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Sen. Joe Biden, D-Del., departs from his home Thursday, Aug. 21, 2008 in Greenville, Del. Biden, Sen. Evan Bayh, D-Ind., and Virginia Gov. Tim Kaine are believed to be on Democratic presidential candidate Barack Obama's short list for a running mate. (AP Photo/Bradley C Bower) Obama says he's made his veep choice
1 hr 10 mins ago - Barack Obama said Thursday he's chosen his running mate, but coyly kept all the details to himself as he campaigned with one leading contender and planned a major rally to present the Democratic ticket Saturday in Illinois.
In this Feb. 5, 2008 file photo, Republican presidential hopeful Sen. John McCain, R-Ariz., watches Super Tuesday election returns from the kitchen area of his home in Phoenix, Ariz. Days after he cracked that being rich in the U.S. meant earning at least $5 million a year, McCain acknowledged that he wasn't sure how many houses he and his wealthy wife actually own. (AP Photo/Stephan Savoia) Obama raps McCain for ignorance of his own houses
27 mins ago - John McCain may have created his own housing crisis. Hours after a report that the Republican presidential nominee-in-waiting didn't know how many homes he and his multimillionaire wife own, Democratic rival Barack Obama launched a national TV ad and a series of campaign stops aimed at portraying McCain as wealthy and out of touch.
U.S. Secretary of State Condoleezza Rice, left, and Iraq's foreign minister Hoshyar Zebari, right, shake hands at a press conference in the heavily fortified Green Zone in Baghdad, Iraq Thursday, Aug. 21, 2008. U.S. Secretary of State Condoleezza Rice and Iraq's foreign minister Hoshyar Zebari said Thursday that American and Iraqi officials agree that timetables should be set for a U.S. troop withdrawal, but conceded that nailing down a broader pact on future relations is difficult. (AP Photo/Ali Abbas, Pool) US, Iraq close in on deal for pullout of US troops
1 hr 20 mins ago - Iraq and the U.S. pushed close to a deal Thursday setting a course for American combat troops to pull out of major Iraqi cities by next June, with a broader withdrawal from the long and costly war by 2011.
A Russian armored vehicle is seen at a checkpoint near the village of Khurvaleti, about 60 kilometers (37 miles) northwest of the Georgian capital of Tbilisi, Thursday, Aug. 21, 2008. Russian control of the roads and uncertainty about the security situation has made it difficult for international groups to deliver aid, contributing to the desperation of Georgians in Gori and outlying villages. (AP Photo/Sergei Grits) Russians dig in but still promise Georgia pullout
2 hrs 33 mins ago - Russian forces lingered deep in Georgia on Thursday, digging trenches and setting up mortars a day before Kremlin officials promised to complete a troop withdrawal from this former Soviet republic.
Japan's Yukiyo Mine, right, and pitcher Yukiko Ueno celebrate after winning the gold medal against the USA in the gold medal softball game in the Beijing 2008 Olympics in Beijing, Thursday, Aug. 21, 2008. (AP Photo/Elaine Thompson) US softball team loses 3-1 to Japan, denied gold
5 hrs ago - Losing for the first time since 2000, the U.S. softball team was denied a chance for a fourth straight gold medal Thursday, beaten 3-1 by Japan in the sport's last appearance in the Olympics for at least eight years - and maybe for good.
This undated two picture combo provided by The Lancet, shows an unidentified 29-year-old man with tumors, left, and the same man, right, after a transplanted new lower face from a donor. Transplanting faces may seem like science fiction, but doctors say the experimental surgeries could one day become routine. In papers from two of the world's three teams that have performed partial face transplants, experts said their techniques were surprisingly effective, though complications exist and more work is still needed. In this week's British medical journal The Lancet, Dr. Laurent Lantieri and colleagues reported on their patient's status one year after the transplant. In 2007, Lantieri and colleagues operated on this 29-year-old man with tumors that blurred his features. They transplanted a new lower face from a donor, giving the patient recognizable cheeks, a nose and mouth. Six months later, he could smile and blink. (AP Photo/The Lancet/ho) Face transplant patient can smile, blink again
1 hr 12 mins ago - Transplanting faces may seem like science fiction, but doctors say the experimental surgeries could one day become routine. Two of the world's three teams that have done partial face transplants reported Friday that their techniques were surprisingly effective, though complications exist and more work is still needed.
This image provided by the Byrd Polar Research Center, Columbus, Ohio, taken July 25, 2008, shows a growing giant crack and an 11-square-mile chunk of ice hemorrhaging off a prominent glacier in northern Greenland. The crack, at center, right, is seven miles long and about half a mile wide. It is about half the width of the 500 square mile floating part of the glacier. If the cracking continues, the floating part of the glacier could lose up to one third of its size. (AP Photo/Byrd Polar Research Center) At top of Greenland, new worrisome cracks in ice
2 hrs 20 mins ago - In northern Greenland, a part of the Arctic that had seemed immune from global warming, new satellite images show a growing giant crack and an 11-square-mile chunk of ice hemorrhaging off a major glacier, scientists said Thursday.
In this Feb. 6, 2008 file photo, musicians Gavin Rossdale and his wife Gwen Stefani arrive at 'A Night to Benefit Raising Malawi and UNICEF' at United Nations headquarters. (AP Photo/Evan Agostini, file) Gwen Stefani gives birth to second child
1 hr 16 mins ago - It's Love, Angel, Music, and Baby No. 2 for Gwen Stefani, who on Thursday gave birth to a boy. Zuma Nesta Rock weighed 8 pounds and 5 ounces when he was born Thursday afternoon, according to publicist Dave Tomberlin.
In this undated photo released by the N. C. Wildlife Resources Commission, David Hayes holds his state record-breaking channel catfish while his three-year-old granddaughter Alyssa holds the Barbie rod and reel that Hayes used to reel in the 21-pound, 1 ounce fish in Elkin, N.C. (AP Photo/N. C. Wildlife Resources Commission) Man uses Barbie fishing rod to make record catch
43 mins ago - David Hayes' granddaughter just ask him to hold her Barbie rod and reel while she went to the bathroom. He did. And seconds later he landed the state record channel catfish at 21 pounds, 1 ounce.
San Francisco Giants' Ryan Rohlinger, center bottom, is tagged out by Jorge Cantu, center top, while caught in a rundown in the fourth inning of a baseball game in San Francisco, Thursday, Aug. 21, 2008. Also present are Marlins' Mike Jacobs, left, and John Baker. (AP Photo/Jeff Chiu) Giants beat Marlins on wild pitch in 9th inning
1 hr ago - Emmanuel Burriss scored the winning run on a wild pitch in the bottom of the ninth inning, giving the San Francisco Giants a 4-3 victory over the Florida Marlins 4-3 on Thursday.

