There is "no quick solution" to the problems in the credit markets, Treasury secretary Henry Paulson said, but he noted that the Bush administration is considering ways to help homeowners who are facing foreclosure."We are really focused on the homeowners who are in danger of losing their homes and thinking about policy options to address that segment of the market," secretary Paulson said during an interview on CNBC-TV. The secretary did not reveal any proposals for homeowner assistance. However, it is known that Department of Housing and Urban Development officials are working on a proposal that would allow delinquent subprime borrowers to refinance into a Federal Housing Administration-insured mortgage. Congress is on track to provide $100 million in additional funding for foreclosure prevention counseling and some senators want to provide funding to bolster state-sponsored foreclosure rescue funds. The Treasury secretary said it will "take a while" to workout all the excesses and bad lending practices of the past few years. But he noted that he is seeing signs of more liquidity in the jumbo nonconforming market.
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Companies are coming up with offerings to meet certain unmet needs in the market, while others are running promotions in order to get some sectors moving again.
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A panel of DC Circuit Court judges ruled late Monday that the president had not met the stringent statutory requirements to block a lower court injunction, which allowed Federal Reserve Gov. Lisa Cook to remain at her post as her lawsuit challenging her dismissal is litigated.
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The Senate voted 48 to 47 to confirm Stephen Miran to the Federal Reserve Board, just ahead of the central bank's rate setting committee meeting.
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While equity still sits near historic highs, price growth moderation led to shrinkage of the total amount available and a rise in underwater mortgages.
September 15 -
Consumers are so concerned about rising costs that they often forego coverage altogether, according to two separate studies from Valuepenguin and Realtor.com.
September 15 -
Getting a dwindling number of mortgages distressed for over a year off the books could improve the enterprises' financial position.
September 15