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Government OKs $600M in housing aid for 5 states

The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states. The Treasury Department said Wednesday that mortgage-assistance proposals submitted by North Carolina, Ohio, Oregon, Rhode Island and South Carolina received approval. The states estimate their efforts could help up to 50,000 homeowners. The…

Goldman fraud charges trigger fears of wider market crackdown

Wall Street giant Goldman Sachs faced charges of financial fraud on Saturday as US financial firms eyed the prospect of a wider crackdown on those that bet on the collapse of the housing market. A civil suit filed by the Securities and Exchange Commission Friday accused Goldman of “defrauding investors…

Obama wants to halt all home foreclosures prior to loan modification assistance

Across the United States, millions of homeowners struggle every month to keep making their mortgage payments. Many face foreclosure, even after they’ve pleaded with their creditors to work with them. But to many banks, a vacant home holds more profit potential than one with a family paying at a reduced…

Obama promises $1.5 billion for home owners

President Barack Obama Friday unveiled a 1.5 billion dollar package of measures aimed at helping victims of the US housing crisis, in Nevada, where the collapse hit particularly hard. “This fund’s going to help out-of-work home owners prevent preventable foreclosures,” Obama said, adding that the program would also help threatened…

Frank: House committee to propose ‘a whole new system of housing finance’

Congressman Barney Frank (D-MA) has the nation’s largest mortgage lenders squarely in his sights, and he’s aiming to take them down. Backing what he called a “piecemeal” effort to reform how Americans purchase their homes, the Congressman said on Friday that the House Financial Services Committee, which he chairs, will…

US approves million-dollar pay for bailed out execs

WASHINGTON — US officials unveiled pay packages for top executives at bailed-out housing finance giants Fannie Mae and Freddie Mac worth as much as six million dollars in a new step back from a clampdown on executive compensation. Documents filed by the regulator for the two firms showed Fannie Mae…

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