Mortgage Debt Consolidation

NEW YORK (AP) _ Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market’s recent optimism. The major …

Stocks plunge on weak housing data, oil rebound; Dow drops 283 (USA Today)
Stocks abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market’s recent optimism.

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Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market’s recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 280 points.

Mortgage giants are crucial to the housing market - Austin American-Statesman
CHICAGO Behind their down-home names, Fannie Mae and Freddie Mac are so vital to the economy that the government is scrambling to offer them a financial lifeline. But what exactly are they, and what do they do? They are the engines behind a …

Dow ends day down more than 280 - MSNBC
NEW YORK - Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market s recent optimism. The major …

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The US House of Representatives has passed major legislation aimed at limiting the economic fallout from the US housing crisis.

House passes housing bill; Bush lifts veto threat (Reuters via Yahoo! News)
The House of Representatives passed a massive housing rescue bill on Wednesday while the White House dropped a threat to veto it, paving the way for measures aimed at shoring up the worst U.S. housing market since the Great Depression.

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Asian markets open the Thursday session firmer, with financial firms seen rising on hopes of a bailout for the two top U.S. mortgage lenders, while a stronger U.S. dollar buoys exporters such as Japan’s Canon . [ FRE Loading …

Does Trickle-Down Work? It Depends!
“Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off.” As the B

Editorial: The nation gets further in debt - Enterprise-Journal
Congress and President Bush have little choice but to prop up the mortgage loan business with an infusion of taxpayer money into the housing market. It s either that or face a worse economic decline than the nation is already experiencing. Still …

Debt capitalism self-destructs
Debt capitalism self-destructs Posted in Uncategorized by eldib on July 22nd, 2008 Debt capitalism self-destructs By Henry C K Liu In a period of less than a year, what had been described by US authorities as a temporary financial problem related to the bursting the housing bubble has turned into a fully fledged crisis at the very core of free-market capitalism. A handful of analysts have been warning for years that the wholesale deregulation of financial markets and the wrong-h

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By now you ve heard about the Fannie, Freddie and IndyMac crisis and probably wondering what this means for you? After all, if you re in the market to buy a home, own a home, or have money in the bank you re at the very least concerned. The viability of Fannie Mae and Freddie Mae, the nations largest holder of mortgage backed securities was at risk due to the US mortgage crisis prompting the federal government to step in. IndyMac falling along the same lines also prompting government invol

Tax relief aims at mortgage debt (Miami Herald)
There is now tax relief for struggling homeowners, says the IRS, if your mortgage debt was or is partly or entirely forgiven during 2007, 2008 or 2009.

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File Bankruptcy to Stop Foreclosure, Even if The Bank is Already Suing You June 25, 2008, 11:39 am Although many homeowners consider bankruptcy as one of the last options to avoid losing a property, many seem unclear on just how late they can wait to file, and how it will affect the foreclosure lawsuit. They may believe that, since the bank has already sued for foreclosure, filing bankruptcy might not have the desired result of ending that lawsuit. However, it is still possible to file and see

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The Paulson-Bernanke support package could start the process of restoring the markets

Swan song for Fannie; eulogy for the ownership society (Online Journal)
The Fed s emergency rescue plan for the financial markets is hopelessly flawed.

Bank of America profit tops forecast despite writedowns (AFP via Yahoo! News)
Bank of America announced Monday a second-quarter profit of 3.41 billion dollars, down 41 percent from a year ago amid fresh writedowns from real estate but well above expectations.

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The Paulson-Bernanke support package could start the process of restoring the markets

Given a Shovel, Digging Deeper Into Debt - Herald Tribune
The collection agencies call at least 20 times a day. For a little quiet, Diane McLeod stashes her phone in the dishwasher. Todd Heisler/The New York Times Diane McLeod, now awaiting eviction from the house she hoped to own forever, owes interest …

Freddie Mac debt sale tepid as housing bill nears (Reuters via Yahoo! News)
Demand for debt sold by mortgage finance company Freddie Mac weakened on Monday while a prominent analyst estimated Freddie and Fannie Mae, the largest U.S. home funding sources, each need to raise up to $15 billion in fresh capital.

Leaders running out of economic options - NWI.com
The Federal Reserve has no more practical room to push interest rates lower; there’s only so much taxpayer money for shoring up housing, and if depositors lose confidence there’s little officials can do to stop a run on banks. President Bush …

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Shares in Royal Bank of Scotland Group plc Britain s second-largest bank and the parent of Providence-based Citizens Financial Group Inc. climbed for a second day in London trading as investor fears of U.S. mortgage-debt exposure eased.

US: The Fall of Fannie and Freddie
Symptom of growing crisis in world capitalism Fannie Mae and Freddie Mac, twin pillars of US housing finance, have been plunged into crisis. Only three months after the meltdown and bailout of Bear Stearns, the US Treasury and the Federal Reserve have once again been forced to intervene with emergency measures to forestall a potential crash in the global finance system. By Lynn Walsh, Editor Socialism Today Both US banks and foreign investors, including central banks, hold billions of dolla

Tax Relief for Stuggling Homeowners
Tax Relief for Stuggling Homeowners July 19th, 2008 The Mortgage Forgiveness Debt Relief Act of 2007 has provisions that allow tax payers to exclude up to $2 million in debt forgiveness during 2007,2008 or 2009. Normally, debt forgiveness is consider taxable income. Congress enacted this legislation to provide relief for the thousands of homeowners who have or are in danger of losing their homes. Printed below are details from the IRS about what you need to do to take advantage of this re

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Once again we re closing the barn door after the horse is out and gone. In Washington, the Federal Reserve has finally acted to stop some of the predatory lending that exploited people s need for money.

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