‘Bad Bank’ Plan Hits a Snag, CNBC’s Gasparino Says
Plans to pool toxic assets into a U.S. government-owned bank may have encountered a problem, CNBC is reporting. On Tuesday, stock markets rallied on hopes the 'bad bank' would help clear up the problems that a plaguing balance sheets. The original…(read more)
Mortgage Rates Largely Unchanged for Week
Mortgage rates this week were steady, moving only slightly up or down if at all. Results from the Primary Mortgage Market Survey released by Freddie Mac Thursday morning showed that the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with 0.7…(read more)
New Home Sales Plunge 14.7% in December to Slowest Pace on Record
New home sales in the U.S. fell much more than expected in December to their slowest pace on record, the Commerce Department reported Tuesday. Meanwhile, the median sale price fell to $206,500. New home sales fell to an annualized pace of 331k, a 14.7…(read more)
House Approves Obama’s $819 Billion Stimulus Plan
The U.S. House of Representatives passed Barack Obama's $819 billion stimulus plan Wednesday night. Parts of the plan include spending on welfare, food stamps, unemployment benefits and community action agencies. Also, $40 billion will go towards…(read more)
Geithner Reviewing Options for Banking Sector Rescue Plan
U.S. Treasury Secretary Timothy Geithner said he is looking at a "range of options" for rescuing the banking sector and that a recovery plan will be unveiled soon. Speaking prior to his meeting with TARP officials, Geithner said, "We are…(read more)
