News Prices for single-family homes rose in 81 percent in America

Prices for single-family homes rose in 81 percent of the nation's cities as the property market extends a recovery from the worst crash since the 1930s.

Market Report: Glaxo takes a hit as trading finally gets going

The drugs giant Glaxo-SmithKline was among the losers in an unexpectedly light session in London yesterday.

The great mortgage bail-out

Pressure is already growing for the US's unprecedented rescue of the mortgage market to be replicated in the UK, despite some concerns about its long-term effectiveness.

<a href="http://blogs.independent.co.uk/openhouse/chris_schuler/index.html" target="_blank">Chris Schuler: Oh, do grow up</a>

Much has been written about the implications for the global economy of the US Government bail-out of the failing mortgage companies Freddie Mac and Fannie Mae. Yet no one seems to have commented on those incongruously cute names.

Glitch hits London shares' big day

An embarrassing computer failure at the London Stock Exchange left City traders unable to cash in on a worldwide stock market boom for much of today.







<a href="http://blogs.independent.co.uk/openhouse/sean_ogrady/" target="_blank">Sean O'Grady: Bailing out Fannie and Freddie</a>

You can read the US rescue of the Freddie Mac and Fannie Mae mortgage agencies two ways.

US bail-out sends UK shares leaping

The dramatic nationalisation of mortgage giants Fannie Mae and Freddie Mac by the US Government today sent London's leading shares soaring almost 4 per cent.

Sean O'Grady: The world depends on the two Fs

"Too big to fail" is an expression that suits Fannie Mae and Freddie Mac. The US Treasury Secretary, Henry Paulson, said yesterday that the two institutions "are so large and interwoven in our financial system that a failure of either of them would create great turmoil in financial markets".

Bush bails out US mortgage giants

The Bush administration ripped up years of laissez-faire economic policies last night and launched a government takeover of two of the most powerful mortgage companies in the US. The move is designed to forestall a collapse in house prices that could plunge America into a new Great Depression and trigger chaos on the world's financial markets.

Market update - 26 August

The FTSE 100 was down 91.1 points at 5414.5 and the FTSE 250 was down 73.3 points at 9109.4 at 11.56am today. Liberty International was among the few stocks in the black this morning – stock gained 46p to 991p after Simon Property Group, the American real estate group, said it had increased its stake to 4.2 per cent and Australia’s Westfield confirmed a 2.96 per cent holding. “There is a lot of bid speculation around this now. It started last week when some people were still sceptical. But that has changed now,” said one trader, referring to Simon’s initial announcement of a 3.45 per cent stake.

Wall Street fears the worst as US housing sales continue to fall

Wall Street will this week brace itself for further disappointing figures from the US housing arena when numbers for sales of existing and new homes are released on Monday and Tuesday.

US Fed chiefs meet at Jackson Hole as mortgage rates refuse to fall

Mortgage rates for the average US homeowner are higher now than at the beginning of the credit crisis a year ago, despite massive interest rate cuts by the Federal Reserve and a string of other efforts to kick-start credit markets.

Freddie Mac battles to remain independent

Executives at Fannie Mae and Freddie Mac, the American financial giants which sit at the core of the country's mortgage market, were desperately fighting yesterday to preserve their independence as a federal government takeover appeared closer than ever.

Fannie Mae admits it may need fresh capital

The possibility of a US government takeover of Fannie Mae, the mortgage finance giant, moved a step closer yesterday after the company said it may not have enough capital to make it through next year.

Freddie Mac ignored warnings in 2004 over dangerous bets

The head of Freddie Mac, the mortgage finance giant which is having to be propped up by the US government, ignored warnings as early as 2004 that the company's bets on the housing market were putting the financial system at risk.

Housing crisis to continue until 2011, Crosby warns

Sir James Crosby has no easy answers to the mortgage famine that has sent house prices tumbling and new Bank of England figures suggest no respite is in sight. By Sean O'Grady
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