INSIDE WASHINGTON: Open government has its limits when it comes to lawmakers’ financesWASHINGTON — As the government spends billions bailing out cash-strapped businesses and homeowners, Americans might wonder whether their lawmakers are refinancing their own mortgages or benefiting from relief they backed. Rate of missed payments for bank-issued credit cards up 11 percent in 1st qtr, TransUnion saysNEW YORK — Credit card holders who in ordinary years might have used their tax refunds to pay down their balances apparently spent the money elsewhere as the recession deepened in the first quarter. ALL BUSINESS: Bond-market rout boosts mortgage rates, undermining economic prospectsNEW YORK — The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market. Lawmakers unable to pass foreclosure relief try one-on-one approach with lendersWASHINGTON — Can’t afford your mortgage payment? If the bank won’t take your call, your member of Congress just might. Bonds fall, pushing yields higher, as stocks rise on jobless claims data; mortgage rates upNEW YORK — Bond yields are heading higher again, a troubling trend for potential homebuyers or mortgage holders looking to refinance. AP News in BriefObama says he’ll accept Nobel Peace Prize as ‘call to action’ toward peace and prosperity Abramoff says $500,000 tax refund needed for family debt; gov’t says he must pay restitutionWASHINGTON — Former lobbyist Jack Abramoff and the Justice Department are disputing a tax refund he recently received worth more than $500,000 and whether it should be used to pay court-ordered restitution or his family’s massive debts. Credit card industry will have to make major adjustments to new laws, Capital One CFO saysNEW YORK — New credit card legislation is expected to have a dramatic impact on the national lending landscape, the chief financial officer of Capital One Financial Corp. said Wednesday. Student lender Sallie Mae CEO Albert Lord says loan losses to remain elevated into 2010NEW YORK — Sallie Mae CEO Albert Lord said Wednesday he expects loan charge-offs at the student lending company to peak in 2009 and remain high next year. Mortgage delinquencies up for 9th straight quarter, TransUnion says; rise expected to continueNEW YORK — The rate at which people are falling behind on their mortgage payments went up for the ninth straight quarter in the first three months of 2009, and is expected to keep rising through the end of the year, according to credit reporting agency TransUnion. Moody’s Investors Service cuts Discover Financial senior unsecured rating to ‘junk’ levelNEW YORK — Moody’s Investors Service on Monday cut its senior unsecured debt rating for Discover Financial Services into non-investment grade territory, citing risks the credit card company faces from the prolonged credit crunch and recession. AP sources: General Motors to file bankruptcy; Government to take 60 percent ownership stakeWASHINGTON — A congressional official says General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company. ALL BUSINESS: Ex-Countrywide leaders look to clean up mortgage mess they helped createNEW YORK — Countrywide Financial placed itself at the epicenter of the housing crisis by making far too many risky loans to homeowners who ultimately couldn’t afford them. Those missteps cost CEO Angelo Mozilo his job when the lender was taken over by Bank of America a year ago at a fire sale price. Treasury prices recover further following big sell-off; Supply concerns ease after auctionsNEW YORK — Long-term bond yields fell again on Friday as investors returned to the Treasury market for the second day running. GM putting more pieces in order before bankruptcy protection as bondholders agree to new dealDETROIT — The speed at which General Motors Corp. exits bankruptcy protection would depend a lot on the shape the company is in when it enters. GM has three more days to tidy up. Gov’t expands housing aid to help borrowers who don’t qualify for other assistanceWASHINGTON — The Obama administration expanded its $50 billion mortgage aid program on Thursday, announcing new measures that would help homeowners avoid a foreclosure if they don’t qualify for other assistance. Freddie Mac: Rates on 30-year fixed mortgages edge up this week, but remain below 5 pctWASHINGTON — Rates on 30-year fixed mortgages rose slightly for the second straight week, but still remained below 5 percent, Freddie Mac said Thursday. Obama officials to expand housing aid to help borrowers who don’t qualify for other assistanceWASHINGTON — The Obama administration expanded its $50 billion mortgage aid program on Thursday, announcing new measures that would help homeowners avoid a foreclosure if they don’t qualify for other assistance. April foreclosures rise 32 percent, with more bank reposessions likely to comeMIAMI — The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday. Analysts say a government-run GMAC could give GM, Chrysler a big leg up on competitorsDETROIT — With the federal government almost certain to take control of GMAC Financial Services, analysts suggest it could become a loan machine that gives General Motors and Chrysler a huge advantage over their competitors. With stress tests behind them, banks turn to the toxic assets that still plague balance sheetsWASHINGTON — The big banks got through the government’s “stress tests” with only minor bruising. But a bigger test awaits them: Getting rid of the bad assets that helped ignite the financial crisis in the first place. Government requests nearly $800 million to aid federal reverse mortgage program for seniorsWASHINGTON — Falling home prices have forced the government to ask Congress for a $798 million taxpayer subsidy to prop up a program that lets senior citizens tap the equity in their homes. House votes to outlaw ‘liar loans,’ other practices that lawmakers say preyed on consumersWASHINGTON — The House voted Thursday to outlaw “liar loans,” ballooning mortgage payments and other bank practices that lawmakers say preyed on consumers who couldn’t afford their homes. Wall Street locks in gains after rally in financials; Weak bond auction stirs worriesNEW YORK — Investors might think the economy is stabilizing but they’re not ready to celebrate. GMAC says 1st-qtr loss widens to $675M as credit markets weigh on auto, mortgage businessesNEW YORK — GMAC Financial Services said Tuesday that it will not be automatically be forced to file for bankruptcy protection if General Motors Corp. is unable to restructure itself by its government imposed deadline. Treasury provides $45.5 million to 7 new banks as part of $700 billion financial rescueWASHINGTON — The Treasury Department said Tuesday seven more banks have been approved to participate in the government’s $700 billion rescue effort, and that a Colorado mortgage company was chosen to participate in a foreclosure mitigation program. EU revises forecasts down; predicts deep, wide recession as Germany takes global trade hitBRUSSELS — Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts “a deep and widespread recession” across the continent and says unemployment among the 16 nations that use the euro will rise to a postwar record of 11.5 percent in 2010. Euro-zone jobless to hit postwar record; economy to shrink 4 pct in 2009, Germany even moreBRUSSELS — Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts “a deep and widespread recession” across the continent and says unemployment among nations using the euro currency will rise to a postwar record of 11.5 percent in 2010. EU predicts European Union and euro-zone to shrink by 4 percent this yearBRUSSELS — Europe is suffering “a deep and widespread recession,” the EU said Monday, estimating that unemployment will rise sharply over the next two years and that EU economies will shrink twice as much as it predicted only a few months ago. Meltdown 101: Low average mortgage rates released weekly by Freddie Mac don’t apply to allEvery week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year fixed rate mortgages — the most popular type of loan for home buyers. |
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