Fannie Mae seeks 2.5 billion in extra federal aid
Fannie Mae reports a third quarter loss of 3.46 billion and requests 2.5 billion in additional federal aid, citing market disarray and foreclosure suspensions from lender document flaws. The government bailout bill could cost taxpayers up to 259 billion, far above prior aid. Freddie Mac also posted a narrower loss and sought 100 million more in aid.
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Washington
Fannie Mae
Treasury Department
Fannie
McLean
Freddie Mac
Freddie
Cord cutting gains pace as viewers drop cable
Viewers ditch cable at a faster rate and many skip satellite or phone alternatives. Executives cite weak economy and housing markets, while Internet TV services like Netflix and Hulu may attract subscribers. Time Warner Cable notes losses tied to users without broadband, with some moving to satellite or dropping pay TV altogether. College towns are studied for subscriber changes.
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New York
Verizon Communications Inc
Ing
Ivan Seidenberg
Time Warner Cable Inc
Sandel Hobbs
Cable customers flee trends endanger traditional providers
Market data show eight major cable phone and satellite firms gaining 66 700 video subscribers in Q3 far below last year’s 401 300 as streaming services pressure traditional bundles. Executives cite weak economy and housing market while Internet TV like Netflix and Hulu draw some cancellations Time Warner Cable reports a 155 000 video subscriber loss in Q3 versus 64 000 a year ago.
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Netflix
Hulu
Hobbs
Time Warner Cable
Canada gas supplier agrees to 111000 settlement in Ohio
Just Energy, a Canadian natural gas supplier, will pay 111000 to settle complaints over door to door sales in Ohio. State regulators considered banning the company, which admitted no wrongdoing, and will implement a program to monitor neighborhood sales reps by January 1.
MENTIONED IN THIS ARTICLE
Columbus
Canada
Ohio
Janine Migden-Ostrander
Just Energy
Gord Potter
Columbus Dispatch
Toronto
Consumer borrowing posts rare September gain
The Federal Reserve reports consumer credit rose at an annual rate of 2.1 billion in September marking only the second increase in 20 months. Revolving credit fell by 8.3 billion while student and auto loans rose by 10.4 billion as government lending to students surged under a congressional policy shift.
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Washington
Federal Reserve
Congress
Disney signs Shanghai Disneyland joint venture deal
Disney and Shanghai Shen Di Group Co. Ltd. agreed to form a joint venture to build the Shanghai Disneyland theme park with a reported 3.6 billion cost. The signing advances the project toward final central government approval after 15 years of discussions.
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Disney Inks
China Park
Beijing
Walt Disney Co
Shanghai
China
Shanghai Shen di Group Co. Ltd
Disney
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