Reuters - Bond fund Pacific Investment Management (Pimco) has turned down a debt-exchange offer from GMAC LLC, threatening the auto and mortgage finance company’s bid to qualify for U.S. government funds, the Wall Street Journal reported.

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BusinessWeek Online - On Dec. 6, Treasury Secretary Henry Paulson, with the support of President George W. Bush, unveiled a plan to aid certain homeowners who face the prospect of higher mortgage rates in the next few years. Paulson worked with banks and other mortgage companies to develop the initiative, and thanked them for their […]

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Dec. 4 (Bloomberg) — Treasury Secretary Henry Paulson is considering a new plan to reduce mortgage rates in another bid to revive the U.S. housing market, a government official said.
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Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market.
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Reuters - The White House said on Friday it will continue working to fix the U.S. credit and housing markets after a new government report showed employers last month cut the highest number of jobs in more than three decades.

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AP - Investors in mortgage securities who are challenging home loan modification programs aimed at avoiding foreclosures could provoke a “backlash” from Congress, the head of the FDIC said Thursday.
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Investor’s Business Daily - Housing Crisis: A new report from the Associated Press claims that the mortgage meltdown is due largely to President Bush’s failure to act in 2005. Sounds plausible — until you actually look at the facts.
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Reuters - President-elect Barack Obama said on Wednesday he is reviewing whether taxpayers are getting maximum bang for the buck from a $700 billion government financial rescue package and indicated particular interest in helping prevent mortgage foreclosures.

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