October 2008 - MND NewsWire

Federal Chairman Ben Bernanke said Fannie Mae and Freddie Mac continue to remain under pressure and that the government must look at new methods to provide guarantees on mortgages. Speaking via satellite at a conference on the mortgage breakdown at the

Economists say the personal income and spending report from the U.S. Commerce Department supports the view that fourth-quarter growth will be worse than the Q3 results published on Thursday. Personal spending, which comprises more than 70% of GDP, fell

New York Secretary of State Andrew Cuomo is going after the big banks that originally signed on - although not all were initially willing - to the Treasury Departments plan to infuse funds into financial institutions in return for preferred stock and common stock warrants. The subject? Executive compensation. On Wednesday Cuomo sent a letter to nine banks including Bank of America, Bank of New York Mellon, Citigroup, State Street Bank, and Wells Fargo requesting "a detailed accounting regarding

In an interview with CNBC, Edward Lazear, economic adviser to the president , says the U.S. has potential for a strong rebound in 2009 and that economic weakness could last just a few months. Earlier on Thursday, the government reported Q3 GDP in the

The IMF has introduced a new lending facility worth up to $100 billion to aid developing countries stricken by the financial market turmoil. "Exceptional times call for an exceptional response," said IMF Managing Director Dominique Strauss-Kahn

The Federal Reserve announced Wednesday that it would cut the Federal funds target rate by half a point, as widely expected, to 1.00% . The accompanying statement said economic activity had decreased markedly from a decline in consumer expenditure. In

Weekly mortgage applications in the United States increased in the week ending Oct. 24, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 16.8% week-over-week gain in applications. In the previous

The National homeowner vacancy rate rose to 2.8% in the third quarter, unchanged from the previous quarter, the U.S. Census Bureau reported on Tuesday. National vacancy rates for rental housing rates dipped slightly to 9.9% from 10.0% in the second quarter