Obama's housing plan races against increasing defaults
U.S. President Barack Obama's plan to halt rising residential foreclosures and falling property values is the government's biggest move so far to deal with the problems, but economist gave it mixed reviews. Many experts said it is a step in the right direction but are worried about how long it will take for the measures to change the housing market. Los Angeles Times (free registration) (18 Feb.)
HUD Secretary: Banks must 'step up' on foreclosure
Housing Secretary Shaun Donovan says it's important that lending institutions "step up to the plate" to help make certain the Obama administration's new home foreclosure initiative succeeds. In addition to the new mortgage lifeline for millions of Americans on the brink of foreclosure, the administration announced $200 billion in new government assistance to mortgage giants Fannie Mae and Freddie Mac. It's part of an effort to encourage them to refinance homes for people "under water" _ those whose mortgage payments exceed the value of their homes
New reports due on jobs, wholesale prices
After releasing a grim assessment of the economy yesterday, the government is set to report on weekly jobless claims, wholesale prices and leading indicators this morning. The Fed warned the wounded economy isn't likely to heal anytime soon and that unemployment could soar as high as 8.8 percent this year....
Even with stimulus money, U.S. states face challenges
Cash-strapped state governments will still have to implement budget cuts, tax hikes or both, despite the billions they will get from U.S. President Barack Obama's economic stimulus. Experts said the federal money will give states some "breathing room" to stagger spending cuts or tax increases. The New York Times (18 Feb.)
Some GOP governors say they might reject stimulus money: U.S. President Barack Obama's stimulus includes billions of dollars for state and local governments, but several Republican governors have signaled that they might not accept all of the money. Governors of South Carolina, Alaska, Texas and Louisiana said they will scrutinize the terms of the funding before making a decision. USA TODAY (19 Feb.)
Fed presents dismal forecast for U.S. economy this yearThe Federal Reserve predicted that U.S. unemployment will reach 8.5% to 8.8%, while the economy will shrink by 0.5% to 1.3% this year. The central bank warned the nation to get ready for an "unusually gradual and prolonged" recovery. International Herald Tribune (19 Feb.)
Investigations into Stanford reach back to 1990s
The Securities and Exchange Commission's charges against R. Allen Stanford are only the latest in a series of actions and investigations into his operations. The FBI and other agencies looked into Stanford in the 1990s but did not have enough evidence to charge him. The SEC is charging Stanford, three companies in his control and two associates with fraud. The Washington Post (19 Feb.)
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