Fed Takes Foreclosure Ads to the Movies
Fed Takes Foreclosure Ads to the Movies
Wall Street Journal
The Federal Reserve is coming soon to a theater near you. The subject won't be the drama inside the central bank or its role in the current financial crisis. Rather, Fed officials plan to launch advertisements in movie theaters to warn homeowners about foreclosure scams. Intended to extend the reach of consumer warnings on the Fed's Web site, the ads will run in 14 cities with high-foreclosure housing markets and an outbreak of scam artists charging for guidance that is free from nonprofits working with the government.
Applications for US Home Loans Surge
Financial Times
Applications for US mortgages surged last week as banks lowered borrowing costs after the Federal Reserve's decision to buy Treasuries pushed interest rates to record lows. The Mortgage Bankers' Association's index of applications to buy a home or refinance a loan soared 32 per cent for the week ended March 20, as the interest rate on a 30-year fixed rate mortgage plunged to a record low of 4.63 per cent. The low rates prompted homeowners to refinance their mortgages to trim their monthly payments.
Freddie Mac's Duel With Regulator
Washington Post
Half a year after the government seized Freddie Mac, confusion about its role is stoking tensions between the company and its regulator, including a dispute this month over how much the mortgage giant should reveal to private investors about its financial troubles.
Wells Fargo's Uneasy Fix-it Man
Business Week
Lenders are reporting profits. Washington is finally dealing with banks' toxic assets. Stocks have rallied somewhat. Is the worst over for big banks?