FED CUTS KEY INTEREST RATE

The Federal Reserve Board’s Federal Open Market Committee cut its short-term interest rate by a half of a percentage point today to 4.75 percent. According to the committee, the tightening of credit conditions has the potential to intensify the housing correction and...

SUBPRIME LOAN FORECLOSURE FORECASTED

Based on results from its recent mortgage study (see article), the Center for Responsible Lending (CRL) has predicted that one out of five subprime loans issued during 2005 and 2006 will fail, resulting in foreclosure for millions of American homeowners. Dr. Mark...