Word: wednesday
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...Obama Administration rolled out its much awaited foreclosure-prevention plan on Wednesday, saying it could help as many as 7 million to 9 million homeowners meet their mortgage payments. In contrast to last week's detail-light financial-rescue blueprint, the multipronged policy to shore up the housing market, announced by the President on a trip to foreclosure-riddled Phoenix, was packed with specifics. Key components include modifying the terms of delinquent loans, refinancing underwater mortgages and plowing more money into the federal housing agencies in order to keep mortgage rates...
Even though the program is voluntary, there are early signs that it might be the kick in the pants needed to get servicers to more aggressively rewrite loans. At a mortgage bankers' conference in Tampa, Fla., on Wednesday, servicers praised the incentive structure, and Jamie Dimon, CEO of JPMorgan Chase, went on CNBC to say he thought the plan would "lead to a lot more modifications." An earlier effort to spark loan rewrites proved to be a flop, but the Administration thinks this new program could reach 3 million to 4 million homeowners. The plan also includes an endorsement...
...estate-related sectors were also sharp decliners, with home construction stocks falling 9%. Both sectors, finance and housing, are at the heart of the goverment's efforts to address the financial crisis. On February 10 Treasury Secretary Timothy Geithner unveiled a multi-pronged plan for troubled banks, and on Wednesday President Barack Obama announced a $275 billion program to stem foreclosures and support the housing market. Today's stock market action suggests investors are still in doubt about the potential efficacy of both plans. Defensive stocks showed modest relative strength on Thursday: shares of consumer staple companies were...
...Chairman Ben Bernanke appeared Wednesday at the National Press Club and said that the federal effort to address the financial crisis could produce improvements in 2009. But he also cautioned that there was no economic momentum, and that inadequate federal action could result in a continued deterioration in the economy. (Find out why the stock market keeps dropping...
...blind and disabled, aged, homebound, poor, mentally ill, those on welfare, those in emergency rooms, etc. Either way, without a tax hike, the wheels come off the bus and California's government - and life as many people experience it in the Golden State - grinds to a halt. On Wednesday afternoon, Schwarzenegger spoke to GOP intransigence, saying, "If you think you can do this budget without any increase in revenues, then you have a big math problem...