FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

September 28, 2008

$700 billion deal aimed at saving the nation's shaky economy from collapse WASHINGTON - Congressional negotiators and the Bush administration's top Treasury officials go to work Sunday on settling the final details of a historic $700 billion Wall Street bailout aimed at keeping credit flowing and saving the nation's shaky economy from collapsing into a crippling recession. "We've made great progress. We have to get it committed to paper so that we can formally agree," House Speaker Nancy 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

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

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

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