General News Archive - November 12, 2008
By Stephanie Armour and Anna Bahney The federal government and one of the country's largest banks are expanding their efforts to help homeowners with troubled mortgages avoid joining the millions of Americans who have already lost their homes to foreclosure.
The federal government backed off a plan to buy toxic mortgages, U.S. Treasury Secretary Henry Paulson said Wednesday, favoring a program of investment. In looking for ways to address the U.S. economic crisis, Paulson said in early October that buying bad home loans was a likely answer.
Federal Deposit Insurance Corp. chairman Sheila Bair said the U.S. Treasury's mortgage modification program unveiled Tuesday does not go far enough. "This is a step in the right direction but falls short of what is needed to achieve widescale modifications of distressed mortgages," Bair said.
Connecticut began issuing marriage licenses to same-sex couples, an act eclipsed by Election Day ballot measures in three other states barring gay marriages. Voters in California, Arizona and Florida approved constitutional amendments prohibiting gay marriage.
New York, NY (Sports Network) - Tampa Bay Rays skipper Joe Maddon was selected as the American League Manager of the Year on Wednesday, as chosen by the Baseball Writers' Association of America.
The bailout package is for the financial industry, not the U.S. auto industry, despite its importance to the economy, Treasury Secretary Henry Paulson said.
Chicago Cubs skipper Lou Piniella was named National League manager of the Year Wednesday in a vote of two sportswriters in each league major league city.
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