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Democrat says abolish Freddie, Fannie: report (Reuters) (Aug-17, 18:32 EDT )-- Reuters - Fannie Mae and Freddie Mac should be abolished, Rep. Barney Frank, chairman of the House Financial Services panel, said on Tuesday.
Metal, energy prices rise after mfg report (AP) (Aug-17, 16:57 EDT )-- AP - Prices for metals and energy gained Tuesday after a report on U.S. manufacturing helped spark some optimism about the economy.
Summary Box: Execs say gov't must back mortgages (AP) (Aug-17, 16:37 EDT )-- AP - GOVERNMENT ROLE: Banking executives overwhelmingly told the Obama administration Tuesday that the government should maintain a large role in the $11 trillion mortgage market.
Obama says recession recovery to take few years (AP) (Aug-17, 16:30 EDT )-- AP - A campaigning President Barack Obama said Tuesday it will take a few years to dig the nation out of the recession, warning impatient voters that any candidate promising faster results "is just looking for your vote."
Coping with Fannie and Freddie's collapse (AP) (Aug-17, 16:17 EDT )-- AP - Questions and answers about Fannie Mae and Freddie Mac and their role in the mortgage market:
Summary Box: Potash calls Billiton bid inadequate (AP) (Aug-17, 15:56 EDT )-- AP - OFFER REJECTED: Fertilizer producer Potash Corp. of Saskatchewan Inc. rejected an unsolicited takeover bid from BHP Billiton Ltd. worth about $38.49 billion as "grossly inadequate." Potash says its stock price is still undervalued in the wake of...
Obama seeks new design for housing, Fannie/Freddie (Reuters) (Aug-17, 15:54 EDT )-- Reuters - The U.S. government's role in housing finance should undergo "fundamental change," but it should still provide some guarantees in the mortgage market, Treasury Secretary Timothy Geithner said on Tuesday.
July home building up (Reuters) (Aug-17, 15:48 EDT )-- Reuters - Home building increased at a much weaker pace than expected in July, though sturdy growth in industrial output implied the embattled economy has enough strength to keep growing.
July home building up (Reuters) (Aug-17, 15:48 EDT )-- Reuters - Home building increased at a much weaker pace than expected in July, though sturdy growth in industrial output implied the embattled economy has enough strength to keep growing.
Obama pushes Republicans on jobs bill (Reuters) (Aug-17, 15:45 EDT )-- Reuters - President Barack Obama pressed Senate Republicans on Tuesday to pass his $30 billion plan to help banks boost lending to small businesses, blasting the opposition for playing "political games" with a measure he says will help generate jobs.
Dollar edges lower as US data, earnings positive (AP) (Aug-17, 15:36 EDT )-- AP - Some positive U.S. economic data seemed to support the idea of a recovering economy Tuesday, weighing on the dollar and other safe haven assets.
Oil breaks losing streak, prices climb (AP) (Aug-17, 15:25 EDT )-- AP - Oil rose for the first time in five trading sessions on Tuesday as stock prices climbed with better economic news, and worries about the economic recovery eased.
Judge: Visteon retiree benefits must be restored (AP) (Aug-17, 15:16 EDT )-- AP - A Delaware bankruptcy judge told auto parts supplier Visteon Corp. on Tuesday that it must restore health and life insurance benefits for more than 6,500 retirees.
A look at economic developments around the globe (AP) (Aug-17, 14:11 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Tuesday:
Sector Snap: Shares of mortgage insurers rise (AP) (Aug-17, 14:09 EDT )-- AP - Shares of mortgage insurers rose Tuesday after the Treasury said it plans to do more to help the mortgage industry and a major hedge fund revealed it increased stakes in two insurers.
Republican Paul leads Senate race in Kentucky (Reuters) (Aug-17, 14:01 EDT )-- Reuters - Republican Rand Paul, a favorite of the conservative Tea Party movement, has a narrow lead among likely voters in a Senate race in Kentucky, where economic worries top voters' concerns, a Reuters/Ipsos poll released on Tuesday said.
Summary Box: Economy sending mixed signals (AP) (Aug-17, 13:37 EDT )-- AP - HOUSING STARTS: Construction of new homes rose 1.7 percent in July, but the strength came from a surge in the volatile apartment sector. Single-family home construction fell 4.2 percent.
Summary Box: Economy sending mixed signals (AP) (Aug-17, 13:37 EDT )-- AP - HOUSING STARTS: Construction of new homes rose 1.7 percent in July, but the strength came from a surge in the volatile apartment sector. Single-family home construction fell 4.2 percent.
US must support flagging housing market: Geithner (AFP) (Aug-17, 13:33 EDT )-- AFP - US Treasury Secretary Timothy Geithner said Tuesday that the government must bolster the embattled American housing sector to avoid more damaging recessions in the future.
US industrial output rebounds (AFP) (Aug-17, 12:18 EDT )-- AFP - US industrial production recovered in July after dropping for the first time in a year, the Federal Reserve said Tuesday, amid recovery concerns in the world's largest economy.
