Notable 9 Capital City Debt Crisis in Harrisburg
Harrisburg faces a mounting debt crisis as political feud between the newly elected mayor and city council drives budget tensions. The city plans to skip a 3.3 million general obligation bond payment due September 15 to avoid layoffs, after already missing millions on bonds tied to a troubled trash incinerator project including a 2.2 million due September 1.
MENTIONED IN THIS ARTICLE
Capital City
Pennsylvania
Harrisburg
Market downturns affect major indices and commodities
Tuesday trading saw the Dow at 10 340.69, down 107.24 points. The Nasdaq slipped to 2 208.89, down 24.86. The S P 500 settled at 1 081.84, down 12.67. Treasuries edged higher with the 30 year at 3.67 percent. Corn 4.66, soybeans 10.52, wheat 7.39, and oil 74.09.
MENTIONED IN THIS ARTICLE
Dow Industrials
Nasdaq
S&p 500
Treasury
Chicago
Kansas City
New York
Government plan to aid underwater borrowers launched
The Obama administration moves to restart relief for homeowners who owe more than their homes’ worth. Beginning Tuesday the FHA will allow lenders to offer refinanced loans backed by the government with at least 10 percent forgiveness. Investors will choose which borrowers participate as part of large portfolios. The rollout follows earlier plans that have struggled amid a housing bust and bureaucratic friction.
MENTIONED IN THIS ARTICLE
Washington
Obama
Federal Housing Administration
Treasury Department
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