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Other Recent Articles |
Market News - Jun 17, 2009 17:36 - 0 Comments
Chrysler set to reopen most plants
By Chris Isidore, CNNMoney.com senior writer
Production at 7 of 11 assembly lines will restart later this month, sending most employees back to work for the first time since Chrysler filed for bankruptcy.
NEW YORK (CNNMoney.com) — Chrysler announced plans to reopen 7 of its 11 assembly lines later this month for the first time since the day after the company filed for bankruptcy in April.
The company said two plants in Michigan, one in St. Louis and one in Toledo will reopen during the week of June 29. Two factories in Ontario, Canada will also reopen as well as one in Mexico.
The seven plants make a variety of Chrysler vehicles, including the Dodge Grand Caravan, Jeep Wrangler and the Chrysler Town & Country.
For complete story please click here
More In Market News
- Stimulus Aims Two-Phase Jolt at Fading U.S. Economy
- Democrats Near Agreement on $789.5 Billion Stimulus
- Obama’s top priority: the economy
Mortgage News - Jun 17, 2009 17:44 - 0 Comments
10 large US banks to repay $68B in TARP funds
By Daniel Wagner, AP Business Writer
10 large US banks to repay $68 billion in bailout funds; stock warrants still an issue
WASHINGTON (AP) — A key government effort to ease the credit crisis reached a milestone Wednesday as 10 large banks said they had repaid a total of $68 billion in bailout funds.
Treasury said last week that the banks could begin repaying money they received under the $700 billion financial system bailout known as the Troubled Asset Relief Program, or TARP. The government created the program in October as its flagship effort to address the global credit crisis and teetering financial markets.
For complete story please click here
More In Mortgage News
- U.S. Stocks Drop on Concern Over Bank Losses; Wells Fargo Falls
- Bank CEOs flogged in Washington
- Morgan Stanley May Pay Citigroup $3 Billion in Merger
Real Estate News - Jun 17, 2009 17:39 - 0 Comments
Is Obama’s foreclosure rescue plan working?
By Tami Luhby, CNNMoney.com senior writer
Homeowners in trouble are having mixed results applying for President Obama’s foreclosure prevention plan. CNNMoney.com readers tell us their tribulations and triumphs trying to get their loans modified or refinanced.
Richmond could afford his $1,600 monthly mortgage payment when he was making $63,000 as an accountant for Bank of America. But after his position was outsourced to India in 2006, the only work he could find was as a customer service representative at Wachovia for less than $12 an hour.
Desperate, he called SunTrust Bank in January to see if he could get a loan modification. He was turned down because he hadn’t yet missed a payment. So the father of five didn’t make his January payment and called back in February to start the modification process. A month later, an agent told him that all modifications were being scrapped in favor of the new Obama foreclosure prevention plan.
For complete story please click here
More In Real Estate News
- Home Prices in Record Plunge
- California’s Pain Is Only Beginning
- Buffett Says the U.S. Is in Midst of an ‘Economic Pearl Harbor’
