Home Sales Rose 3.4% Last Month Builders sold new homes at a faster rate last month than they did in October, shrinking the backlog of unsold homes on the market.
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H&R Block increasing provision for mortgage loan losses (KSHB-TV Kansas City) KANSAS CITY, Mo. (AP) ? H&R Block Inc. said Thursday it is setting aside $102.1 million to cover possible losses from having to buy back mortgage loans as borrowers are
MORTGAGE APPLICATIONS HIT (IWon - Money) Analysts differ on whether or not there was a housing bubble, but most agree that the market has cooled off. Mortgage applications slipped last week as interest rates climbed, an
Mortgage losses prompt WaMu to cut more jobs (Los Angeles Times) The thrift will lay off 3,150, slash its dividend and raise $2.5 billion to cover shortfalls. Washington Mutual Inc., citing growing mortgage losses, said Monday that it
Subprime mortgage crisis spreads to high-end homes (Fortune via Yahoo! Finance) What could the collapse in the subprime mortgage market possibly have to do with whether Dr. Jeffrey and Madeline Stier get full price for their four-bedroom house in the
Home-improvement contractor pleads guilty to theft A Philadelphia man has pleaded guilty to charges he accepted money from 17 Burlington County residents for home-improvement work he never completed.read more...
“It was action that was necessary”
President Bush said Tuesday his administration is prepared to take fresh action—if necessary—to bolster the nation’s flagging economy and financial sector.
“If there needs to be further action we’ll take it,” Bush said during a speech on trade along the docks of this city’s port.
However, the president said his administration would act only “in a way that does not damage the long-term health of our economy.” He wasn’t specific about what sort of action this would preclude.
But Bush has in the past rejected Democratic lawmakers’ ideas on the economy. They include proposals to help struggling families by extending unemployment and food stamp benefits and sending aid to strapped states and to prevent homeowners from foreclosure by allowing bankruptcy judges to adjust loan rates. Read more
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