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Economy: Mortgage Rescue / Auto Industry Bailout #923512

CBS Evening News for Tuesday, Nov 11, 2008
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(Studio: Katie Couric) Statistics on homeowners who owe more than their house is worth cited.

(Los Angeles: Bill Whitaker) The agreement between the government and banks to renegotiate mortgages for struggling homeowners featured; details given about FDIC loan modification programs; map shown of zip codes with negative equity loans. [Federal Housing Finance Agency James LOCKHART†- explains how an affordable payment will be achieved.] [CitiMortgage CEO Sanjiv DAS†- says it works for our customers and for us.] [Mountain House, California, homeowner Curtis NORMAN†- comments.]

(Studio: Katie Couric) Report introduced.

(Studio: Anthony Mason) Work on an emergency financial assistance package for the auto industry featured; statistics on sales and the cash burn for GM cited; details given of the impact of the failure of one of the big 3. [Jamestown Industries MAN – comments on the plant closing.] [Global Insight, Inc. auto analyst Rebecca LINDLAND†- notes how close GM is to bankruptcy.] [Cato Institute Dan IKENSON†- says the big 3 make products Americans don’t want to buy.] The fall in stock prices for GM and Ford noted.

Reporter(s):
Couric, Katie;
Whitaker, Bill;
Mason, Anthony
Duration:
00:05:30

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