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Author Archives: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

FHA Launches New Program to Help Lenders Refinance Troubled Loans

The Federal Housing Administration (FHA) rolled out the new Hope for Homeowners (H4H) program on October 1. The program was created as part of the larger Economic Recovery Act of 2008 passed by Congress this summer, and is aimed to help struggling borrowers avoid foreclosure by refinancing into more affordable, sustainable, FHA-insured mortgages.

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Bailout Bill Becomes Law

After more than a week of debate that triggered palpitating market response, Congress has approved H.R. 1424, the Emergency Economic Stabilization Act of 2008 (EESA). Within hours of the House’s 262-171 approval this afternoon, President Bush signed the bill into law.

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Mortgage Apps Plummet In Latest MBA Survey

Mortgage applications plummeted last week, according to a survey released by the Mortgage Bankers Association (MBA) yesterday. For the week ending September 26, the loan application index was 455.4, a decrease of 23 percent from one week earlier, and 28.

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WaMu CEO Responds to DS News

Yesterday, DSNews.com reported that Washington Mutual’s CEO of only three weeks, Alan Fishman, would still be receiving a $7.5 million hiring bonus and an $11.6 million cash severance, now that the Seattle-based bank has gone under.

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Senate Approves Financial Rescue Plan

The U.S. Senate passed the $700 billion financial industry bailout last night by a wide margin, 74-25. Keeping the core of the original plan intact – buying up troubled mortgage assets – the Senate version adds in several new provisions, including a number of tax breaks and credits, temporarily raising the insured deposit limit to $250,000, and allowing the Federal Deposit Insurance Corporation (FDIC) to borrow from the Treasury Department to cover any losses.

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S&P Study Shows Record Home Price Declines Continue

Yet another bit of bad news hit the housing sector yesterday – Standard & Poor’s reported continued record declines in the prices of existing homes across the United States and a continuation in the trend of double digit declines across many cities.

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Senate to Vote on Bailout

After markets took a tumble Monday following the House’s rejection of congressional leaders’ $700 billion proposal, lawmakers refused to abandon their pledge to bail out Wall Street. With a full day of deliberation behind them, the U.

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Marinosci Ceritto & Shapiro Names Partner

East Greenwich, Rhode Island-based Marinosci Ceritto & Shapiro, P.C., formerly known as Marinosci Tiernan & Ceritto, P.C., recently named attorney Jason Shapiro as partner. Shapiro joined the firm in August and brings with him years of legal expertise within the real estate arena, mortgage foreclosure law, creditor rights in bankruptcy, eviction law, civil litigation, and REO real estate closings.

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