AIG to sell consumer finance unit in Colombia (AP) AP - American International Group Inc. on Wednesday said it agreed to sell all of its ownership interests in its consumer finance operations in Colombia, the latest in a recent string of asset sales by the embattled insurer to bolster its finances. Freddie Mac gets another $6.1B from gov't (AP) AP - Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday. U.S. mortgage applications fall to 7-month low (Reuters)
Thinking of Switching Financial Planners? (BusinessWeek Online) BusinessWeek Online - You've got a dirty little secret. During long lunch breaks, or after work when everyone else heads home to their families, you're sneaking out to a secret rendezvous. You know what you're doing is perfectly justified, but you still feel a little bad afterwards. You never thought it would come to this. But here you are -- cheat...... Fed Holds Rates Steady (BusinessWeek Online) BusinessWeek Online - With signs the economy is improving but still fragile, Federal Reserve policymakers held the Fed funds rate steady -- at zero to 0.25% -- on June 24, and maintained its pace of purchases of government debt at mortgage-backed securities. Administration sends Congress consumer legislation (AP)
Treasury OKs 3 firms for mortgage relief program (AP) AP - The Treasury Department said Tuesday that it has approved three more firms for its mortgage relief program. Obama admin. sets wide scope for consumer agency (Reuters)
Chase: 138k mortgages modified in past 3 months (AP) AP - Chase said Tuesday it has approved 138,000 trial mortgage modifications for struggling homeowners in the past three months. You can save this news page by submitting it to your favorite sites:
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Reuters - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.
Reuters - U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.
AP - President Barack Obama asked Congress on Tuesday to create a new agency to police the fine print on credit card bills and mortgage documents and determine what fees, penalties and interest rates are fair.
Reuters - The Obama administration sent Congress a draft bill on Tuesday to create a new agency with sweeping powers to impose tough consumer protection rules for banks, mortgage lenders and other financial firms, setting up a summer-long political brawl over the plan.
