Dodging another Great Depression

Federal Reserve, Bank of Japan and People's Bank of China all lowered interest rates last week. With the rate cuts, government steps to shore up banks and guarantee loans, and programs to get hard currency into emerging markets, credit is starting to ...

Negative equity risk for 1.2 million homes

LONDON (Reuters) - Some 1.2 million households could fall into negative equity if the housing slump continues, the Bank of England said on Tuesday. In its twice-yearly Financial Stability Report, the bank said a 15 percent drop in prices from their ...

Consumers slash spending, world markets stabilize

The Bank of Japan cut interest rates for the first time in seven years on Friday in a move that followed a rate cut by the U.S. Federal Reserve on Wednesday. The European Central Bank and the Bank of England are expected to do the same next week. In ...

UPDATE 1-FDIC's Bair says U.S. working on home loan program

WASHINGTON, Oct 23 (Reuters) - U.S. banking regulators are working closely with the Bush administration to create a loan guarantee program that would serve as an incentive for servicers to modify home loans, the chairman of the Federal Deposit ...

UPDATE 2-Fed's Yellen-US economy worrisome, rates could fall

BERKELEY, California, Oct 30 (Reuters) - Trends in the U.S. economy are "deeply worrisome" at a time when damage from the credit crunch has outpaced the Federal Reserve's huge interest rate cuts, a top Fed policy-maker said on Thursday. Janet Yellen ...

Cash-out mortgage refinancings halved - Freddie Mac

NEW YORK, Oct 30 (Reuters) - Homeowners converted $99 billion in home equity to cash by refinancing their properties in the first nine months of 2008, half the amount from the same period of 2007, according to a report on Thursday from Freddie Mac ...

Bargain-hunters trickle back to U.S. housing market

PARADISE VALLEY, Arizona (Reuters) - If you believe the media hype, there are millions of homes for sale in America and not a buyer in sight. But one person's dead market is another's buying opportunity. In the Phoenix suburbs, a five-bedroom home ...

Bank of America sues ex-Bear Stearns managers

... Oct 29 (Reuters) - Bank of America Corp (BAC.N: Quote , Profile , Research , Stock Buzz ) on Wednesday sued Bear Stearns and two former hedge fund managers who were indicted in June in the first major federal case stemming from the subprime mortgage ...

UPDATE 1-FDIC's Bair says U.S. working on home loan program

WASHINGTON, Oct 23 (Reuters) - U.S. banking regulators are working closely with the Bush administration to create a loan guarantee program that would serve as an incentive for servicers to modify home loans, the chairman of the Federal Deposit ...

UPDATE 1-US mulls guaranteeing up to $600 bln in home loans

WASHINGTON, Oct 29 (Reuters) - U.S. regulators are putting the final touches on a new federal program that could provide up to $600 billion in government guarantees of home mortgages to help prevent foreclosures, a source familiar with the ...

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