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Georgia Family's Loss Puts Mortgage Giant on Congressional Hot Seat
Facing criticism from a Georgia family and senators of both parties, a Countrywide Financial Corp. executive said Tuesday the company had a new plan to keep mortgage processing errors from harming homeowners. Rising Food Prices a 'True Crisis,' Congress Told Hunger relief agencies "are facing a true crisis," a food bank official told Congress on Thursday at a hearing on the effect of rising food prices. Fed Trims Rates Again, but Hints at a Pause The Federal Reserve trimmed short-term interest rates by a quarter of a percentage point on Wednesday, the seventh cut in seven months. Why Interest Rates May Be Hitting Bottom The Federal Reserve is widely expected to call a halt to its eight-month series of interest rate cuts after announcing a final trim, likely a quarter-point, on Wednesday. Delta Chief Says Merger Would Mean 1,000 More Layoffs Delta Air Lines chief executive Richard Anderson told Congress on Thursday that a merger with Northwest Airlines would mean the loss of nearly 1,000 additional jobs at the blended headquarters. Delta, Northwest CEOs Start Pitching Merger to Congress The chief executives of Delta Air Lines Inc. and Northwest Airlines Corp. met Tuesday with key lawmakers to argue that the carriers' proposed merger won't undermine competition. Chance to Retire Aging Planes an Incentive for Delta, Northwest Mechanics agree that a properly maintained airplane can fly safely for decades. Some in Congress Will Make the Case to Deny a Delta-Northwest Merger The U.S. Department of Justice alone has the authority to decide whether the proposed merger of Delta Air Lines Inc. and Northwest Airlines Corp. should take off. But one powerful congressman said Tuesday he'd try to persuade the department's Antitrust Division to kill the deal on the grounds it would hurt competition. Isakson Supportive of Delta Merger Whenever Delta Air Lines Inc. has needed a friend on Capitol Hill, it's been Johnny on the spot. Federal Housing Relief on Three Different Paths The White House, Senate and House all moved Wednesday to address the nation's worsening housing crisis. FAA to Blame for Airport Chaos, Officials Charge A quarter-million travelers were stranded this week because the Federal Aviation Administration allowed "serious lapses" in safety practices to compound until planes had to be grounded, a federal watchdog told Congress on Thursday. House Crafting Housing Bill Aimed at Individuals House Democrats, opposed to the Senate's focus on helping home builders, moved Tuesday to reshape housing legislation to help more homeowners. FAA Shirking Duty to Public, Congress Told The Federal Aviation Administration has become so friendly with airlines that it no longer acts as the public's watchdog, whistleblowers told Congress on Thursday. Senate Forges Bipartisan Deal to Help Housing Senators on Wednesday reached bipartisan agreement on legislation to help the sinking housing sector, primarily by bestowing tens of billion of dollars in tax breaks. Oil Execs Defend Profits and Their Tax Breaks Top oil executives said Tuesday that despite their industry's record profits, Congress should continue granting them $18 billion in annual tax subsidies and expand drilling in areas now off limits. Regulatory Overhaul Moving Directly to the Back Burner Treasury Secretary Henry Paulson on Monday outlined the biggest overhaul of U.S. financial regulation since the Great Depression, and won some support from Democratic leaders in Congress. Congress Returns, Help for Homeowners on Its Mind While Congress has been enjoying its spring break, monetary policy makers and federal regulators have been scrambling to help the housing market. They slashed interest rates, rescued an investment bank and rewrote rules so Fannie Mae and Freddie Mac could pour $200 billion into mortgages. Bush Nominates Atlanta Attorney to SEC President Bush on Friday nominated well-known Atlanta attorney Luis Aguilar to fill one of two open seats at the U.S. Securities and Exchange Commission. Home Prices Won't Rise before 2010, Top Economist Says The home foreclosure rate will rise for at least another year and residential real estate prices won't improve until 2010, said Frank Nothaft, chief economist for Freddie Mac, a federally chartered mortgage finance company. Federal Judges Void N.Y. Law Protecting Stranded Air Passengers A federal court on Tuesday threw out a New York law forcing airlines to offer food, water and clean toilets to long-stranded passengers. That pleased the carriers but sparked new calls for a federal law with the same requirements. Fed Cuts Rates 0.75 Percent, Sparking a Stock Rally The Federal Reserve, trying to light a fire under a cooling economy, cut short-term interest rates again on Tuesday and sparked a stock market rally. Fed Aiming to Block 'Meltdown' that Could Affect All Americans Haunted by the specter of a financial "meltdown," Federal Reserve policy makers are taking drastic steps to ease a nationwide credit crunch. They could continue Tuesday with another large interest rate cut. Congressional Stalemate Leaves Air-Traffic Upgrade in Limbo Last year, Sen. Jay Rockefeller was promising to avert "an impending crisis" by funding a replacement for the nation's outdated air-traffic control system. White House, Congress Make New Moves to Stem Credit Crisis The White House and key congressional leaders offered new plans Thursday to mitigate the nation's widening mortgage crisis, reflecting their growing alarm about its effect on homeowners and the financial industry. Parts Strike 'Not a Huge Issue' for GM, CEO Says An auto parts supplier's strike is "not a huge issue for us," despite having triggered shutdowns at many General Motors Corp. plants, GM chief executive Richard Wagoner said Tuesday. Government Inaction on Energy Hurts Airlines, Delta Chief Says As oil climbed above $108 a barrel on Monday, Delta Air Lines chief executive Richard Anderson condemned federal officials for failing to help restrain the fuel costs that are eroding airline profits. New Job Losses Stoke Recession Fears Economists' fears that the country is in a recession grew stronger Friday as the government reported that another 63,000 jobs