Fannie, Freddie Sign on to California Housing Initiative: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include Fannie Mae and Freddie Mac after the mortgage giants signed on to "Keep Your Home California," a foreclosure prevention program.
The $2 billion program uses federal funds from the 2008 financial crisis to help borrowers at risk of foreclosure in the state. Fannie Mae and Freddie Mac own about 62% of outstanding mortgages in California, where state officials are modifying terms of the program by eliminating the mandate that banks match taxpayer funds when homeowners have their mortgages reduced through the program. They hope this makes it easier for homeowners to get principal reductions and thus, have their mortgages lessened.
Fannie and Freddie have said they believe reducing the mortgages of borrowers who face foreclosure would give those borrowers motivation to continue paying off their loans and result in a boost to the housing market.
The modified program will go into effect in early June.
Toshiba is trending as the flash memory chipmaker forecast skyrocketing profit for the year ending March 31.
Toshiba said net income may increase to 135 billion yen ($1.7 billion) for the period, from 73.7 billion yen the year before. The company attributed recovering sales to the 83% predicted rise in profit.
A slump in sales had occurred after a strong yen and last year's earthquake in Japan and flooding in Thailand. Now, Toshiba is expanding its power-systems business and expects its electronics and industrial group to benefit if global semiconductor revenue rises more than expected.
Toshiba also expects to close its deal to buy Western Digital's hard-disk drive manufacturing equipment this fiscal year, and acquire IBM's point-of-sale terminal business.
PS Vita is another popular search. In attempt to drive sales of the gaming console, Amazon.com(AMZN) is now bundling WiFi-enabled versions of the PS Vita with a copy of Mortal Kombat and a 4GB memory card.
The bundle is available for $249.99, saving players who would have purchased each item separately about $60.
The PS Vita has not been experiencing significant sales, being largely outperformed by the PSP. Mortal Kombat was recently released for the PS Vita, and the gaming console has other standout titles on the way with Resistance: Burning Skies and Gravity Rush.
The deal is in effect now through May 12.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar.