AP - KB Home managed to stem its losses in the fourth quarter versus a year ago, but the homebuilder saw sales plummet by 56 percent and said Friday it expects home prices to fall further this year and there are tougher times ahead for the industry.
AP - A key lawmaker said Friday he expects the House to act soon to impose conditions on any new release of the second $350 billion in federal bailout funds, with a mandate that at least $50 billion go to help struggling borrowers avoid foreclosure.
Reuters - A top bank industry group said on Friday that it opposes an agreement between Citigroup Inc and Democratic senators that would rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, saying it could make home loans more expensive.
Reuters - KB Home posted a worse-than-expected quarterly loss on Friday and said unprecedented pressures on the industry and the economy would remain difficult or worsen, sending its shares lower.
<p>Reuters - President-elect Barack Obama's economic team is working to overhaul the $700 billion financial rescue program to stem mortgage foreclosures and spur the flow of credit to the struggling U.S. economy, an Obama aide said on Friday.
Reuters - Financial giant Citigroup Inc will support a proposal in Congress to rewrite bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.
