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BusinessWeek Online - As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers -- many of them the very sorts of firms that helped create the current financial crisis -- are going strong. Their new strategy: taking advantage of a long-standing federal program designed to encourage homeownership by insuring mortgages for buyers of modest means.
BusinessWeek Online - The implosion of the subprime mortgage market has been a boon to loan-modification consultants who promise to help borrowers refinance and get back on the road to financial stability.
BusinessWeek Online - With the financial system in crisis, investors increasingly rely on government guarantees to protect their money. Bank accounts are backed by the Federal Deposit Insurance Corp. and its $53 billion war chest. After decades on their own, money market funds now are backed by the U.S. Treasury. And life insurance policies and annuities? They're backed by state guaranty associations. There's only one hitch: The states have virtually no cash on hand and must rely on promises to pay made by healthy life insurers.
AP - Home repossessions in Britain jumped 12 percent to 11,300 in the third quarter from the previous quarter, the Council of Mortgage Lenders said Friday, more evidence that the financial crisis is taking its toll on households and the ailing housing market.
Reuters - Fannie Mae and Freddie Mac, the two biggest U.S. home loan finance companies, on Thursday said they would suspend foreclosures of occupied homes until early 2009, as the government moves to stem the tide of home losses plaguing the economy.