disappeared in February. Housing Q&A with Johnny Isakson, Realtor Turned Senator With the nation's housing crisis deepening, Democrats are pushing legislation to let judges lower the monthly mortgage payments of bankrupt homeowners. Congress Wary of Foreign Governments' U.S. Investments Many foreign governments, flush from sales of oil and manufactured goods, increasingly are using their U.S. dollars to take ownership stakes in American companies. Housing Recovery 'Years' Away, Economists Told Treasury Secretary Henry Paulson told economists Monday that no matter what government does, recovery from the mortgage meltdown is "going to take some time." Fed Chief Promises Action to Boost a 'Distinctly' Weaker Economy Federal Reserve Chairman Ben Bernanke said Wednesday the U.S. economy has "slowed sharply," and indicated he would push for more interest rate cuts to avert a recession. Democrats Encounter Head Winds on Mortgage Bill Senate Democrats encountered delays and a veto threat Tuesday as they pushed a bill aimed at helping bankrupt homeowners avoid foreclosure. Contested Bill to Help Bankrupt Homeowners Nears Key Senate Vote The Senate plans a vote Tuesday on whether to move forward with legislation aimed at helping roughly 600,000 struggling homeowners avoid foreclosure. Many Voices Would Try to Influence Regulators in Delta-Northwest Deal If Delta Air Lines Inc. and Northwest Airlines Corp. were to go forward with a merger, they would need to win the approval of the U.S. Department of Justice, which enforces antitrust law. Mergers Would Further Strain a Heavily Loaded FAA A likely wave of airline mergers would place new strains on the Federal Aviation Administration, already burdened by a heavy workload and operating with no permanent budget or leader. Mergers Could Help Discount Airlines, Airtran's Chief Says Several major airlines probably will join forces this year, but discount carriers and their passengers shouldn't suffer from it — as long as regulators do their jobs, AirTran Airways' chief said Thursday. Major Lenders Offer Help to Struggling Homeowners Six major lenders, worried about the deepening mortgage crisis, said Tuesday they would grant a 30-day freeze on many foreclosures in order to consider delinquent borrowers' pleas for lower monthly payments. Delta-Northwest Merger Would Send Maintenance Jobs Overseas, Union Claims One of the consequences of a Delta Air Lines Inc. merger with Northwest Airlines Corp. might be a dramatic increase in the amount of aircraft maintenance work going overseas, Teamsters President James Hoffa said Monday. FAA Chief's Nomination Caught in a Political Tug-of-War President Bush on Thursday demanded that Democratic senators "put aside politics" and approve Robert Sturgell to head the Federal Aviation Administration. But two Democratic senators responded by placing "holds" to block a confirmation vote. Bush's Vision of Steady Budget Surpluses an Unfulfilled Dream Early in 2001, the fledgling Bush administration unveiled its first federal budget, calling for dramatic tax cuts amid surging revenue surpluses. Congress Looks at Reverse Mortgages as Abuses Begin to Appear Now that the subprime mortgage business has crashed, many lenders are reviving their incomes by persuading older homeowners to take out reverse mortgages. U.S. Lost Jobs in January, Fueling Fears of Recession After 52 straight months of employment growth, the country lost 17,000 jobs in January, the Labor Department said Friday in a report that surprised and worried economists. Fed, Seeing 'Downside Risks,' Cuts Interest Rates Another Half Point Worried that the U.S. economy may be sinking into recession, the Federal Reserve on Wednesday placed one more prop under it — a half-point interest rate cut. House Chairman Insists He'd Fight Any Airline Merger "Hell no!" Democrats Say They'll Use Budget Pinch to Seek Iraq Drawdown Congress's top Democratic leaders promised Friday to keep pushing to get U.S. troops out of Iraq by focusing on the war's impact on the strained federal budget. Home Depot Giving Up in Quest to Have Its Own Bank Home Depot Inc. threw in the towel Thursday on its bid to enter the lending business by taking over an industrial loan company. Stimulus Deal Benefits Low-Income Workers, Parents the Most President Bush and congressional leaders on Thursday settled on a plan for pumping up the economy by putting checks in just about every American's mailbox. Stimulus Plan Will Boost Market for High-End Houses To help reverse a severe housing slump, Congress will include measures to boost home sales as part of its economic stimulus plan, Rep. Barney Frank, D-Mass., said Thursday. Powerful Congressional Chairman Says He'll Fight Delta Merger House Transportation Committee Chairman James Oberstar doesn't have veto power over a possible Delta-Northwest airlines merger. But on Friday, the powerful Minnesota Democrat said he would use all of his considerable political clout to pressure the Justice Department to block it. Bush Backs up to $150 Billion in Tax Breaks to Help Economy President Bush urged Congress on Friday to approve up to $150 billion in temporary tax relief, saying if that economic "shot in the arm" were provided quickly, the country would be "just fine." |
Marilyn Geewax Marilyn Geewax joined the Cox Washington Bureau in July 1999 to report on the economy and technology. She was hired at The Atlanta Journal-Constitution in 1985 as a business reporter. In 1989, she became a member of the Constitution's editorial board. Before coming to Atlanta, she was a business reporter with the Akron Beacon Journal. She began her career as a general assignment reporter for the Poughkeepsie (NY) Journal. In 2004, Marilyn earned a master's degree at Georgetown University. During 1994-1995, Marilyn studied economics and international relations at Harvard as a Nieman Fellow. She was also a Davenport Fellow at the University of Missouri, and earned a bachelor's degree in journalism from The Ohio State University. She teaches a business journalism class each year as an adjunct professor at George Washington University in Washington, DC. Cox Newspapers Washington Bureau 400 North Capitol St., N.W., Suite 750 Washington, D.C. 20001-1536 Phone: 202-331-0900 |
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