FINANCIAL NEWS


Yahoo! News: Business
HP results top Street despite stronger dollar (Reuters)

A man walks past the Hewlett Packard logo at its French headquarters in Issy le Moulineaux, western Paris, September 16, 2005. (Charles Platiau/Reuters)Reuters - Hewlett-Packard Co results beat Wall Street targets as net profit rose 14 percent, subduing fears that slowing economies and a stronger dollar would weaken the world's biggest computer and printer maker and its rivals.


Inflation pressures mount as home building slows (Reuters)

A woman shops at at a mall in a Denver suburb, May 16, 2008. (Rick Wilking/Reuters)Reuters - U.S. wholesale prices shot up in July at the fastest annual rate in 27 years, while home builders cut back on construction as they worked through a glut of unsold homes, government data showed on Tuesday.


Fannie, Freddie fears, inflation slam Wall St (Reuters)

Traders work on the floor of the New York Stock Exchange August 8, 2008. (Joshua Lott/Reuters)Reuters - U.S. stocks fell for a second straight session on Tuesday as credit worries hit bank shares and a report showing inflation remains a threat despite slower growth stoked the market's anxiety.


Ex-hedge fund manager ordered to pay $300 million (Reuters)
Reuters - A former hedge fund manager was ordered to pay nearly $300 million for having cheated clients by sending out fake account statements, the Commodity Futures Trading Commission said on Tuesday.
Fed officials say must be ready to curb inflation (Reuters)

Jeffrey Lacker (L) and Richard Fisher in a combination image. The Federal Reserve must be ready to take action if slowing economic growth fails to curb inflation stemming from higher food and energy prices, two top Fed policy-makers said on Tuesday, indicating that higher interest rates may be needed. (File/Reuters)Reuters - The U.S. Federal Reserve must be ready to take action if slowing economic growth fails to curb inflation stemming from higher food and energy prices, two top Fed policy-makers said on Tuesday, indicating that higher interest rates may be needed.


Russia 'makes 1 bln dlrs' on Fannie Mae, Freddie Mac bonds: reports (AFP)

The Freddie Mac headquarters in McLean, Virginia. Investments in the bonds of struggling US home-loan financers Fannie Mae and Freddie Mac have earned Russia more than a billion dollars in the past six months, press reports said Tuesday.(AFP/File/Paul J. Richards)AFP - Investments in the bonds of struggling US home-loan financers Fannie Mae and Freddie Mac have earned Russia more than a billion dollars in the past six months, press reports said Tuesday.


2Q profit reports from retailers show more strain (AP)

Customers make purchases at a Home Depot story in Chicago, Friday, Aug. 8, 2008. The Home Depot Inc., the nation's largest home improvement retailer, reported a 24 percent drop in second-quarter profit Tuesday, Aug. 8, 2008, but beat Wall Street expectations. The company reiterated its downbeat outlook for the year amid a weak housing and home improvement market that shows no signs of recovery. (AP Photo/Charles Rex Arbogast)AP - From affluent shoppers at Saks to bargain-hunters at Target, from Home Depot to office supplier Staples, consumers are pulling back and that's hurting retailers and raising more concerns about how they'll do the rest of the year.



Yahoo! News: Personal Finance News
Russia 'makes 1 bln dlrs' on Fannie Mae, Freddie Mac bonds: reports (AFP)

The Freddie Mac headquarters in McLean, Virginia. Investments in the bonds of struggling US home-loan financers Fannie Mae and Freddie Mac have earned Russia more than a billion dollars in the past six months, press reports said Tuesday.(AFP/File/Paul J. Richards)AFP - Investments in the bonds of struggling US home-loan financers Fannie Mae and Freddie Mac have earned Russia more than a billion dollars in the past six months, press reports said Tuesday.


American Home to pay fraction of bankruptcy claims (Reuters)
Reuters - American Home Mortgage Investment Corp , which was among the largest U.S. home loan providers before seeking bankruptcy protection a year ago, said it will pay unsecured creditors no more than 5.9 cents on the dollar as it liquidates assets.
Housing starts and permits tumble in July (Reuters)

New home construction continues in Carlsbad, California June 24, 2008.U.S. (Mike Blake/Reuters)Reuters - Home building projects started in July fell 11 percent to the lowest annual rate in more than 17 years, while building permits tumbled 17.7 percent, the Commerce Department reported on Tuesday.


Euro comes off six-month lows after weak US housing data (AFP)

US dollar and euro bank notes. The euro rebounded from six-month lows against the dollar after a spike in inflation and weak US housing market figures stoked fresh concerns about the US economy.(AFP/File/Philippe Desmazes)AFP - The euro rebounded from six-month lows against the dollar after weak US housing market figures stoked fresh concerns over the outlook for the US economy.


Fannie, Freddie fall on renewed bailout fears (AP)

A AP - Whether or not the government is actually on the verge of taking over mortgage finance companies Fannie Mae and Freddie Mac, investor fears that a bailout is imminent could turn such a worst-case scenario into reality.


Stocks fall on inflation data, financial worries (AP)

Customers make purchases at a Home Depot story in Chicago, Friday, Aug. 8, 2008. The Home Depot Inc., the nation's largest home improvement retailer, reported a 24 percent drop in second-quarter profit Tuesday, Aug. 8, 2008, but beat Wall Street expectations. The company reiterated its downbeat outlook for the year amid a weak housing and home improvement market that shows no signs of recovery. (AP Photo/Charles Rex Arbogast)AP - Wall Street fell sharply for a second straight session Tuesday after a hefty jump in wholesale inflation and a drop in new home construction gave investors more reason to believe an economic recovery is far off. The Dow Jones industrial average dropped 130 points.


