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Wall St opens lower on Egypt unrest

U.S. stocks fell at the open on Friday as market uncertainty over Egypt grew amid risks of spreading unrest in the Middle East.

White House to unveil proposals for mortgage market reform

The Obama administration on Friday will unveil long-awaited proposals for what could lead to the most sweeping changes to the way Americans buy their homes in decades.

Recessions since Great Depression

A driving blizzard blows on a Great Depression Bread-Line sculpture as a hiker walks by at the FDR Memorial in Washington

A recession is the decline of a nation's gross domestic product (GDP) over two or more consecutive quarters. It is also referred to as a period of economic decline and reduced economic activity. During recessions, many macroeconomic indicators vary in a similar way. GDP, employment, investment spending, capacity utilization, household incomes; business profits and inflation all fall, while bankruptcies and the unemployment rate rise. Here is a list of recessions that occurred since the Great ...

Freddie Mac COO Bruce Witherell resigns

NEW YORK - Freddie Mac said its Chief Operating Offier is resigning on Wednesday, effective immediately.

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BofA creates foreclosure unit

Bank of America Corp appointed on Friday a new foreclosure and loan modifications czar, and created a new unit to oversee problem home loans in a bid to sort out its on-going foreclosure issues, becoming the first large U.S. bank to do so.

Fannie, Freddie seek to cut dividend on government stake: report

Mortgage companies Fannie Mae and Freddie Mac have been lobbying the Treasury to accept a lower dividend on the preferred stock issued during the government bail out, the Financial Times said, citing people familiar with the situation.

Fannie and Freddie seek to cut dividend on government stake: FT

Panel says financial crisis avoidable

The financial crisis could have been avoided and was the result of poor decision making both in Washington and at top financial firms that fostered a culture of excessive risk taking, according to a draft report written by Democrats on a panel that investigated the meltdown and obtained by Reuters.

Obama admin steps up foreclosure prevention efforts

The Obama administration on Tuesday stepped up efforts to make it easier for struggling homeowners to renegotiate the terms of their mortgage, although it could be more than a year before such efforts pay off.

BofA settles toxic mortgage claims with Fannie and Freddie for $2.8 bln

Bank of America (BofA) has paid $2.8 billion to mortgage finance giants Fannie Mae and Freddie Mac to settle claims that it had sold mortgages to them that did not meet specifications.

Regulatory costs loom over Q4 U.S. bank earnings

The biggest U.S. banks have stepped away from the brink of failure, but fourth-quarter earnings will likely show the financial crisis continues to weigh on profits.

House Republicans wield the power of committees

To the victor go the spoils. The GOP retook the House of Representatives in the November elections and, on Wednesday, they will officially take control, with each House member – all 242 Republicans and 193 Democrats -- taking the oath of office and Rep. John Boehner, R-OH, being sworn in as Speaker.

Traders work on the floor of the New York Stock Exchange

US stocks rally in early trade

US stocks advanced in early trade on Monday, the first trading day of 2011, on speculation that the economic recovery will continue after stocks ended with double digit gains in the previous year.

Wall Street to open up China PMI, January effect

U.S. stocks were set for a higher open on Monday as returning investors bet a 2010 rally would continue in the new year and Chinese factory inflation data tempered concerns over increased monetary tightening.

BofA to take $3 billion mortgage settlement charge

Bank of America Corp agreed to settle outstanding claims on poorly underwritten mortgages it sold to government sponsored entities Fannie Mae and Freddie Mac, and said it will put aside $3 billion in the fourth quarter related to the claims.

Looking ahead: Will Washington do real work in 2011?

Predictions are, by their nature, uncertain. Politics is, as history teaches, full of surprises. So predictions about politics have to be taken with a good amount of salt.

Garrett: U.S. support for housing market to be withdrawn slowly

Government support for the housing market should be cautiously withdrawn and not be rushed, Scott Garrett, the incoming chairman of the U.S. House Financial Services subcommittee, told the Wall Street Journal.

Ally Financial in $462 million settlement with Fannie

Ally Financial Inc, the lender formerly known as GMAC, on Monday said it agreed to pay $462 million to Fannie Mae to avoid having to repurchase poorly underwritten mortgages sold to the housing finance giant.

US mortgage demand drops as refinancing slumps: MBA

US weekly mortgage demand continues to decline

The U.S. home loan demand fell sharply in the week ended Dec.17, posting a decline for fourth straight weeks as the mortgage rates hit a six-month high.

Government liabilities rose $2 trillion in FY 2010: Treasury

The U.S. government fell deeper into the red in fiscal 2010 with net liabilities swelling more than $2 trillion as commitments on government debt and federal benefits rose, a U.S. Treasury report showed on Tuesday.

How the Fed destroys the American Living Standard

Ben Bernanke and his friends on the Federal Reserve have a PR machine to help sell their lies. Let's assess whether Ben and his Federal Reserve have helped or hurt the average American.

Geithner urges Fannie, Freddie to do loan write-downs

Fannie Mae and Freddie Mac should make use of Obama administration programs to help borrowers who owe more than their home is worth by writing down principal, U.S. Treasury Secretary Timothy Geithner said on Thursday.

Financial rescue cheap vs past crises: Geithner

The price of corporate bailouts in 2008 and 2009 looks cheap compared to past crises, U.S. Treasury Secretary Timothy Geithner said on Thursday, while urging more drastic action from housing finance giants Fannie Mae and Freddie Mac to help homeowners.