AP - Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.

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Reuters - California Democrats who control the state Assembly said on Tuesday they would push for a 120-day moratorium on foreclosures after mortgage default notices have been filed, compared with a 90-day stay proposed by Gov. Arnold Schwarzenegger.

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AP - A new joint government-industry effort to help struggling homeowners is insufficient to bring widespread changes in home loans to stem the tide of foreclosures, the head of the FDIC said Tuesday.

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Reuters - The regulator for the two largest U.S. mortgage finance companies on Tuesday unveiled a plan that could cut payments for hundreds of thousands of struggling homeowners to help reverse a wave of defaults threatening to swamp the economy.

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Reuters - Stocks fell on Tuesday as faltering demand at aluminum maker Alcoa and a dismal outlook from Tyco International showed the global economic slowdown is deepening.

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AP - Wall Street got another dose of painful reality Tuesday, with stocks falling sharply as investors recognized that few industries are safe from the consumer spending slump — whether they're building homes, making cars or selling coffee. The Dow Jones industrial average managed to lift off its lows of the day, but still closed down nearly 180 points.

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