Sunday, September 07, 2008

more economic troubles.



Why Feds moved to take over mortgage giants...

'Accounting methods inflated capital'...

Government to Wipe Out Fannie/Freddie Shareholders by Sunday

By Peter Cohan

And now what could become history's biggest transfer of tax dollars to bail out bad lending begins. Continue

U.S. to take control of Fannie and Freddie: reports: The two government sponsored enterprises (GSEs) own or guarantee almost half of the country's $12 trillion in outstanding home mortgage debt.

Silver State Bank in Nevada is shut: Regulators shut failed Silver State Bank in Nevada; 11th bank failure this year

Bank Tied To John McCain's Son Goes Under: Andrew K. McCain, a son of Republican presidential nominee John McCain, sat on the boards of Silver State Bank and of its parent, Silver State Bancorp. Andrew McCain also was a member of the bank's audit committee, responsible for oversight of the company's accounting.

9% of homeowners are late with bill or in foreclosure, study says: An industry group says a record 9.2% of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continued to mount.




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