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House rejects bailout Premium Content

By Matt Carter, Monday, September 29, 2008.

The House of Representatives today rejected a plan to borrow up to $700 billion to buy "toxic" assets from banks and financial institutions, with opponents deriding the plan as a taxpayer funded bailout of Wall Street.

After a passionate three hour debate in which supporters of the bill warned of the dire consequences of inaction, House lawmakers voted 228 to 205 against legislation that was intended to mollify critics of the Bush administration's original plan.  more...

Citigroup swallows up Wachovia

By Inman News, Monday, September 29, 2008.

In the latest consolidation of the banking industry brought about by the credit crunch, Citigroup Inc. will absorb up to $42 billion in losses on loans on Wachovia Corp.'s books to acquire the Charlotte, N.C.-based company's banking operations.

The Federal Deposit Insurance Corp. is on the hook for losses above and beyond that amount, but does not expect to draw on its Deposit Insurance Fund.  more...

Survey: Obama better for housing?

By Inman News, Monday, September 29, 2008.

A new survey published Friday -- conducted online by Harris Interactive on behalf of real estate Web site Zillow.com -- found that between the two major presidential candidates, 58 percent of Americans think Sen. Barack Obama will better address the current state of the housing market than Sen. John McCain (42 percent).  more...