Big ask...Foreclosures rising...Mortgage rates falling



Washington (AP) Executives from Detroit's Big Three automakers are making their pitch to Congress for a $34 billion rescue package. Senate Banking Committee Chairman Chris Dodd says he supports helping the industry, but says the plans that the automakers have submitted on how they intend to use the money leave a lot of questions unanswered.

WASHINGTON (AP) Federal Reserve Chairman Ben Bernanke says the government needs to do more to stop the rise in home foreclosures.

In a speech to a Fed conference on housing finance, Bernanke outlined a number of options that he called "promising." He says stabilizing the Housing Market will help stabilize the economy as well.

WASHINGTON (AP) Rates for 30-year mortgages have fallen to their lowest level since January. The drop follows the Fed's announcement last week that it'll buy up to $600 billion of mortgage-backed securities and other debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks. If the government goes further, the rate on a 30-year mortgage could go as low as 4.5 percent.

WASHINGTON (AP) The nation's latest homebuyers include President George W. Bush and his wife. A spokeswoman for the first lady says they've bought a home in Dallas, where they'll live after the president leaves office in January. They'll continue to spend time at their ranch in Crawford, Texas.

SPRINGFIELD, Mass. (AP) Authorities in Massachusetts have indicted a police chief and a gun club in the death of an 8-year-old boy who accidentally shot himself in the head while firing an Uzi submachine gun at a gun fair. Pelham Police Chief Edward Fleury, the Westfield Sportsman's Club and two other men were indicted on involuntary manslaughter charges.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 12-04-08 1151CST | save this article / add to your favorites list