Word: rescuees
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More than a year - and a half a dozen rescue plans - later, little progress has been made in turning the tide. The nation's foreclosure rate has risen every month since the middle of 2007, according to FirstAmerican LoanPerformance, which tracks the mortgage market. As of August, nearly 3% of...
Even so, the troubled U.S. homeowner is not among the priorities of those in Washington who are dishing out rescue funds. The Treasury Department plans to spend $250 billion of the $700 billion rescue package approved by Congress earlier this month on capitalizing banks. To the back burner went Treasury...
"We are all for a strong financial system," says Ellen Schloemer, director of research at the Center for Responsible Lending. "But borrowers need to be helped too, and they have in large measure been left out of the rescue effort."
Though it doesn't change the dismal bottom line, there is a difference between the current slide and the one that eviscerated markets last week. The earlier rout was caused by continuing fears that governments were not sufficiently committed to prevent the world's finance and banking sector from collapsing...
Yet traders will likely remain tough to wow. According to a draft that Reuters obtained of a final statement written for Thursday's conclusion of the summit of European Union leaders in Brussels, resolutions have largely been limited to approving the rescue plan and coordinated strategies of eurozone nations, along...