Bush proposes tighter regulation for government loan agencies
The Bush administration sent Congress a package to strengthen oversight of government backed lenders. It would create new oversight bureaus and assign HUD to regulate Fannie Mae and Freddie Mac while Sallie Mae and Farm Credit oversight move to Treasury and Farm Credit Administration respectively. The aim is to curb taxpayer risk without triggering a bailout while noting the entities remain financially sound.
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Existing Home Sales Rise in April amid Low Rates
Existing home sales grew for the third straight month in April to a 3.33 million annual pace, the highest since August, aided by single-digit mortgage rates. The median home price rose to 100,200 dollars, up 2.0 percent from March and 4.7 percent from a year earlier, as economists note a bottoming housing recession. The report also notes regional gains and cautions ongoing urban market struggles despite improving totals. The Commerce Department reports April permits up 2.4 percent after a prior 3.0 percent drop.
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T-bills fall at auction in Washington
The Treasury sold 10 billion dollars of three month bills at an average discount rate of 5.46 percent, down from 5.50 percent. Another 10 billion dollars of six month bills sold at 5.65 percent, down from 5.66 percent. The three month rate marked the lowest since 5.12 percent on Oct. 26, 1987, and the six month rate the lowest since 5.63 percent on May 13, 1991.
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New Frederick office displays new sign at North Market Street
The Greater Frederick Development Corp. unveiled a new sign at its office inside the former Frederick City Hall on North Market Street. William Cochran stands on a ladder with Phil Snyder of The Signworks overseeing the installation.
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