FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

October 27, 2008

The still-tight credit markets are anticipating a half-point interest rate cut from the Federal Reserve this week, but investors are worried it won't be enough to quickly revive the economy.   The Fed has been slashing rates and taking unprecedented action to get market participants back in the lending mood, including launching a facility Monday to buy the short-term corporate debt known as commercial paper. But the central bank has already reduced its key rate—the Read Full Article

October 8, 2008

Move is to handle the worst financial crisis since 1929 stock market crash WASHINGTON - The Federal Reserve, acting in coordination with other global central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday to steady an economy teetering on a collapse reminiscent of the 1929 stock market crash. Fed Chairman Ben Bernanke and his colleagues ratcheted down their key rate by 0.5 percentage point to 1.5 percent. The action revives the central bank’s Read Full Article

October 3, 2008

White House promises quick enactment for massive Wall Street rescue The House passed a $700 billion bailout of the financial services industry Friday, reversing itself after members who voted to kill the measure earlier in the week came around to a Senate version that offered more protection for individual investors and small businesses. Stocks were up sharply in anticipation that the measure could help thaw frozen credit markets. After a week of reversals and intense lobbying, the Read Full Article

September 26, 2008

President says a $700 billion financial bailout plan needed quickly WASHINGTON - President Bush scrambled Friday to bring rebellious members of his own party behind a multibillion-dollar government bailout of the financial system amid bitter political recriminations from both Democrats and Republicans over collapsed negotiations. Bush said that the $700 billion rescue plan for the U.S. financial markets is needed and must be passed quickly. The legislative process “is sometimes not Read Full Article

September 26, 2008

Largest bank failure in U.S. history; JPMorgan buys $1.9 billion in assets NEW YORK - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation’s largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market. The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift’s banking assets to JPMorgan Chase & Co. for $1.9 billion. Seattle-based WaMu, which was founded Read Full Article

September 25, 2008

Dodd, Frank: Agreement in principle, expect passage of bill within days WASHINGTON - Key Republicans and Democrats reported agreement Thursday on an outline for a historic $700 billion bailout of the financial industry, but there was still resistance from rank-and-file House Republicans despite warnings of an impending panic. “I now expect we will, indeed, have a plan that can pass the House, pass the Senate, be signed by the president and bring a sense of certainty to this crisis Read Full Article