@ November 11, 2008 # No Comment Yet
In an effort to prevent more foreclosures, Fannie and Freddie are stepping up plans to modify hundreds of thousands of at-risk mortgages. Interim Assistant Treasury Secretary for Financial Stability, Neel Kashkari, hopes the move will help stabilize the flagging housing market.
The plan is to target loans made prior to Jan 1, 2008 that are 90 [...]
@ November 11, 2008 # No Comment Yet
Montana’s Yellowstone Club, an exclusive golf and ski club, filed for bankruptcy on Monday. The Club is also an exclusive residential community, with houses on the ski slopes and golf course starting at two million dollars.
While my first instinct is to mock this story, it is never good for the obscenely wealthy to tighten their [...]
@ October 27, 2008 # No Comment Yet
Nouriel Roubini, a NYU economics professor, has earned the right to tell the world “I told you so.” Roubini, nicknamed “Dr. Doom” by those stupid enough to dismiss his economic predictions, foresaw the current economic situation, including the specific events that have led us here, with chilling accuracy. And he says it’s not over yet.
Roubini [...]
@ October 27, 2008 # No Comment Yet
Sales of new homes rose by 2.7 percent in September, causing some to declare that a housing bottom is near. However, the median price of a new home declined to $218,400, the lowest it has been in four years. However, economists warn that the numbers reflect summer housing market conditions. The financial meltdown that started [...]
@ September 16, 2008 # No Comment Yet
Although only in the senate for four years, Barack Obama has been found by the Center for Responsive Politics to be the No. 2 recipient of dirty money from Freddie Mac and Fannie Mae lobbying efforts. Freddie/Fannie used the contributions to keep federal regulators at bay. Fannie Mae and Freddie Mac recently required a federal [...]