FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

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

September 23, 2008

Explaining the latest measures to restore Order New entity would buy up bad debts; money market funds get protection After a series of ad hoc, multibillion-dollar rescues — from mortgage giants Freddie Mac and Fannie Mae to global insurance giant AIG — the panic in the credit markets has not subsided. On Friday the Bush administration, which is now working with Congress on a more long-term solution, unveiled four new measures aimed at restoring order to financial markets: A new Read Full Article

September 22, 2008

Huge shifts ahead after financial titans fall Investment banks took ever-greater risks on esoteric investment The credit crisis shaking the global economy is forcing a dramatic reconfiguration of Wall Street, where the financial industry in recent years has been driven to take ever-greater risks on increasingly esoteric investments. The fragility of Wall Street's architecture was exposed this week when two icons of investment banking and the world's largest insurance company were fed into Read Full Article

September 22, 2008

WASHINGTON - The Bush administration insisted Sunday that Congress must move quickly to approve what one lawmaker called the “mother of all bailouts” — a $700 billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation’s credit markets. Congressional leaders endorsed the plan’s main thrust, saying passage might occur in a matter of days. But they said it must be expanded to include help for people on Main Street as well as the big Wall Street Read Full Article

September 22, 2008

Fed OKs Goldman Sachs, Morgan Stanley switch to bank holding companies WASHINGTON - The Federal Reserve said Sunday it had granted a request by the last two major U.S. investment banks — Goldman Sachs and Morgan Stanley — to change their status to bank holding companies. The Fed announced that it had approved the request of the two investment banks. The change in status will allow them to create commercial banks that will be able to take deposits, bolstering the resources of both Read Full Article

September 17, 2008

Under the loan plan, the Federal Reserve will become insurance giant's AIG's biggest shareholder. The move comes after the central bank leaves interest rates alone. Stocks fall, then rebound quickly after the rate decision. Crude oil briefly falls below $91. Stocks will likely open slightly lower this morning, despite an emergency move last night by the Federal Reserve to an $85 billion rescue of insurance giant American International Group. Futures trading suggests that the Dow Read Full Article