Fed’s balance sheet shrinks slightly (Reuters)

Reuters - The U.S. Federal Reserve's balance sheet shrank slightly in the latest week on a small dip in its holdings of agency mortgage-backed securities, Fed data released on Thursday showed.

Mortgage interest rates rise, set to climb higher in 2010 (The Christian Science Monitor)

The Christian Science Monitor - Mortgage interest rates crept up for the fourth week in a row Thursday, a troubling sign for borrowers hoping that home finance will remain near historic lows during the new year.

WaMu says tax refund may double, shares soar (Reuters)

Reuters - Washington Mutual Inc said it could receive an additional $2.6 billion in tax refunds due to a recently enacted law, sending shares of the bankrupt bank holding company soaring on Thursday.

Mortgage rates end the year above 5 percent (AP)

AP - Mortgage rates rose for the fourth straight week, ending the year above 5 percent.

A bonus for New Year’s: Champagne is cheaper (AP)

AP - Partygoers worldwide have at least one good reason to forget the economic pain, job fears and mortgage woes of 2009: unusually cheap Champagne for New Year's.

Memphis, Shelby Co. sue Wells Fargo for loans (AP)

AP - Memphis city and Shelby County officials have filed a federal civil lawsuit against Wells Fargo Bank alleging discriminatory mortgage lending practices.

US takes controlling stake in GMAC in third bailout (AFP)

AFP - The US government threw troubled GMAC a third lifeline, of 3.8 billion dollars, and took a controlling stake in a bid to turn around the mortgage and auto lender.

Fannie, Freddie proving too big to shrink (AP)

AP - The government's Christmas Eve pledge of unlimited financial aid to mortgage giants Fannie Mae and Freddie Mac is aimed at making sure the housing market doesn't take another turn for the worse and cause the economic recovery to unravel.

Govt gives GMAC $3.8B in new aid, boosts stake (AP)

AP - The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit.

Treasury to dole out $3.8 billion to GMAC, raise stake (Reuters)

Reuters - The U.S. is injecting another $3.8 billion into GMAC Financial Services to help cover mortgage losses, in a bailout that makes the government the majority owner of the auto and home finance company.

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