Mortgage and Financial News From 2008-7-15 Page 7
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Bad News Ben - Forbes
The Federal Reserve is firmly wedged between the rock of a weak economy and the hard place of inflation, Chairman Ben Bernanke indicated in his semiannual testimony to Congress on Tuesday, offering little hope that the central bank could contribute ...
2008-07-15 08:54:00 -
UPDATE 2-Banks' credit spreads soar, yields up on credit fears - Reuters
NEW YORK, July 15 (Reuters) - Financial bonds weakened and the cost to protect those securities against default surged on Tuesday amid lingering fears that a year-long credit crisis is worsening. U.S. government officials on Sunday announced a rescue ...
2008-07-15 09:01:00 -
Bush touts mortgage plans, offshore drilling - CNN Money
President Bush says his plans to stabilize the mortgage finance companies Fannie Mae and Freddie Mac, and attempts to lift the ban on offshore oil drilling will help Americans struggling with falling home values and rising gas prices. NEW YORK ...
2008-07-15 10:48:00 -
Ackman Shorts Fannie, Freddie, Suggests Restructuring (Update2) - Bloomberg
July 15 (Bloomberg) -- Hedge fund manager William Ackman, who is betting against shares of Fannie Mae and Freddie Mac , criticized a government plan to shore up the mortgage-finance companies and said he proposed an alternative that would wipe out ...
2008-07-15 06:45:00 -
Fed Throws More Cold Water On Economy (CBS News)
Stocks were knocked lower again as investors grappled with escalating instability in the financial sector. The Dow Jones industrial average fell more than 100 points.
2008-07-15 10:30:03 -
U.S. Bancorp Profit Falls 18% (NYTimes.com via Yahoo! Finance)
The Minneapolis-based bank said second-quarter earnings fell to $950 million, hurt by credit and securities losses.
2008-07-15 10:36:23 -
US Bancorp second-quarter profit falls 18 percent (The Washington Times)
U.S. Bancorp said Tuesday its second-quarter earnings fell 18 percent as it more than tripled its provision for credit losses. The bank missed analysts' earnings expectations, but its stock price rose more than 1 percent.
2008-07-15 10:38:05 -
In Bad Economy, Life Is Good For The Repo Man (NBC 5 Chicago)
In a bad economy, fun is often the first casualty.
2008-07-15 10:54:13 -
Bernanke: U.S. economy faces 'numerous difficulties' in need of fast resolution (The Salt Lake Tribune)
Posted: 11:36 AM- WASHINGTON - Federal Reserve Chairman Ben Bernanke told Congress Tuesday the fragile economy is facing "numerous difficulties" despite the Fed's aggressive interest rate reductions and other fortifying steps.
2008-07-15 10:56:21 -
Stocks fall again amid fears about financials (Bradenton Herald)
By HERALD WIRE SERVICES
2008-07-15 09:22:35 -
Bernanke's Testimony On The U.S. Economy (NPR)
Read the prepared remarks of Federal Reserve Chairman Ben Bernanke on Tuesday to the Senate Banking Committee in conjunction with the Fed's semiannual monetary policy report to Congress.
2008-07-15 09:26:56 -
Germany's DAX Falls to 21-Month Low; Deutsche Bank, Henkel Drop (Bloomberg.com)
July 15 (Bloomberg) -- Germany's DAX Index fell to a 21- month low, led by financial shares, as investor concern deepened that credit-market losses will grow and the dollar touched a record low against the euro.
2008-07-15 09:38:36 -
Bernanke Remarks On Housing Market and Credit Crunch (Washington Post)
BERNANKE: Chairman Dodd, Senator Shelby, and members of the Committee, I am pleased to present the Federal Reserve's Monetary Policy Report to the Congress.
2008-07-15 09:45:12 -
Stocks Recover From Steep Losses (CBS 13 Sacramento)
Stocks recouped some steep early losses Tuesday as oil dropped by more than $8 a barrel, but fears of escalating instability in the financial sector kept the Dow Jones industrial average down more than 100 points.
2008-07-15 09:48:11 -
Stocks turn mixed as oil prices retreat (AP via Yahoo! News)
Wall Street recouped its steep early losses and traded mixed Tuesday as oil dropped by more than $7 a barrel, giving investors hope that lower energy prices could help revive the flagging economy.
2008-07-15 09:55:40