Federal Reserve Plans Aid for Victims of Foreclosures
The U.S. Federal Reserve plans to assist homeowners facing foreclosure on their homes. While details are still being confirmed, possible options include lowering the amount owed on the mortgage, reducing interest rates, or extending the term of the mortgage. More
Wells Fargo Reports First Loss Since 2001
Wells Fargo & Co. reported its first quarterly loss since 2001 – the losses stemmed mostly from its acquisition of Wachovia Corp. and totaled $2.55 billion, or 79 cents per share. More
Canadian Dollar Strengthens on Rise in Commodities and Budget
The Canadian dollar – nicknamed the Loonie – gained on the U.S. dollar as commodities surged ahead yesterday. The minority Conservative government also issued a new budget outlining temporary deficit spending to help the economy but approval from at least one opposition party is required before the budget takes effect. More
Spanish Central Bank Confirms Spain is in a Recession
According to the Spanish Central Bank, Spain’s economy has entered its first recession since 1993. Gross Domestic Product fell 1.1 percent in the fourth quarter of 2008, following a decline of 0.2 percent the previous quarter. More
