Bernanke optimistic about growth rebound hints at rally
Federal Reserve Chairman Ben Bernanke told a Jackson conference the economy is on the verge of growing again though loans remain tight for many households and firms. He warned the recovery will be slow, with unemployment near 9.4 percent and banks still absorbing losses as markets rallied on the news.
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Last-minute talks ease Louisville foreclosure push
In Louisville, a city program requires lenders to meet with struggling homeowners to avoid foreclosure. Peter and Gina Fochtman faced months of phone calls and paperwork before a mediator helped avert loss of their home. The plan, now in several states, aims to connect borrowers with counsel while delaying sales. Industry observers say lenders welcome the option though it won’t solve all cases.
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Dealers brace for final Cash for Clunkers push
Washington AP reports auto dealers brace for a possible last weekend rush as the $3 billion Cash for Clunkers program nears its end. Some say rebates up to $4,500 require reimbursement delays, prompting dealers to halt sales after Saturday to ensure government payment.
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