Federal Reserve Chairman Ben Bernanke said the U.S. economy has “contracted sharply” over the past six months, and he sees “further sizable job losses” and a rising unemployment rate in the coming months. Speaking before the Joint Economic Committee at Congress on Tuesday, the...
The Hope Now Alliance , a coalition of 25 of the largest mortgage servicers in the country, released a progress report on Monday on its operations to date. The Alliance came in to being last fall at the urging of Treasury Secretary Henry Paulson to expedite resolution of the growing number of mortgage...
In a nearly unprecedented move the Federal Reserve early Tuesday cut the Federal discount rate by .75 of a point, the largest single rate cut in 20 years. The move did not come at one of the Fed's regularly scheduled meetings but rather overnight in response to some truly dreadful news from foreign stock...