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 27, 2008

By Sunday we will have an agreement,’ says Rep. Barney Frank WASHINGTON - Lawmakers say they're making progress and hope to reach an agreement over the weekend on a $700 billion government bailout to rescue Wall Street bankers from the bad loans that threaten to derail the economy and send it into a deep and long depression. In a sign of movement, House Republicans dispatched their second-ranking leader, Rep. Roy Blunt of Missouri, to join the talks after their objections to an 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 24, 2008

WASHINGTON - President Bush on Wednesday warned Americans and lawmakers reluctant to pass a $700 billion financial rescue plan that failing to act fast risks wiping out retirement savings, rising foreclosures, lost jobs, closed businesses and even "a long and painful recession." His dire warning came not long after the president issued extraordinary invitations to presidential candidates Barack Obama and John McCain, one of whom will inherit the mess in four months, as well as key Read Full Article

September 23, 2008

Bush asks Congress for $700 billion for bailout Request is part of the largest financial bailout since the Great Depression WASHINGTON - The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression. The plan would give the government broad power to buy the bad debt of any U.S. financial institutions for the next two years. It also would raise the statutory limit on the Read Full Article