World-News

Stephen Labaton and Andrew Ross Sorkin, The New York Times: "Senior officials from the Bush administration and the Federal Reserve on Friday called in top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, and told them that the government was preparing to place the two companies under federal control, officials and company executives briefed on the discussions said."

http://www.truthout.org/article/us-rescue-seen-hand-two-mortgage-giants

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Government to Wipe Out Fannie/Freddie Shareholders by Sunday

By Peter Cohan

And now what could become history's biggest transfer of tax dollars to bail out bad lending begins.

http://www.informationclearinghouse.info/article20697.htm



U.S. to take control of Fannie and Freddie: reports

The two government sponsored enterprises (GSEs) own or guarantee almost half of the country's $12 trillion in outstanding home mortgage debt.

http://www.reuters.com/article/newsOne/idUSN0527801420080906



Silver State Bank in Nevada is shut

Regulators shut failed Silver State Bank in Nevada; 11th bank failure this year.
http://biz.yahoo.com/ap/080905/bank_closure_silver_state.html?.v=2



9% of homeowners are late with bill or in foreclosure, study says

An industry group says a record 9.2% of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continued to mount.

http://tinyurl.com/5egfzq


From Information Clearing House



http://freepage.twoday.net/search?q=Federal+Reserve
http://freepage.twoday.net/search?q=Fannie
http://freepage.twoday.net/search?q=mortgage
http://freepage.twoday.net/search?q=foreclosure
http://freepage.twoday.net/search?q=Stephen+Labaton