September 19, 2007


Filed under: Uncategorized — labordaytheses @ 3:00 am

The bailout train rolls on…

WASHINGTON — The House passed a bill on Tuesday that lowers down payments for borrowers, raises loan limits and boosts funds for housing counseling. Passed by a vote of 348 to 72, the bill reforms the Federal Housing Administration and is the latest lifeline thrown to borrowers from Washington as the fallout in the subprime-mortgage market continues. It also directs up to $300 million a year into an affordable housing fund. The Senate Banking Committee is scheduled to begin work on its version of the bill on Wednesday

SAN FRANCISCO — The dollar dropped Tuesday after the Federal Reserve cut its key fed funds rate by 50 basis points, instead of the 25-basis point cut expected by many investors. The euro rose to $1.3953, compared to $1.3885 before the Fed decision, and the trade-weighted dollar index fell to 79.375, compared to 79.645. The dollar was trading at 115.77 yen, compared to 115.80 yen.


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