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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (45297)	11/20/2008 5:32:48 PM
From: tejek	Read Replies (1) \| Respond to of 149317

Fannie, Freddie to halt foreclosures over holidays By Wallace Witkowski Last update: 4:42 p.m. EST Nov. 20, 2008 SAN FRANCISCO (MarketWatch) -- Fannie Mae said late Thursday that they will temporarily suspend foreclosures on occupied homes while the companies work on a streamlined modification program expected out in December. Fannie and Freddie will not foreclose on occupied homes from Nov. 26 to Jan. 9. Fannie said it will reach out to 10,000 affected borrowers and Freddie will reach out to 6,000 affected borrowers.

To: Lizzie Tudor who wrote (45297)	11/20/2008 5:41:44 PM
From: tejek	Read Replies (1) \| Respond to of 149317

The senate isn't seeing it that way, why do you think that is? The same idiots who brought us Bush are fighting this bailout the hardest. That should tell you something. Seriously. I think its because that 3 million jobs that detroit is complaining about is really not that much, it includes every associated/related job like food service for companies and hospitality workers, if you count jobs that way EVERY major downturn creates 3 million layoffs.... the banking industry now for example, the real estate crash, the dot com crash. Three million is a conservative number. There are auto suppliers who say they can't stay in business if GM goes down. Toyota has said they will be in trouble because they use the same suppliers as GM and F. And Toyota's business is small potatoes compared to GM or F. Most of GMs workforce is RETIRED, those people are not creating widgets anymore, there is no effect on the overall economy if they get taken over by the govt. Liz, its not the jobs per se that's the major reason for saving these companies. Its the principle of the matter as ridiculous as that sounds. The auto industry is an important part of America's manu. base. Up until last year, GM was the largest auto company in the world. Its the best seller in China and India. GM and F make up America's face to the world. They are intrinsic to who we are.....to give up on them will show the world we are no better than the country that invaded Iraq. Let's not screw the pup because mgmt at GM is made up of a bunch of losers. Replace them but get a bailout in place. Pelosi asked them for a plan to profitability, they have until december to produce it, lets see if they can. I agree with that wholeheartedly......such a plan should include a provision for the phase out of current mgmt.

To: Lizzie Tudor who wrote (45297)	11/20/2008 5:53:38 PM
From: stockman_scott	Respond to of 149317

Ford's Debt Rating Lowered Further Into Junk by S&P (Update2) By Bill Koenig Nov. 20 (Bloomberg) -- Ford Motor Co.'s debt rating was lowered by Standard & Poor's further into junk status as the cash burn accelerates at the second-largest U.S. automaker. Ford's credit was cut to CCC+, or seven grades below investment quality, from B-, S&P said today in a statement. The one-grade reduction came after congressional leaders said they will delay action until at least December on an industry rescue. The new rating reflects ``increasing and ongoing cash use in Ford's automotive operations caused by plummeting U.S. and now European light-vehicle demand,'' S&P said. Domestic sales for Dearborn, Michigan-based Ford tumbled 30 percent in October. Ford used $7.7 billion in cash last quarter after halting output of F-150 large pickup trucks for most of the period. The company has said its future cash drain will be significantly less, without providing an estimate. S&P said it expects Ford's ``cash outflows to further reduce its cash balances,'' which ``will test the company's ability to maintain sufficient liquidity throughout 2009.'' While the automaker's liquidity is better than that of General Motors Corp. or Chrysler LLC, that difference ``provides Ford with a few additional quarters of comfort rather than a year or more,'' S&P said. A Ford spokesman, Bill Collins, declined to comment about the downgrade. Chief Financial Officer Lewis Booth declined to comment on how much cash Ford needs to operate when questioned by reporters on Nov. 7 after the company reported third-quarter results. Ford's Borrowing In late 2006, Ford borrowed $23.4 billion by putting up assets including its headquarters and blue oval trademark as collateral, about a year and a half after S&P first cut the automaker's ratings into junk status. Ford rose 13 cents, or 10 percent, to $1.13 at 3:33 p.m. in New York Stock Exchange composite trading, snapping a string of four consecutive declines. Ford's 7.45 percent bond due in July 2031 plunged 8.5 cents to 12 cents on the dollar, yielding 61.56 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. To contact the reporter on this story: Bill Koenig in Southfield, Michigan at wkoenig@bloomberg.net Last Updated: November 20, 2008 16:10 EST