Bernanke says GSE debt backing must be maintained (Reuters)
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Reuters - Federal Reserve Chairman Ben Bernanke said on Friday that U.S. backing for the debt issued by home mortgage finance firms Fannie Mae and Freddie Mac in their current form must stand firm, even though it is appropriate to debate their future.
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October 31st, 2008
JPMorgan expanding mortgage-modification program (AP)
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AP - JPMorgan Chase & Co. said Friday it is expanding its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans.
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Bernanke says backing of GSE debt must be maintained (Reuters)
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Reuters - Federal Reserve Chairman Ben Bernanke said on Friday it is appropriate to debate the future of mortgage finance firms Fannie Mae and Freddie Mac , but U.S. backing for debt they issue in their current form must stay firm.
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GMAC may become bank, eyes massive debt overhaul (Reuters)
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Reuters - GMAC LLC, the money-losing auto finance and mortgage provider, on Thursday confirmed it was seeking to become a bank holding company, and said it plans to overhaul and slash its debt load, barely four months after completing a $60 billion refinancing package.
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Nevada, Michigan, Florida lead ‘underwater’ list (AP)
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AP - Here's a shocker: almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth.
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Banks asking for credit card debt forgiveness (AP)
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AP - With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.
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