Update: The Dow Jones is down 500 points and closed below 11,000 erasing about $700 billion in shareholder wealth.
In a shocking turn of events over the weekend, financial firm Lehman brothers has filed for federal bankruptcy protection. The news comes within days of Lehman assuring Wall Street and investors of its survival, and putting itself [...]
All Posts Tagged With: "mortgage"
Update: Dow slips below 11000, Lehman Brothers files for Bankruptcy protection, Merrill bought by BOA
Bush signs $300 billion Housing and Economic Recovery Act
President Bush has signed the Housing and Economic Recovery Act after the US House of Representatives had passed the plan on 07/23. It provides aid to homeowners facing foreclosure and protects the country’s two largest mortgage finance companies from collapse.
Fannie Mae and Freddie Mac guarantee almost half the country’s $12 trillion in home [...]
Fixed rate mortgages steady, Adjustable Rate’s fall
Bankrate.com reported today that Fixed rate mortage were mostly unchanged this week. The average conforming 30-year fixed mortgage rate backtracked to 6.13 percent, according to their weekly national survey of large lenders. The average 15-year fixed rate mortgage popular for refinancing was unchanged at 5.71 percent, while the average jumbo 30-year fixed [...]
May 9th, 2008 | rp | Comments | Continued
