Senate hammers credit rating agencies

continuing to react to the mortgage crisis be creating new laws, one more law is on the books. Earlier Thursday, senators dealt a blow to the nation’s largest credit-rating agencies, approving tough new rules for the industry and voting to remove the government’s formal endorsement of a handful of firms.

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341180 foreclosure filings in March 2009

Foreclosure filings were reported on 341,180 properties in March, a 17 percent increase from the previous month and a 46 percent increase from March 2008. The March and Q1 2009 totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005 despite a decrease in bank repossessions (REOs), which were down 13 percent from the fourth quarter of 2008 and 3 percent from February totals.

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Citigroup needs all of your TARP money and more to prevent disaster

Normally if you or I buy more than we can pay for we wake up to the fact that we are broke. Not so with Citigroup. As taxpayers we gave Citigroup $20 billion in November 2007, and guaranteed $300 billion in loans on Citi’s books. You and I also gave Citigroup $25 billion from the Troubled Asset Relief Program – the TARP program. If you or I invested like that we would be broke. Citigroup cannot show where they helped a lot of homeowners, but did anger the industry when they agreed to let judges modify loans.

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