MORTGAGE

In the statement, the Federal Reserve announced Thursday it will buy $40 billion per month of mortgage-backed securities, the start of the so-called third round of quantitative easing, QE3. The Fed also said it will continue 'Operation Twist,' bringing total securities purchased per month to $85 billion.

One of the best-performing sectors this year was also one of the hardest hit by the recession: homebuilders, whose stocks have outpaced the broader market with a modest rebound in home prices and increased demand for properties, but much of recovery has unevenly benefited the luxury sector.

The number of U.S. homeowners with negative equity, or underwater mortgages, fell in the second quarter as home prices increased and inventory fell, foreclosure data firm CoreLogic said Wednesday.

Foreclosed properties in the U.S. cause only a modest decline on the home prices of nearby properties, and the effects go away a year after the distressed property is resold, according to a working paper by the National Bureau of Economic Research.

Paul Volcker, the former Federal Reserve chairman and a great proponent of new bank regulations, was a key enabler in the rise and eventual collapse of Fannie Mae, the government-sponsored enterprise focused on mortgage financing, according to a new book.

Dubai International is rapidly becoming a major international connection. For ailing Qantas Airways Limited (ASX: QAN) the move of its European hub from Singapore to the UAE will help lower the cost of shuttling travelers back and forth between Melbourne or Sydney and London.

Culture in America is dead, largely because the middle-class does not care about such things.

Rep. Barney Frank, D-Mass., addressed the 2012 Democratic National Convention Thursday night. Here, his remarks as prepared for delivery.

Critics say the event was all bark with no indication of how Republicans will execute the bite -- or, in fact, a dress rehearsal for the next presidential election

Three reports released this week demonstrated positive trends in the U.S. housing market, but experts warn that a real recovery is still months away.

Most of the country's largest merchandisers on Thursday reported solid same-store sales this month.

Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis.

Shari Arison is the most powerful woman in Israel and the Middle East, and has a net worth of $3.9 billion to boot. But despite her numerous non-profit organizations and 25% stake in Israel's largest bank, Arison says she doesn't consider herself "a powerful person."

The top after-market NYSE gainers Friday were Delek US Holdings, Cenveo, Demand Media, Magnum Hunter Resources and Radioshack Corp. The top after-market NYSE losers were Stillwater Mining, Nationstar Mortgage Holdings, Hovnanian Enterprises, Standard Pacific Corp and SM Energy Co.

The Federal Reserve has room to deliver additional monetary stimulus to boost the U.S. economy, Fed Chairman Ben Bernanke told a Congressional oversight panel in a letter.

The government's role in the housing market does not generally inspire the same impassioned responses as abortion or health care, but the future of one mortgage tax policy could affect the fate of around $85 billion in taxpayer benefits.

The top after-market NYSE gainers Wednesday were Western Asset Mortgage, SunTrust Banks, Best Buy Co, Trinity Industries and Krispy Kreme Doughnuts. The top after-market NYSE losers were Guess?, Inc, International Rectifier, Hewlett-Packard, Big Lots and Whitestone REIT.

Are you entitled or empowered? Do you feel you are owed, or do you feel you own something? This simple choice reflects your view of the world. It stands for your self-image.

Maurice Jones-Drew could be traded after holding out from Jaguars training camp for 27 days. The New York Jets could be looking to trade for the running back.

In the United States, Mom typically has the most say when it comes to back-to-school shopping, but pre-teens are consumers, too, and they have more money to spend on backpacks and binders than they have had in years.

Amid the continue foreclosure crisis, some young people are taking to social media to redirect their frustration and coordinate larger acts of vandalism against abandoned properties.