly to our editor at info@MortgageNewsDaily.com. To UNSUBSCRIBE login to our Members Area and use the Unsubscribe Feature. Your User Name is your Email Address. If you forgot your Password use our 'Forgot Password' feature. DO NOT REPLY TO THIS EMAIL.