Feds fudged on mortgage bailout failure numbers

Feds fudged on mortgage bailout failure numbers

The Obama administration on Friday acknowledged it had underestimated the number of homeowners who fell seriously behind on their mortgage payments even after getting government help. Treasury officials blamed the error on mortgage finance giant Fannie Mae, which acts as the program administrator for President Barack Obama’s $50 billion Home Affordable Modification Program (HAMP). The […]

Ex-lobbyist indicted for illegal contributions

Ex-lobbyist indicted for illegal contributions

The head of a now-defunct lobbying firm was arrested on Thursday on charges he made illegal campaign contributions in an effort to build his clout and win more clients in the defense industry, the Justice Department said. Paul Magliocchetti, 64, was indicted on 11 counts of violating federal election laws that regulate and limit contributions […]

Waters: ‘Let’s go public’

Waters: ‘Let’s go public’

The second Democrat in the House of Representatives to face an ethics trial in the fall wants the charges against her made public and her trial to begin before the November 2 congressional elections, an aggressive defense that may lead to intra-party squabbling. “I am confident that once the subcommittee report is released and I […]

Reid leading Angle in latest Nevada poll

Reid leading Angle in latest Nevada poll

Senate Democratic leader Harry Reid, one of America’s most powerful politicians, holds a narrow edge among likely voters in his re-election bid in recession-lashed Nevada, a Reuters-Ipsos poll said on Tuesday. The struggling U.S. economy is paramount in voters’ minds as they look ahead to the November 2 election in Nevada, with 74 percent citing […]

U.S. combat role in Iraq set for end this month

U.S. combat role in Iraq set for end this month

President Barack Obama vowed on Monday to make good on his promise to end U.S. combat operations in Iraq by the end of August, despite a dangerous political deadlock in Baghdad and a recent surge in militant violence. Speaking to the Disabled American Veterans group in Atlanta even as he struggles with waning public support […]

McCain blocks spy chief vote

McCain blocks spy chief vote

Senator John McCain said on Monday he would allow a Senate vote on President Barack Obama‘s nominee to be U.S. intelligence chief as soon as he receives an intelligence report he requested 18 months ago. But another senator, Kit Bond, said he might also move to block a vote on the spy chief nominee in […]

Obama’s plan: Bash Bush

Obama’s plan: Bash Bush

President Barack Obama rallied support for his embattled Democrats on Monday, charging that Republicans had no ideas different from those pursued by his predecessor, George W. Bush. At a fund-raising lunch for the Democratic National Committee, Obama tried to energize Democrats who are likely to lose seats in both chambers of the U.S. Congress in […]

Stimulus? We don’t need no stinkin’ stimulus

Stimulus? We don’t need no stinkin’ stimulus

Federal Reserve officials clashed on Thursday over whether the central bank should be more aggressive in supporting the stumbling economy and one said the Fed’s current policy may be contributing to worryingly low levels of inflation. The Fed’s promise to hold benchmark interest rates exceptionally low for an extended period — a vow aimed at […]

Foreclosures still on the rise

Foreclosures still on the rise

Foreclosures rose in 3 of every four large U.S. metro areas in this year’s first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday. Unemployment was the main culprit driving foreclosure actions on more than 1.6 million properties, the company said. “We’re not going to see […]

Economic fears threaten Democrats

Economic fears threaten Democrats

Americans by a large majority believe President Barack Obama has not focused enough on job creation, as economic fears threaten Democrats ahead of November 2 congressional elections, a Reuters-Ipsos poll found on Tuesday. In a sign of trouble ahead for the Democrats, the poll found evidence of a sizable enthusiasm gap with Republicans more energized […]