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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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."
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.
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.
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.
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 - 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.
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:
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.
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.
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.