Archive for July 11th, 2008

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After months of debate on Capitol Hill, the Senate on Friday passed a comprehensive housing and foreclosure prevention bill.

Stocks fell Friday, but closed off their lows, as fears that mortgage backers Fannie Mae and Freddie Mac would collapse eased after comments from a leading senator and talk that the Federal Reserve would open up its discount window.

The already roughed-up airline industry nosedived on Friday as companies and their investors got slammed by high oil prices.

The fate of Fannie Mae and Freddie Mac may be hanging in the balance but many mortgage borrowers already find themselves struggling to find affordable loans - and the legislation intended to help current homeowners may be jeopardized too.

Investors send shares of Wall Street firm 17% lower, a day after it releases more details about quarterly loss.

Anxiety over a possible government takeover of Fannie Mae and Freddie Mac sent financial stocks into a virtual tailspin Friday.

The Internal Revenue Service mailed out the last of 112 million stimulus checks on Friday to people who filed their tax returns by April 15. A total of $92 billion has been pumped into the nation's sagging economy since last April.

Oil rose nearly $3.50 Friday after gaining more than $5.50 Thursday, erasing $9 of losses from earlier in the week.