Tag Archive
President Obama Signs Cash For Clunkers Into Law
WASHINGTON: President Barack Obama signed a bill Friday morning that breathes new life into the popular Cash for Clunkers program.”Now, more American consumers will have the chance to purchase newer, more fuel efficient cars and the American economy will continue to get a much-needed boost,” President Obama said in a statement.The move extends the Cash… »
Obama Faces Challenge In Unwinding Bank Bailouts
NEW YORK: After rescuing the nation’s banking system from utter disaster last fall, Washington now faces an arguably much trickier task: putting the bailout genie back in the bottle.Several initiatives are on course to expire later this year, putting regulators and the White House in the difficult position of having to decide whether the nation’s… »
Obama Many Months Before US Exits Recession
WASHINGTON (Reuters) — President Barack Obama warned Saturday it would take “many more months” for the United States to get out of recession even after GDP figures showed the economy shrank only modestly in the second quarter.Obama, who has defended his administration’s economic policies vigorously in recent weeks in the face of worsening unemployment numbers,… »
Obama Tells Mortgage Firms To Pick Up Pace
NEW YORK: Loan servicers will “significantly” increase the pace of mortgage modifications under the Obama foreclosure prevention program, the Treasury Department said Tuesday.The Obama administration wants to see 500,000 trial modifications in place by Nov. 1. Currently, 200,000 are underway.Officials called executives from 25 servicers participating in the program to Washington Tuesday to discuss improving… »
Obama Plays Up Small Business Health Care Pain
NEW YORK: Trying to marshal support for health-care reform, President Obama’s Council of Economic Advisers on Saturday released a report outlining the dire effects the current system has on small companies and their workers. But in mapping out the arguments favoring reform, the report glosses past many details still being debated in Congress that will… »
Obama Pushes Bill To Crack Down On Hedge Funds
WASHINGTON (Reuters) — The Obama administration on Wednesday will send Congress legislation demanding that hedge fund managers submit to new registration and disclosure rules to boost transparency and limit any risks they pose to the financial system, a senior U.S. Treasury official said.”Later today, we will send legislative language to the Hill that requires… »
Obama Mortgage Plan Needs Work
NEW YORK: Mr. President, help us get one of your mortgage workouts now.That’s what many borrowers are saying nearly five months after President Obama unveiled his housing rescue plan. The program is beset with problems, say borrowers, housing counselors and even the president himself. Loan servicers are overwhelmed by the numbers of homeowners applying for… »
Obama Extends Mortgage Refinancing Program
NEW YORK: The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.Borrowers whose loans are now worth up to 125% of their home’s value are now eligible to refinance their homes under the Obama foreclosure prevention plan announced in February. Previously, the limit… »
Obama Says The Fed Did A fine Job After Crisis Started
WASHINGTON: President Obama offered a passionate defense of the Federal Reserve on Tuesday, explaining his proposal to put the central bank in charge of monitoring broad risks facing the financial system.Obama, speaking at a midday press conference, defended the performance of Fed Chairman Ben Bernanke after the financial crisis. Bernanke has done a “fine job”… »
Obama Refis Slow Out Of The Gate
NEW YORK (CNNMONEY.COM) — The Mortgage Bankers Association on Monday slashed its estimate of the number of mortgages its members will issue in 2009. One reason: Few refinancings are being done under the Obama administration’s ballyhooed Home Affordable Refinance Program.The MBA is forecasting mortgage originations of 2.03 trillion for the year, a drop of over… »