For decades America’s system of housing finance was the envy of the world. But reckless behavior on Wall Street and weak oversight in Washington during the 1990s and 2000s contributed to an unprecedented bubble and bust in the U.S. mortgage market, resulting in financial catastrophe by 2008.
The federal regulator of mortgage finance giants Fannie Mae and Freddie Mac announced Tuesday that he would not allow them to reduce the loan balances of struggling borrowers, ending months of deliberation. That’s bad news for the 2.5 million Fannie- and Freddie-backed homeowners that are deeply “underwater,” meaning they owe significantly more than their homes are worth.
A bill proposed by a bipartisan group of senators Thursday would punish Pentagon agencies for failing to meet a series of deadlines for conducting proper internal audits, marking a major ratcheting up of congressional pressure about a good-government goal first set in legislation enacted eighteen years ago.
WASHINGTON, D.C. – The nation’s economy added 163,000 jobs in July, beating analysts’ predictions that called for a gain of approximately 100,000. However, the unemployment rate still rose 0.1 percent to 8.3 percent, according to data released today by the U.S. Bureau of Labor Statistics.
PERTH AMBOY—The city’s 4th Annual Family Day celebration is scheduled for Saturday, Aug. 4 from 11 a.m. – 2 p.m. The event is free and open to all city residents.
RAHWAY – The Rahway Police Department invites residents to join them for the “29th Annual National Night Out” (NNO), crime and drug prevention event tonight.