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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 07, 2013
Page
4
Rising tax receipts boost the federal revenue outlook for the fiscal year, narrowing the deficit and prompting a renewed budget fight. Republicans resist new taxes while Democrats seek to reverse some sequester cuts, arguing for more revenue alongside spending reductions.
The U S Department of Justice filed a suit in Charlotte alleging Bank of America defrauded investors by selling mortgage backed securities backed by jumbo prime loans that were as risky as subprime loans. Federal officials cited ignored underwriting standards and internal reports showing loan quality concerns.
A Polk study shows the average age of U S vehicles reaching 11.4 years in January, up from 11.2 in 2012 and far older than 2007. Consumers hold onto older cars to avoid payments, boosting repair shops and auto parts stores as sales recover.
President Obama pressed Congress to widen access to cheaper mortgages or affordable rentals as housing gains momentum. He toured a prefab home plant, urged overhauling Freddie Mac and Fannie Mae, warned against re inflating a housing bubble, and urged gridlock removal to strengthen the economy.
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