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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Aug 22, 2014
Page
3
The 16.65 billion settlement targets mortgage bonds tied to subprime loans. About 7 billion aims at consumer relief, including loan reductions and new loans for low income buyers, but critics say few homeowners will benefit and the process may drag on to 2018.
Dollar General refuses to back off its $9.7 billion unsolicited bid for Family Dollar after the board rejected its all cash offer of 78.50 a share. Family Dollar will pursue a sale to Dollar Tree instead, citing antitrust risks in a Dollar General deal.
Airlines for America projects a 2 percent rise in Labor Day travel from last year. Nine major U.S. carriers earned 3.8 billion in the first half, up from 1.6 billion, enabling debt reduction and fleet expansion as margins reach 5 percent from 2.1. Revenue grew 6 percent while fuel costs fell 2.4 percent.
Ford recalls 159,395 Focus ST and Escape models from 2013 and 2014 due to wiring causing engine hesitation or stalling. An additional 616 early 2015 Focus and C Max cars lack enough steering ball bearings risking degraded bearings and possible steering loss. No injuries reported. the 616 cars remain at dealers unsold. Repairs are free after notification.
The U S housing market posts a fourth straight monthly rise in existing home sales in July to a 5 15 million pace the highest since September. A 15 7 percent jump in housing starts and stronger permits bolster the recovery as mortgage rates slide and affordability improves.
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