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Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.
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Several mortgage-rescue plans are making the rounds in Washington, but economists say the best approach may be to sit tight.
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All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can't make their monthly payments because they've lost their jobs.
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The Bush administration said Wednesday that it was changing its nearly-moribund mortgage rescue plan in an effort to spark more lenders and homeowners to participate.
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If mortgage lending was the Wild West during the boom years, foreclosure-prevention counseling is the lucrative new frontier of the bust.
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Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 U.S. households during the holiday season.
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 Mortgage rates dropped for a third straight week, reflecting the impact the weakening economy is having on financial markets.
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A government report says construction of new homes plunged 4.5 percent last month to the lowest level on government records.
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The National Association of Home Builders says its housing market index plunged to another record low this month.
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Publicly breaking with the Bush administration, the FDIC proposed to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.
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High fuel prices, the bankruptcy filings of Aloha and ATA, and the nationwide slump in consumer confidence have slammed Hawaii's tourism industry.
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The market for debt used to finance commercial real estate tumbled on worries about rising defaults for commercial mortgage-backed securities.
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Many European real-estate companies are not only disclosing weaker results but also announcing new business strategies designed to ride out the recession.
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Debate is heating up on the future of Fannie Mae and Freddie Mac as they struggle with heavy losses and investors continue to shy away from their debt.
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Distressed-mall buyer Feldman may have found a way to ease its own distress without declaring bankruptcy. But few, if any, investors will come out whole.
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