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Wall Street sinks to lowest since 2003
(Reuters)
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 Reuters - Stocks plunged to their lowest in five-and-a-half years on Wednesday as investors girded for a lengthy economic downturn and automotive executives predicted a far-reaching calamity without a government lifeline.
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Lawmakers, Treasury lock horns on foreclosures
(Reuters)
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 Reuters - Treasury Secretary Henry Paulson and members of Congress clashed on Tuesday over the best use for the $700-billion financial bailout fund, with lawmakers demanding money to stem a national wave of mortgage foreclosures.
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Sen. Durbin to seek mortgage bankruptcy change
(Reuters)
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Reuters - A senior U.S. senator on Monday introduced legislation to let judges alter the terms of distressed mortgages in bankruptcy cases, reviving a controversial proposal meant to help troubled homeowners, a said an aide to the lawmaker.
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October housing starts at record low
(Reuters)
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 Reuters - Construction starts on new homes fell to a record low in October, as did new applications for building permits, a report by the Commerce Department showed on Wednesday, signaling that the national housing downturn may extend well into the future.
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Lawmakers press Paulson on bailout plan changes
(AP)
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 AP - Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defense Tuesday of his handling of the $700 billion program and expressed fresh reservations about tapping the pool for mortgage guarantees to relieve skyrocketing home foreclosures.
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Postal Service investigates boss's VIP mortgage
(AP)
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 AP - The Postal Service is investigating whether the nation's postmaster general improperly received a sweetheart deal on a mortgage from Countrywide Financial Corp., the chairman of the service's governing board said.
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Reuters - The shares of big U.S. homebuilders and real estate companies alike slumped on Wednesday as housing starts fell to a record low and concerns spread the commercial real estate market is going the way of residential.
AP - Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey.