The one-year protection from foreclosure currently offered to military members under the Servicemembers Civil Relief Act should be extended to help veterans adjust to life after active duty, writes Todd Hill, director of government affairs for the Housing Policy Council. If Congress does not act by the year's end, the protection will revert to a three-month period.
The Securities and Exchange Commission said in a report to Congress that fair-value accounting "did not play a meaningful role" in 2008's bank failures and that the rules on valuing assets that are difficult or impossible to market should not be suspended. In October, more than 60 lawmakers asked the SEC to suspend fair-value rules.
Saying it couldn't come up with a reorganization plan for such a large and complex company in 120 days, Lehman Bros. Holdings has asked a federal bankruptcy judge for an extra six months to file a Chapter 11 plan for reorganization. A hearing on the request is scheduled for Jan. 14, according to documents filed with the federal Bankruptcy Court.
Stocks will rise and the economy will be better three months from now, according to a majority of respondents to an Associated Press-GfK poll released Thursday. At the same time, the poll showed that most felt unemployment would not decline, nor would home prices rise in that time period. Views were even more optimistic when respondents were asked for their thoughts on the state of the economy a year from now.