Bush Outlines Plan to Address Mortgage Crisis. Aug. 31, 2007. 11:46 AM EST
Addressing worries that the subprime mortgage meltdown could prompt a further wave of defaults and foreclosures, President Bush unveiled a host of proposals Friday to help struggling homeowners.

U.S. Jobless Claims Rose for a Fifth Straight Week. Aug. 31, 2007. 12:00 PM EST
Labor Market - Interview with Martin Regalia of the U.S. Chamber of Commerce: Recession Unlikely Over Next 12 Months; AFL-CIO and U.S. Chamber of Commerce Blast Immigration Plan; GDP Rose 4% Annual…

Florida property taxpayers face annual property tax appeal filing deadlines. After a tumultuous legislative special session Florida property taxpayers are turning their attention to appealing their annual property tax evaluations. Confusion reigns because while tax bills may be lower, valuations have risen an average of 15 percent. Tax appeal filing deadlines vary from county to county, but all appeals must be filed within 25 days of mailing of notices of proposed taxes.

NAR President Issues Statement on Bush’s Proposed FHA Changes

WASHINGTON, Aug. 31 /PRNewswire-USNewswire/ — Pat V. Combs, 2007 president of the National Association of Realtors(R), released the following statement in support of Federal Housing Administration policy changes proposed today by President George W. Bush:

“The National Association of Realtors(R) strongly commends President Bush for his leadership in proposing a set of policies designed to ease the crisis in the mortgage industry and halt the rapidly increasing rate of foreclosures affecting many American families today.

“NAR has been advocating for many of these FHA changes since early 2007. In letters, testimony, speeches and meetings, we have encouraged both Congress and the U.S. Department of Housing and Urban Development to make meaningful changes to the FHA that would stem rising foreclosures.

Countrywide’s Official Response to the NY Times

Countrywide Financialissued an official response to the scathing New York Times expose on the mortgage lender’s alleged institutionalized practice of steering borrowers in to high cost loans.

Their 3 page statement can be found here.

In short, Countrywide categorically denies institutionalized steering and highlights everything the company does to ensure the highest percentage of people eligible for prime products end up in prime loans.

Here are some highlights: Countrywide’s business processes are designed to prohibit steering borrowers who qualify for prime loans into subprime loans. In fact, the majority of consumers who come through Countrywide’s retail subprime channel receive a prime loan. Second, Countrywide’s loan officers do not receive higher commissions for subprime loans with repayment penalties. Third, Countrywide prides itself on the extraordinary efforts we are undertaking to assist borrowers who are experiencing difficulty making their loan payments, and in fact we have found solutions to keep more than 35,000 borrowers out of foreclosure during this year alone. The company has a team of 2,500 employees in its Home Retention Division dedicated full-time to these efforts.

Fannie Mae (NYSE: FNM) today announced its calendar for issuing Benchmark Securities(R) in 2008. The calendar is designed to assist investors and other market participants in incorporating Fannie Mae Benchmark Securities(R) into their ongoing investing, trading, hedging, and financing strategies. The following is a description of the 2008 Benchmark Bills(R) and Benchmark Notes(R) program.

President Bush to Expand Government Role to Deal with Subprime. Aug. 31, 2007. 11:00 AM EST. Live! From the White House: Bush Holds News Conference on Subprime Mortgage Fallout; Bush to Ask for Temporary Suspension of Tax Bill; HUD and Treasury to Identify Borrows at Risk of Default.

Bush To Outline Plan To Help Homeowners Avoid Default. Aug. 31, 2007. 06:00 AM EST
More details on President Bush’s speech. He is going to help people with subprime mortgages keep their homes

Bear Stearns Judge Rejects Ban on Hedge Fund Suits