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The housing market remains far from its peak, but it is gaining strength.
U.S. economic growth slowed sharply during the second quarter as consumers cut back on spending and the economic recovery failed to gain traction.
Some increase their cash reserves to prepare for the uncertainty that would follow a government default.
A potential breakthrough in the debt-ceiling impasse and upbeat corporate earnings reports gave stocks their best one-day performance so far this year.
Despite Obama’s admission that past efforts haven’t solved the crisis, the White House has no plans for another large-scale program to tackle the troubled housing market.
The ratings agency Standard & Poor’s warned Thursday that there is a 50 percent chance it will downgrade the U.S. government’s credit rating within three months.
The Department of Housing and Urban Development announced the launch of a $1 billion program to save delinquent homeowners in more than two dozen states from foreclosure.
The $9B deal accelerates McLean firm’s transformation from credit card lender to consumer bank.