'Liar loans' threaten to prolong mortgage crisis (AP)

Salvatore Fucile, 82 and his wife, Clara, pose for a photograph in the kitchen of their Springfield, Pa., home, Friday, Aug. 15, 2008. The couple wound up in an Option ARM from IndyMac after consolidating two mortgages on their suburban Philadelphia home. (AP Photo/Tom Mihalek)AP - In the mortgage industry, they are called "liar loans" — mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job, and (no) assets."


Bailout concerns slam Freddie, Fannie shares (Reuters)

The corporate logo for Freddie Mac is seen at its headquarters building in McLean, Virginia in this July 23, 2008 file photo. (Larry Downing/Reuters)Reuters - Investors dumped shares of Fannie Mae and Freddie Mac on Monday after a newspaper report said government officials may have no choice but to effectively nationalize the U.S. housing finance titans.


Stocks tumble on Fannie, Freddie worries (Reuters)

Traders work on the floor of the New York Stock Exchange August 8, 2008. (Joshua Lott/Reuters)Reuters - U.S. stocks sank on Monday as the prospect of more losses from the mortgage crisis hurt the shares of banks and the two biggest home finance providers, pushing all three major indexes down about 1.5 percent.


US Treasury plays down increased Fannie, Freddie speculation (AFP)

A AFP - The US Treasury swiftly played down a media report Monday that suggested the government could be poised to extend significant financial aid to the struggling mortgage-finance giants Fannie Mae and Freddie Mac.


Washington offers no relief for savers (AP)

David Middleton posses for a portrait in front of his home in Broomall, Pa., Friday,  Aug. 15, 2008. Middleton and others formed the grassroots group, Fed Up USA,  which have protested in Washington and elsewhere against 'federal financial irresponsibility.'  (AP Photo/Justin Maxon)AP - Two giant mortgage companies get into hot water over risky investments. The government steps in to throw them a lifeline should they need it.


The Workplace: Making Bold Moves in Tough Times (BusinessWeek Online)
BusinessWeek Online - How do you get ahead on the job when the labor market is crumbling? Michael Donaldson, an entertainment lawyer and author of Fearless Negotiating (McGraw-Hill; $16.95), says workers often have more power than they think they do, even in tough times. Personal Finance Editor Lauren Young asked Donaldson for negotiating tips.
AP IMPACT: Weak rules cripple appraiser oversight (AP)

Appraiser Bob Ipock is shown in Charlotte, N.C., Wednesday, May 28, 2008. (AP Photo/Chuck Burton)AP - As soaring home prices set the stage for America's great housing meltdown, a critical step in making sure those home sales were a fair deal — the real estate appraisal — was undermined from within.


Questions and answers on hiring an appraiser (AP)
AP - Questions and answers on how consumers can ensure they are getting an honest appraisal when buying or selling a home, refinancing an existing mortgage or taking out a home equity loan or line of credit:
Inflated appraisal nearly cost family its home (AP)
AP - After 25 years as a doorman on Manhattan's Upper East Side, Carl Petrone was ready to retire from the cold winters and his daily commute.
30-year mortgages remain at 6.52 percent (AP)

The Freddie Mac headquarters in McLean, Virginia. Investments in the bonds of struggling US home-loan financers Fannie Mae and Freddie Mac have earned Russia more than a billion dollars in the past six months, press reports said Tuesday.(AFP/File/Paul J. Richards)AP - Rates on 30-year mortgages remained at the same level for a third week while rates on other types of home loans posted small declines.


Regulator: UBS defrauded NH student lender (AP)

A UBS branch is seen in Basel. Switzerland's biggest bank UBS on Tuesday took another hit of 5.1 billion dollars in subprime-related asset writedowns, as its total damages incurred from the market crisis climbed to 42.5 billion dollars.(AFP/File/Fabrice Coffrini)AP - New Hampshire securities regulators on Thursday accused banking giant UBS of defrauding the state's leading issuer of student loans.


Getting Smarter on School Loans (BusinessWeek Online)
BusinessWeek Online - For years, college students and their parents have relied heavily on credit cards, home equity, and private loans to pay for school, according to a recent survey provided exclusively to BusinessWeek. But those sources of cash are drying up. On Aug. 6, Wachovia joined the more than 150 financial firms that have fled the private student-loan business. And Morgan Stanley froze home-equity lines for some clients.
Greenspan sees house price bottom in 2009: report (Reuters)

File photo shows former U.S. Federal Reserve chairman Alan Greenspan at the International Financial Corporation in Washington October 21, 2007. (Yuri Gripa/Reuters)Reuters - Former Federal Reserve Chairman Alan Greenspan predicts U.S. house prices will begin to stabilize in the first half of next year, even as he faulted the government's rescue of mortgage market giants Fannie Mae and Freddie Mac, the Wall Street Journal reported on Thursday.


JPMorgan shares tumble on widening 3Q losses (AP)

People walk past the JPMorgan Chase  and  Co building in New York March 17, 2008. (Chip East/Reuters)AP - JPMorgan Chase & Co. shares tumbled nearly 10 percent Tuesday as the bank's disclosure about escalating losses in its mortgage portfolio set off new concerns about the health of the overall financial sector. An analyst's lowering of the bank's earnings estimates and price target contributed to the decline.




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