Results tagged “lending”

Remember Monday, when the U.S. House refused to pass a $700 billion bailout package and everyone kinda freaked out? Well a little less than an hour ago they came together for another vote, this time on the Senate's version of the deal, and voted for it. We can't help but feel like the strangest part about the affirmative vote is not actually that it happened, but that even though it probably wasn't clear until this morning whether enough members had switched to the other side, the vote just doesn't seem like a big surprise. Was anyone really expecting the House not to go along with the Senate on this one, after the way the markets reacted to Monday's vote?

The U.S. House has voted down the bailout package, 205-228. By and large, Republicans voted against the bill, while Democrats voted for it, though the Democrats voted for it by a rather small margin. The Dow Jones Industrial Average has already dropped more than 500 points, just shy of five percent, since the news broke.

It's blazing hot outside, so a long line snaking outside the Capital Hilton since this morning couldn't help but engender some curiosity - and sympathy - from onlookers. Turns out the line waiters are here for the free, five-day long "Save the Dream of Homeownership" event hosted by the Neighborhood Assistance Corporation of America. Michelle Singletary explained the event last week, which invited homeowners in danger of foreclosure to come to D.C. and meet with loan counselors who can help get people into affordable mortgage restructurings right then and there. NACA has reached agreements with a number of big lenders to allow for such restructuring options.