Finance Latest News: Obama Warns on Housing

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Finance Latest News: Obama Warns on Housing

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Finance Latest News: Obama Warns on Housing

by Wochit 0:48 mins

President Barack Obama took his economic road show to Phoenix, where he highlighted the effect his housing policies could have on furthering the recovery of the housing market in the Arizona city and dozens of other towns like it that were hit hard by last decade's mortgage crisis. The US Department of Justice has accused Bank of America of defrauding investors, by vastly underestimating the quality of some $850 million worth of mortgage-backed securities. U.S. stocks are closing lower after retailers disappointed the market with weaker profit forecasts.

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