Items Tagged with 'Associated Press'

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  • South Carolina Freezes Foreclosures

    The South Carolina Supreme Court placed a temporary moratorium on thousands of foreclosure sales on properties guaranteed by Freddie Mac [stock FRE][/stock], Fannie Mae [stock FNM][/stock] or any other company that has signed on for the Obama Administration's Making Home Affordable modification plan. The ruling marks the first statewide court-ordered foreclosure freeze and aims to allow servicers additional time to evaluate borrowers for eligibility in the program.
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  • Tighter Regulation of Non-Banks Urged

    As the House considers a bill that would impose hefty taxes on bonuses paid to employees by firms that have received significant amounts of government aid, the administration might soon be requesting "resolution authority" to step in and effectively seize troubled companies, according to recent statements by President Barack Obama.
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  • Mortgage Delinquencies Set to Soar: Report

    Severe delinquencies among mortgage holders increased more than 50 percent from year-ago levels during the third quarter, according to data released Tuesday morning by credit reporting agency TransUnion LLC. At the end of Q3, 3.96 percent of homeowners were 60+ days in arrears, compared to 2.56 percent one year earlier; historically, the severe delinquency rate has held the line at roughly 2 percent.
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  • JPMorgan Cutting 9,200 WaMu Jobs

    JPMorgan Chase & Co. [stock JPM][/stock] said Monday after market close that it will cut 9,200 jobs at recently-acquired Washington Mutual. News of the cuts, reported by both Reuters and the Associated Press, mean that more than 20 percent of WaMu's current workforce will lose their jobs by the end of next year; a company spokesperson said roughly 4,000 jobs will be cut by the end of January, with the rest coming before the end of 2009.
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  • Postmaster General Under Investigation for VIP Mortgage

    The Friends-of-Angelo story just won't entirely go away, even after stealing headlines earlier this summer. The U.S. postmaster general John E. Potter is under formal investigation by the Postal Service for allegedly receiving a sweetheart deal on his mortgage via Countrywide Financial, officials confirmed to the press over the weekend.
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  • House Republicans Revolt, Push Separate Bailout Plan

    Discussions surrounding a proposed $700+ billion bailout of the nation's financial markets over mortgage bets gone horribly wrong took a dramatic turn late Thursday, after a group of Republicans in the House of Representatives surprised key lawmakers and proposed a separate bailout proposal during a key meeting with President Bush and members of the House and Senate.
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  • Suicide right ahead of foreclosure auction

    A woman in Massachusetts faxed a note to her lender at 2:30pm -- 3 hours before her house was scheduled to be auctioned off in foreclosure -- informing them that she intended to kill herself. And she followed through on her threat, right before interested buyers began showing up to bid on the property, too. From the Associated Press:
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  • Wholesale inflation surges

    Looks like Bernanke has a reason for concern. Via the Associated Press: The Labor Department reported that soaring costs for gasoline and food pushed inflation at the wholesale level up by a bigger-than-expected 1.8 percent in June, leaving inflation rising over the past year at the fastest pace in more than a quarter-century.
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  • North Carolina Senator Latest to Join Foreclosure Mess

    The Associated Press reported Tuesday that North Carolina state Senator Julia Boseman is involved in the foreclosure of a home she once owned with her domestic partner: Sen. Julia Boseman and Melissa Jarrell have failed to pay the $7,156 monthly payments since last August, according to evidence at a court hearing last week. The home is now scheduled to be auctioned June 25 at the county courthouse, the Star-News of Wilmington reported.
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  • Pending Home Sales Rise Unexpectedly; Foreclosure Effect?

    A widely-watched measure of future home sales activity jumped 6.3 percent in April, an unexpected result for a housing market that many believe is still in the throes of a long-term correction. The National Association of Realtors' pending home sales index rose to 88.2 in April from a reading of 83.0 in March, the trade group reported Monday morning — it’s highest level since last October, although still 13.1 percent below year-ago levels.
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