Obama sets aside $75 billion to slow foreclosures

Date: Wed, 18 Feb 2009 12:01:46 -0500

Obama sets aside $75 billion to slow foreclosures

The Obama administration unveils a plan to help 9 million at-risk
homeowners modify their mortgages, committing $75 billion of taxpayer
money to back the initiative.

ECONOMIC REPORT: HOUSING STARTS PLUNGE 17% TO RECORD LOW IN JANUARY

The collapse in the housing industry accelerated in January, as
construction on new U.S. housing units plunged 16.8% to a seasonally
adjusted annual rate of 466,000, the Commerce Department reported
Wednesday, far below the weakest
levels of construction in the post-World War II era.

MBIA'S SHARES RALLY AS BOND INSURER TO SPLIT OFF MUNI BUSINESS

Shares of MBIA rally as the bond insurer says it's splitting off its
municipal-bond business.

GM, CHRYSLER REQUEST UP TO $39 BILLION IN LOANS

General Motors Corp. and Chrysler LLC, both drowning in debt as car
sales continue to spiral downward, submitted requests to the U.S.
Treasury late Tuesday that, if granted, could provide up to $39
billion in emergency loans to keep the automakers from falling into
bankruptcy.

DEERE'S FIRST-QUARTER PROFIT FALLS 45%; FULL-YEAR OUTLOOK CUT

Deere's first-quarter earnings fall 45% on the back of climbing
raw-material costs and foreign-exchange volatility, financial results
reported by the farm-equipment manufacturer show. Management also
scales back its forecasts for
full-year profit and sales.