NAR Sees OFHEO Move as a Step Towards Alleviating the Credit Crunch and Improving the Housing Market

Distributed by PR Newswire

WASHINGTON (Map) - The National Association of Realtors(R) believes giving Fannie Mae and Freddie Mac more flexibility to address problems in the mortgage market will benefit the housing market. In providing the ability to make a two percent adjustment to the portfolio limit formula for Fannie Mae, like Freddie Mac currently has, OFHEO has provided another tool to help borrowers with more subprime loans and others having problems refinancing their mortgage.

"Every day, Realtors(R) see firsthand with their customers and clients that the mortgage market has not fully improved from the turmoil that began earlier this year," said National Association of Realtors(R) President Pat V. Combs. "Director Lockhart's actions today send an important signal to America's homeowners and buyers that the government recognizes that there is a major problem and that it is willing to act."

"It really is becoming a better time to buy a home. Over the past two days, actions by both houses of Congress to reform FHA programs, and the Federal Reserve to decrease interest rates, should make borrowing more affordable and money more available. With reduced housing prices and increased housing inventory, interest rates that are near historic lows, and now with Fannie's and Freddie's increased ability to lend, we may see positive movement in the housing market," said Combs.

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On August 13, NAR joined with the Mortgage Bankers Association and the National Association of Home Builders in asking Director Lockhart to approve a temporary increase in the portfolio caps for Fannie Mae and Freddie Mac to meet urgent credit needs, consistent with safety and soundness. "Congress should act now to increase Fannie Mae's and Freddie Mac's conforming loan limits to help borrowers in higher cost areas who are finding it extremely difficult to secure affordable financing. This would have the effect of making more money available for more of our nation's borrowers," said Combs.

The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at http://www.realtor.org. This and other news releases are posted in the Web site's "News Media" section in the NAR Media Center.

REALTOR(R) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.

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