Democrats push federal stake in auto industry bailout
Congressional Democrats urge a $25 billion emergency loan package for the Big Three in exchange for a government ownership stake. Speaker Pelosi and Senator Reid back quick action amid White House openness and GOP resistance as industry struggles with sales and credit.
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Don Stewart
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Investors deny hindering govt on foreclosures
Mortgage industry representatives told the House Financial Services Committee that investors in mortgage backed securities do not block government efforts to stem rising foreclosures. They cited loan modification potential and disincentives from fear of investor lawsuits and service fees tied to foreclosures.
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Washington, D.C
Tom Deutsch
American Securitization Forum
House Financial Services Committee
Alabama
Spencer Bachus
Pension Fund
Stocks plunge for third straight session on Wall Street
The Dow fell 411.30 points 4.73 percent to 8282.66 as major indexes dropped after dismal corporate reports and news the government would not buy troubled mortgage assets. Macy's posted a $44 million Q3 loss and Best Buy cut 2009 guidance amid weak consumer spending.
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Henry Paulson
Ryan Detrick
Schaeffer
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Dow
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