Bernanke heads to Senate to defend Fed’s actions to rescue US economy, aid recoveryWASHINGTON — Federal Reserve Chairman Ben Bernanke heads back to Capitol Hill Wednesday, where he’s likely to face more tough questions about the central bank’s extraordinary actions to rescue the economy and its ability to take on even more responsibility. Bargain prices, low interest rates and tax breaks make homeownership work for more AmericansFor Aaron Carter, a musician who was struggling to fit a drum set, a piano and three guitars into his 600-square-foot apartment in Phoenix, the math on owning a home finally began to work in his favor. AP-GfK Poll: Great expectations for Obama give way to harsh realities, slip in approval ratingWASHINGTON — That was fast. The history of credit and ‘cannibal consumption;’ married job seekers carry more stressBUY NOW, PAY LATER: Financial institutions helped develop consumer credit in the 1920s, as postwar prosperity raised the standard of living and old ideas about the burdens of debt quickly disappeared. Americans became so enamored of credit and layaways that many couldn’t survive without them. Bernanke defends Fed’s ability to take on supercop role, unwind stimulus to prevent inflationWASHINGTON — Federal Reserve Chairman Ben Bernanke ran into skepticism Tuesday from lawmakers wary of expanding the Fed’s duties to police big financial companies. They argued that the Fed failed to spot problems that led to the financial crisis in the first place. Banks turn in hefty profits, but industry still has big problemsNEW YORK — The big banks are making big money again, but they won’t be back to health as long as they have to deal with a recession and customers defaulting on mortgages and credit cards. Fed mounts defense to keep consumer oversight duties, pledges to do better jobWASHINGTON — The Federal Reserve on Thursday attempted to snuff out a White House proposal that would remove some of its consumer oversight duties, arguing that the central bank’s expertise would be difficult to rebuild elsewhere. As unemployment marches higher, foreclosures surge, threatening Obama planWASHINGTON — Relentlessly rising unemployment is triggering more home foreclosures, threatening the Obama administration’s efforts to end the housing crisis and diminishing hopes the economy will rebound with vigor. Lending across consumer, commercial lines flat in May for banks that received bailout fundsNEW YORK — Lending among the biggest banks to receive government bailout funds was flat in May as the worsening recession led to efforts to pay off debt, the U.S. Treasury said. Treasury official says government prodding mortgage companies to aid more borrowersWASHINGTON — A government official says the Obama administration is ramping up pressure on the mortgage industry to aid more homeowners on the verge of foreclosure. Foreclosures keep soaring as unemployment becomes main cause of housing woesWASHINGTON — The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more people lost their jobs and were unable to pay their monthly mortgage bills. Head of Federal Housing Administration sworn in after nomination delayed in SenateWASHINGTON — The Obama administration’s nominee for a key housing post was sworn in Wednesday, after being confirmed by the Senate last week. Meltdown 101: Getting a loan modification? Get your documents in order to speed up the processHomeowners worried about missing mortgage payments and entering foreclosure may have another option: a loan modification. Prosecutors file 189 legal actions in nationwide sweep of loan modification consultantsLOS ANGELES — Prosecutors nationwide filed 189 legal actions Wednesday against loan modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable. Obama proposes huge increase in education spending to make college more affordableWASHINGTON — President Barack Obama’s plan to dramatically increase college student aid took its first step Wednesday on what could be a rocky path through Congress. MOUNTAIN OF DEBT: Americans feeling less debt stress despite joblessness, lost savingsWASHINGTON — Unemployment is rising. Nest eggs are in tatters. Home values have tanked. And yet surprisingly, Americans are feeling less stress from debt these days. Falling house prices, downturn in economy drive up mortgage fraudWASHINGTON — Falling housing prices are driving up reports of mortgage fraud, with the FBI saying Tuesday that reported losses are up 83 percent last year and climbing even higher in 2009. States that prohibit debt collectors from seizing wages have lower bankruptcy rates than peersStates that allow debt collectors to seize consumers’ wages have sharply higher bankruptcy rates than neighboring states that prohibit or strictly limit the practice, an Associated Press analysis has found. Government foreclosure relief for ‘underwater’ homeowners expands to those deeper in debtWASHINGTON — The Obama administration is expanding a program to stave off foreclosure for borrowers who owe more than their homes are worth. Treasury OKs 3 more firms for mortgage relief program; $3.4 billion to Hartford FinancialWASHINGTON — The Treasury Department said Tuesday that it has approved three more firms for its mortgage relief program. Chase approves 138,000 trial mortgage modifications in the past three monthsNEW YORK — Chase said Tuesday it has approved 138,000 trial mortgage modifications for struggling homeowners in the past three months. For modest earners, new program will help ease burden of repaying hefty student loansNEW YORK — Repaying a student loan could soon be a little less painful. Meltdown 101: How do I get my credit card balance forgiven, and what are the drawbacks?NEW YORK — Pay a fraction of what you owe, walk away debt-free. Home sales stabilizing, but rising mortgage rates, job losses likely to slow housing recoveryWASHINGTON — Nationwide home sales may have finally hit bottom, new data shows, but a host of thorny problems are hindering any recovery. Obama administration says ‘plain vanilla’ home loans would benefit borrowersWASHINGTON — If President Barack Obama gets his way, consumers who take out mortgages would automatically get a “plain vanilla” loan — such as a traditional 30-year fixed-rate mortgage — unless they opted for a riskier variety. Sallie Mae shares rise after student lender awarded 5-year government loan-servicing contractNEW YORK — The Department of Education has selected student lender Sallie Mae and three other companies to service the $550 billion in outstanding federal student loans and future loans owned by the government. Saab’s creditors accept write-down of $1 bln debt after news about new ownerSTOCKHOLM — GM unit Saab’s creditors on Wednesday approved the write-down of 8.1 billion kronor ($1 billion) of the Swedish car maker’s debt as part of the company’s reconstruction. Auto loan delinquencies shoot up 28 percent in 1st quarter, even as average loan size shrinksNEW YORK — Those “green shoots” of economic rebound don’t yet have very deep roots. Homeowners are threatened with foreclosure for not paying their homeowner association duesIRVING, Texas — Thousands of Americans who have generally kept up with their mortgages are still in danger of losing their homes because they made a fateful trade-off in this shaky economy — they let their homeowner association dues slide. RealtyTrac: May foreclosures down 6 percent from April; smallest annual gain since mid-2006WASHINGTON — The number of U.S. households on the verge of losing their homes dipped in May from April, and the annual increase was the smallest in three years. |
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