Online News Sources

Paulson says changes needed at Fannie, Freddie (AP)

AP - Treasury Secretary Henry Paulson said Wednesday that allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.

(AP)
AP - Paulson says allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.

Subprime lender Cattles cuts jobs and costs (AP)
AP - Subprime lender Cattles PLC said Wednesday it plans to cut 20 percent of its work force and reduce costs to preserve capital as uncertainty over its funding situation continues.

Trade Groups Seek Forgiven-Debt Tax Break Given to Homeowners (Bloomberg)
Bloomberg - Jan. 7 (Bloomberg) -- Commercial real estate companies, the U.S. Chamber of Commerce and companies partly owned by private- equity firms are pushing Congress for a temporary tax break on forgiven debt similar to relief given in 2007 to homeowners facing foreclosure.

Bank of America sells shares in Chinese bank (AP)

AP - Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd., China's second-biggest commercial lender, for $2.8 billion.

Manhattan luxury housing feeling the pinch

In what seemed like a New York-minute, prices of luxury homes in Manhattan are suddenly falling.

Mortgages: What you need to know in 2009
Mortgage rates are at historic lows and may be poised to go even lower next year. It's a great time to buy a home — if you can.

Pending home sales plunge to record low

Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday.

Mortgage rates tumble to record low

Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring.

Mortgage applications at 5-year highs

Mortgage applications were at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans.