U.S. housing losses "like a runaway train" last year
Zillow.com, a real estate data service, reported that $3.3 trillion in value disappeared from the U.S. housing market in 2008. "It's like a runaway train gaining momentum," said Stan Humphries, Zillow's vice president of data and analytics. "It's difficult to say when we'll see a bottom to the housing market."
www.bloomberg.com(03 Feb.)
A solution?
Citigroup sets aside $36.5B for consumer, business loans
Citigroup is earmarking $36.5 billion of its latest $45 billion installment of bank-bailout money for consumer and business loans and mortgages. Mortgage lending is getting the biggest allocation, with $25.7 billion, according to a Citigroup report scheduled for release Tuesday.
Obama's foreclosure plan may include loan guarantees
Under U.S. President Barack Obama's foreclosure-relief plan, home mortgages that are modified to help borrowers avoid foreclosure may get government backing to protect lenders from losses. Although the details are still being worked out, administration officials said they are also considering having the government take on some of the costs of reducing monthly payments.
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