Jobless claims rise and housing slumps deepen
Washington reports show unemployment benefits rising to 406,000 last week, the highest since 2005, while June home sales and prices fall sharply. The National Association of Realtors notes a 6 percent year-to-year price drop and a 2.6 percent dip in sales, signaling worsening consumer spending and lending. Economists warn job losses curb homebuying.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Gulf Coast
National Association of Realtors
Mortgage rates rise as Fannie and Freddie troubles loom
Mortgage rates jumped this week with 30 year loans at 6.63 percent, the highest since August, amid market jitters over Fannie Mae and Freddie Mac losses. Analysts link higher funding costs to the firms' troubles and note the House approved a bill expanding federal powers to support the agencies through loans and stock purchases if needed.
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Washington
Fannie Mae
Freddie Mac
Fannie
Freddie
House
Senate
FCC fines Sirius XM 19.7 million to settle rule violations
The FCC plans approval of the Sirius XM merger after the two pay 19.7 million total to resolve interference and land based repeater violations. XM faces 17.5 million in penalties while Sirius pays 2.2 million for operating over 300 noncompliant repeaters.
MENTIONED IN THIS ARTICLE
Washington
Sirius Satellite Radio Inc
XM Satellite Radio Holdings Inc
Federal Communications Commission
Deborah Taylor Tate
Tate
FCC
Martin
Sirius
Banks borrow more from Fed amid emergency lending
The Fed said banks averaged 16.4 billion dollars in daily borrowing last week from the emergency lending program while Wall Street firms did not take loans. Investment houses gained similar access after Bear Stearns near collapse, marking a rare pullback by investment firms since March 17.
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Federal Reserve
Wall Street
Fed
Bear Stearns
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Argus Research
Jasondjfns
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Roe
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Lois
Bernt
Music City Mall
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Odessa
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