Federal Deposit Insurance Chairman Sheila Bair is finalizing a legislative proposal that will let the Treasury Department issue direct loans for nearly 1 million homeowners, in a move to prop up the housing market, the Wall Street Journal said on Wednesday.
Countrywide Financial and GMAC, which run the largest independent U.S. mortgage lenders, on Tuesday posted big first-quarter losses, hurt by credit problems as the nation's housing slump deepens.
The man credited with developing the financing of the modern U.S. mortgage industry says home values have fallen more than their listed prices suggest but they could hold steady with the help of a bill in Congress.
Australia's debt-laden Centro Properties Group said it is seeking bids for 25 of its shopping centres, but hopes to retain at least 50 percent ownership in them to retain management and leasing control.
Bank of America said Tuesday it plans to stop offering some riskier mortgage loans after it finishes buying Countrywide Financial, the largest U.S. mortgage lender.
The Federal Reserve won't change course on quantitative easing this week, Steve Weiss of Short Hills Capital says.
Tuesday, 18 Jun 2013 | 7:10 AM ETAn airline passenger records a Chinese cargo handler as he tosses boxes of something on to and off of a conveyor belt for shipment. Hopefully, the cargo was packed well.
Tuesday, 18 Jun 2013 | 9:33 AM ETPlans to take PC maker Dell private by leveraging the company's balance sheet are misguided, CNBC's Jim Cramer said on "Squawk on the Street" Tuesday, because the company is facing lower margins and an increased competition from rival Hewlett Packard.