Updated from 1:00 p.m. EST
Stocks on Wall Street rose off their lows Tuesday afternoon, following an announcement by the Federal Housing Finance Agency that it would work to refinance mortgages tied to government-sponsored entities Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote). Negativity persisted, however, as U.S. automakers fumbled for answers to a stark business outlook and corporate earnings statements remained lackluster.
The Dow Jones Industrial Average, which had been down as much as 308 points earlier in the day, was lately losing 86 points at 8783. The S&P 500 fell 9 points to 909. The Nasdaq gave back 15 points to 1600.
At a press conference in Washington, James Lockhart -- director of the FHFA, which controls Fannie Mae and Freddie Mac -- said the two companies will work to refinance mortgages in an effort to keep borrowers in their homes. The new plan will effect on Dec. 15. Lockhart also said that the borrower's obligation to pay mortgages would remain in place. ...
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