WASHINGTON/NEW YORK, Sep. 6, 2008 (Reuters) — The U.S. government plans to put government sponsored mortgage finance companies Fannie Mae and Freddie Mac under federal control, the New York Times and Washington Post newspapers reported late Friday, in what could be the largest financial bailout in the nation's history. ... > full story
WASHINGTON/NEW YORK, Sep. 5, 2008 (Reuters) — The U.S. Treasury Department is close to finalizing a plan to buttress mortgage finance companies Fannie Mae and Freddie Mac , The Wall Street Journal reported on Friday. ... > full story
NEW YORK, Sep. 5, 2008 (Reuters) — The broader U.S. stock market edged higher on Friday, but still posted its worst week since May, as a rally in financial stocks helped reverse losses sparked by a government report showing the U.S. jobless rate rose to a five-year high. ... > full story
NEW YORK, Sep. 5, 2008 (Reuters) — Home foreclosures and the rate of homes entering foreclosure rose to record highs in the second quarter, the Mortgage Bankers Association said on Friday. ... > full story
NEW YORK, Sep. 4, 2008 (Reuters) — The dominant U.S. service sector improved last month and businesses boosted productivity in the second quarter but evidence of labor market weakness overshadowed other data the day before a key jobs report. ... > full story
NEW YORK, Sep. 4, 2008 (Reuters) — An indicted former Credit Suisse broker was in U.S. custody on Thursday to face charges over deceptive sales of subprime-related auction-rate debt, the FBI said. ... > full story
NEW YORK, Sep. 4, 2008 (Reuters) — Lehman Brothers Holdings Inc is considering a plan to put some $32 billion of its commercial real estate and mortgage assets in a new company and spin it off, Bloomberg reported on its website on Thursday. ... > full story
NEW YORK, Sep. 4, 2008 (Reuters) — U.S. crude oil futures ended more than $1 lower on Thursday, despite government data showing a surprise drawdown in domestic crude stocks last week. ... > full story
DETROIT, Sep. 3, 2008 (Reuters) — General Motors Corp and Ford Motor Co on Wednesday cut second-half production targets, likely putting a drag on their results, but held out hope that the near-freefall in sales seen in the summer had slowed somewhat in August as consumer confidence steadied. ... > full story
NEW YORK, Sep. 3, 2008 (Reuters) — GMAC LLC, the auto finance and mortgage company, plans to eliminate about 5,000 jobs at its Residential Capital LLC unit and close all 200 GMAC Mortgage retail offices to combat weak housing and credit markets. ... > full story
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GMAC cutting jobs in Charlotte Sep. 3, 2008 (Charlotte Observer) — GMAC Financial Services, the Detroit-based finance company, said today that it's eliminating 5,000 jobs in its troubled Residential Capital ...
GMAC Financial to close mortgage offices Sep. 3, 2008 (Des Moines Register) — GMAC Financial Services says it will close all 200 GMAC Mortgage retail offices - including three in Iowa.. The lender will lay off about 5,000 ...
GMAC Mortgage to close offices, cut 5,000 jobs Sep. 3, 2008 (Philadelphia Inquirer) — GMAC subsidiary Residential Capital L.L.C. in Fort Washington said today that it will eliminate 5,000 jobs in its residential mortgage operations ...
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