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| Bernanke: Fed Will Take Action If Economy Deteriorates More |
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Federal Reserve Chairman Ben Bernanke said Friday that the Fed will consider making another large-scale purchase of securities if the slowing economy were to deteriorate significantly and signs of deflation were to flare. |
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The Fed chief offered his most extensive thoughts yet on how to pull the U.S. economy out of a deepening slump. His remarks came 90 minutes after the government said the economy slowed sharply in the second quarter to a 1.6 percent pace. More
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Mortgage Rates Hit Low of 4.36 Percent on Economic Fears
Mortgage rates fell to the lowest level in decades for the ninth time in 10 weeks, as concerns grow that the economy is weakening.
Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed loan was 4.36 percent this week, down from 4.42 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.
The average rate on 15-year fixed loan dropped to 3.86 percent from 3.90 percent the previous week. That's the lowest on records starting in 1991. More
Thousands seeking mortgage help line up at Palm Beach County Convention Center this morning
WEST PALM BEACH — Thousands of people are lined up this morning outside the Palm Beach County Convention Center - some arriving by the busload, hoping the Neighborhood Assistance Corp. of America will help them save their homes.
They are here from throughout the country, including Detroit and California.
"I'm here because I have to be," said P. Reed, who drove all night from South Carolina. "They put me in foreclosure last week."
The non-profit group opened the doors at 9 a.m. to begin a five-day marathon of around-the-clock loan modifications. The event, which is free, aims to get homeowners cheaper monthly mortgage payments through interest rate reductions, extending the life of the loan and a reduction in loan amount. More
Nearly 25 Percent of US Homeowners Underwater
A whopping 11.2 million mortgage loans, or 24 percent of the country’s total, were underwater as of March 31, according to real estate research firm CoreLogic.
And that’s not underwater as in flooded basements, that’s underwater in terms of the mortgage value exceeding the home’s value.
When you add the 2.3 million homeowners on the brink of falling underwater, those with equity of less than 5 percent, the total rises to 13.5 million, or 28 percent of mortgages, AOL Finance reports. More
Zuckerman: The Most Fiscally Irresponsible Government in U.S. History -- Current federal budget trends are capable of destroying this country
There is an instinctive conclusion among the American public that President Obama's stimulus package has failed to create a sustained recovery. Unemployment has increased, not declined; consumers have retrenched; housing starts have crashed along with mortgage applications; and there is a fear that a double-dip recession may very well be in the pipeline.
The public perception, reflected in Pew Research/National Journal polls, is that the measures to combat the Great Recession have mostly helped large banks and financial institutions, and that's a view common to Republicans (75 percent) and Democrats (73 percent). Only one third of either political leaning thinks government policies have done a great deal or a fair amount for the poor. More
Snapshot of economy about to get a lot bleaker
WASHINGTON (AP) - The government is about to confirm what many people have felt for some time: The economy barely has a pulse.
The Commerce Department on Friday will revise its estimate for economic growth in the April-to-June period and Wall Street economists forecast it will be cut almost in half, to a 1.4 percent annual rate from 2.4 percent.
That's a sharp slowdown from the first quarter, when the economy grew at a 3.7 percent annual rate, and economists say it's a taste of the weakness to come. The current quarter isn't expected to be much better, with many economists forecasting growth of only 1.7 percent. More
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Colorado Goldfields Inc. (bb: CGFIA)
Colorado Goldfields Inc. is a Denver-based junior exploration and mining company primarily exploring for gold and silver. Our seasoned management team targets historic gold camps with strong potential for multiple deposit discovery.
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