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Fed starts program to buy illiquid mortgage assets - 1 day ago - WASHINGTON MarketWatch The Federal Reserve Bank of New York on Monday began buying illiquid mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac and Ginnie Mae as part of an earlier announced 500 billion program. The 0133 : Marketwatch

Israel, Hamas inspect truce plan - 56 minutes ago - ISRAEL and Hamas have studied an Egyptian proposal for a ceasefire in the Gaza Strip that won immediate backing from the United States and Europe, hours after Israeli shells killed 42 Palestinians at a UN school. A Palestinian official said 0133 : News.com.au

GMAC to keep making home loans - 12/29/2008 - GMAC's mortgage-lending unit will continue to make home loans after the company receives a promised 6 billion federal bailout. We will continue to originate mortgage products that can move in the secondary market, GMAC spokeswoman Gina 0133 : Minneapolis Star Tribune

Rates are low, but loans difficult to get - 1 day ago - Mortgage rates are at their lowest level in decades, but thousands of Silicon Valley residents are discovering that qualifying for a loan is tougher than it has been in years. Banks are reluctant to lend at favorable rates to all but the 0133 : San Jose Mercury News

Blumenthal Bill Targets Foreclosure-Rescue Schemes - 2 hours ago - With foreclosures at record levels in Connecticut, the attorney general on Tuesday proposed legislation aimed at protecting consumers from foreclosure-rescue and other personal finance schemes that promise help for a fee, but don't deliver. 0133 : Hartford Courant

Britain set for record-low rates - 1 hour ago - LONDON - THE Bank of England will on Thursday slash interest rates for a third month running, bringing them to their lowest ever levels as Britain readies to join a growing list of nations officially in recession, analysts said. British 0133 : Straits Times

Leading Democrat Offers Mortgage Aid Bill - 5 hours ago - The second-ranking Democrat of the U.S. Senate on Tuesday introduced legislation that would let bankruptcy judges erase some mortgage debt in an effort to stem foreclosures. The bill drafted by Sen. Richard Durbin would help millions of 0133 : Post Chronicle

LIC Housing cuts lending rates by 75 bps - 12/31/2008 - The reduction is on EMIs falling due on January 1, 2009 and payable on February 1, 2009, the company said in a statement. The move was consequent with a reduction in cost of funds, the company said. For new customers, LIC Housing Finance 0133 : Business Standard