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rebuild.org finance news: latest news

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  • Government Leaders Turn to Economic Package to Jump-Start Economy
    You may have heard about the economic stimulus package being signed by the President. However, you still may be in the dark about what the package contains. The legislation would place a $300 check into the pockets of nearly every American. That would include those at the bottom rungs of the economic ladder. Those who receive [...]
    [February 19th, 2008]
  • Rebate Checks on the Way
    Government officials say rebate checks from the fed should be arriving in people’s mailboxes by spring. The rebates, which represent an attempt to revive the nation’s ailing economy, will range from $300 to $1,200 for millions of Americans. To get a rebate check, however, you must first file a 2007 income tax return. An estimated 130 [...]
    [February 17th, 2008]
  • Homebuyers in High-Priced Markets Could Get Relief
    Prospective homebuyers in high-priced real estate markets could receive some additional relief, courtesy of the federal government. The stimulus package recently approved by Congress and signed by President Bush raises the limit on something known as conforming loans. These are loans which the mortgage giants known as Fannie Mae and Freddie Mac are permitted to purchase. [...]
    [February 17th, 2008]
  • Newspaper Says Current Measures Aren’t Enough to Solve Housing Mess
    The San Jose Mercury News newspaper has published an editorial saying that current government efforts to solve the nation’s housing crisis simply won’t get the job done. The newspaper noted that the feds have been encouraging mortgage companies to do what they can to prevent home foreclosures by renegotiating difficult loans. However, as the newspaper states, [...]
    [February 15th, 2008]
  • Rates on 30-Year Mortgages are Climbing
    The giant mortgage company known as Freddie Mac is reporting that rates on 30-year mortgages have increased to their highest level in 5 weeks. The rates now average 5.72%, which is up from 5.67% the previous week. Still, some observers are heartened by the fact that the rates remain below the 6% level. Freddie Mac officials [...]
    [February 14th, 2008]
  • Credit Card Companies Hold Consumers Responsible
    Some public officials have been saying that credit card companies lure consumers into a debt trap that is difficult to escape. They say that the credit card issuers are being irresponsible in the manner in which they peddle credit. However, credit card companies are now firing back, saying that, if customers are struggling under a mountain [...]
    [February 13th, 2008]
  • Homebuyers in High-Priced Markets Could Get Relief
    Prospective homebuyers in high-priced real estate markets could receive some additional relief, courtesy of the federal government. The stimulus package recently approved by Congress and signed by President Bush raises the limit on something known as conforming loans.  These are loans which the mortgage giants known as Fannie Mae and Freddie Mac are permitted to purchase.  [...]
    [February 12th, 2008]
  • Fannie Mae and Freddie Mac Offer Assistance During Housing Crisis
    The White House recently agreed to temporarily extend the size of mortgages Fannie Mae and Freddie Mac can buy, from $417,000 to almost twice that amount. Fannie Mae and Freddie Mac currently own or guarantee about half of all home loans in the country. Financial experts are hoping that the expansion of loans by the [...]
    [February 10th, 2008]
  • Treasury Department Plan May Offer Limited Aid
    There are growing indications that the homeowner bailout plan offered by the U.S. Treasury Department may have a limited effect. A non-profit group called the Center for Responsible Lending says that the Treasury plan will aid only 3% of subprime homeowners with their adjustable-rate mortgages. The plan calls for freezing interest rates on adjustable-rate mortgages. However, the [...]
    [February 7th, 2008]
  • Rates on 30-Year Mortgages are Climbing
    The giant mortgage company known as Freddie Mac is reporting that rates on 30-year mortgages have increased to their highest level in 5 weeks.  The rates now average 5.72%, which is up from 5.67% the previous week.  Still, some observers are heartened by the fact that the rates remain below the 6% level. Freddie Mac officials [...]
    [February 6th, 2008]
  • Credit Card Debt Can Be Bad for Your Financial Health
    Many Americans carry thousands of dollars in credit card debt. Indeed, some turn to credit cards to finance their lifestyles when they are struggling with student loans, adjustable rate home mortgages, and other debts. But financial experts in 2008 are saying that credit card debt can be disastrous for your financial health. To begin with, you [...]
    [February 5th, 2008]
  • Minorities Targeted for Subprime Loans
    The National Community Reinvestment Coalition recently studied mortgage information from 100 metropolitan areas in the U.S. Some observers say the results have been quite shocking. For instance, the study shows that, in Hartford, Connecticut, minorities were much more likely to own a high-cost mortgage than Caucasian homeowners. This was the case no matter what the income [...]
    [February 3rd, 2008]
  • Bank of America Posts Disappointing Income
    Corporate titan Bank of America is apparently falling on tough times. The mega-corporation reported quarterly earnings that disappointed Wall Street investors. After release of the news, Bank of America stock fell more than 5%. The company’s net income plummeted 95% to $268 million. Meanwhile, revenue dropped 31% to $12.67 billion over the course of the year. Investors [...]
    [February 1st, 2008]
  • Fed Cuts Interest Rate to Beat Recession
    The Federal Reserve Board has engaged in a proactive strike against recession by cutting a key interest rate. The Fed nipped the rate by ¾ of a point. Fed officials are also hinting that additional rate cuts may be on the way. The rate reduction came as a surprise to some, since it marks the largest [...]
    [February 1st, 2008]
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