BusinessWeek Online - Treasury Secretary Henry Paulson announced a plan on Monday to encourage banks to issue a new form of debt known as a covered bond. Paulson said that if investors buy enough of these bonds, which are generally considered safer than many of the risky mortgage-backed securities that proliferated during the housing boom, banks will feel more comfortable financing mortgages again. That, along with various other measures, could restart the stalled housing market, Paulson said. …

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BusinessWeek Online - Even some of Wall Street’s biggest bears were taken aback by a recent report showing a surge in second-quarter home foreclosures. But the dour news was no surprise to Mark Britton, who runs Avvo.com, a Web site that lets users rate attorneys. Searches for foreclosure lawyers on Avvo had skyrocketed eightfold in six months. “A lot of people are hurting out there,” says Britton.

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Reuters - As home foreclosures rise and
property values slump, U.S. President George W. Bush on
Wednesday signed into law a rescue package that includes
emergency backstops for mortgage financing companies Fannie Mae
and Freddie Mac.

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AP - Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure:

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AP - Help is on the way for some debt-plagued homeowners. It just may not be fast enough or broad enough to keep many from losing their residences.

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The Bay State housing market suffered through its worst June in 17 years last month, with sales volume down 14.9 percent and median prices tumbling 8.6 percent to $329,000,…

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AFP - The US Senate on Saturday approved an elaborate housing rescue plan designed to help thousands of homeowners avert foreclosure and bolster mortgage finance giants that have struggled amid a volatile housing market.

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AP - The 72-13 roll call Saturday by which the Senate passed a bill that aims to help homeowners facing foreclosure and to prevent mortgage companies Fannie Mae and Freddie Mac from failing.

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