US wholesale prices up first time in four months (AFP) (Aug-17, 12:00 EDT )-- AFP - US wholesale prices rose in July for the first time in four months, government data showed Tuesday, easing immediate deflation fears in the world's largest economy.
Kocherlakota says worries on Fed move "unwarranted" (Reuters) (Aug-17, 11:37 EDT )-- Reuters - The Federal Reserve's decision last week to buy more U.S. government debt should not be viewed as a sign the economic outlook is worse than investors thought, a top Federal Reserve official said on Tuesday.
Fed unlikely to make major moves to boost economy (Aug-17, 11:26 EDT )-- Following the Federal Reserve's policy meeting last week, the drumbeat on Wall Street and among some economists for bold new steps to strengthen the economy got louder. Economic - Thomson Reuters - Social Sciences - Net income - Business
Banking execs say gov't needs to back mortgages (AP) (Aug-17, 10:59 EDT )-- AP - The Obama administration invited banking executives Tuesday to offer advice on changing the government's role in the mortgage market. Their response: stay big.
Highlights: Geithner pushing housing policy change (Reuters) (Aug-17, 10:39 EDT )-- Reuters - Treasury Secretary Timothy Geithner said on Tuesday fundamental change is needed in the housing industry but appeared to back some mortgage guarantee.
Summary Box: UK inflation remains above target (AP) (Aug-17, 10:39 EDT )-- AP - HIGH PRICES: Inflation eased in Britain to 3.1 percent last month from 3.2 percent in June. But it remained well above the government's 2 percent target for the eighth straight month.
American Girl toy store coming to Tysons Corner Center (Aug-17, 09:56 EDT )-- American Girl, the popular toy store with a cult-like following among young girls, is slated to open its first store in the Washington area at Tysons Corner Center next summer. Gay Lesbian and Bisexual - Coming Out - Shopping - Recreation -...
Home Depot 2Q profit rises; cuts revenue outlook (AP) (Aug-17, 09:48 EDT )-- AP - Hot weather kept gardeners indoors and economic uncertainty still had professional builders holding back during the second quarter, Home Depot said Tuesday.
Obama wants new model for Fannie, Freddie (Reuters) (Aug-17, 09:47 EDT )-- Reuters - The Obama administration called for "fundamental change" at Fannie Mae and Freddie Mac, but a long, politically explosive debate lies ahead on the future of the bailed-out mortgage finance giants and U.S. housing policy.
Wholesale prices rise on higher food costs (AP) (Aug-17, 09:47 EDT )-- AP - Wholesale prices rose last month for the first time since March on higher costs for food, autos, pickup trucks and pharmaceuticals.
Factories aid bumpy recovery, housing still weak (AP) (Aug-17, 09:34 EDT )-- AP - New government data offered a mixed picture of the economic recovery Tuesday, as U.S. manufacturing activity grew in July at the fastest pace in nearly a year while the outlook for the housing market remained dim.
Industrial production rises 1.0 percent in July (AP) (Aug-17, 09:31 EDT )-- AP - Industrial production rose in July on the strength of U.S. manufacturing, as auto factories stayed open and businesses replaced worn-out equipment.
Afghan security firms denounce Karzai's ban (Aug-17, 08:56 EDT )-- KABUL -- The Watan Group's trained fighting force of 2,000 men, armed with rifles and rockets, battles daily to secure the most dangerous roads in Afghanistan so that critical supply convoys can reach U.S. and NATO troops across the country. ...
Gov't starts talks about new mortgage system (AP) (Aug-17, 08:39 EDT )-- AP - Talk of shrinking the government's involvement in the mortgage market is growing. Just don't expect action any time soon.
Geithner says government guarantee is key housing question (Reuters) (Aug-17, 08:16 EDT )-- Reuters - Treasury Secretary Timothy Geithner on Tuesday said there is a strong case for a carefully designed government guarantee for mortgages as policy makers embark on restructuring Fannie Mae and Freddie Mac.
Home Depot sees profit growth despite weaker demand (Reuters) (Aug-17, 08:14 EDT )-- Reuters - Home Depot Inc still sees room for profit growth this year as consumers take up long-delayed maintenance and repair projects for their homes, even if a return to bigger renovations will have to wait.
Housing starts rise less than expected (Reuters) (Aug-17, 08:07 EDT )-- Reuters - Housing starts rose but to a much weaker rate than expected in July, while permits for future home construction fell to their lowest level in more than a year, pointing to a weak economic recovery.
Housing starts rise less than expected (Reuters) (Aug-17, 08:07 EDT )-- Reuters - Housing starts rose but to a much weaker rate than expected in July, while permits for future home construction fell to their lowest level in more than a year, pointing to a weak economic recovery.
Instant View: July housing starts rise less than expected (Reuters) (Aug-17, 07:50 EDT )-- Reuters - U.S. housing starts rose but to a much weaker rate than expected in July, while permits for future home construction fell to their lowest level in more than a year, according to a government report on Tuesday that pointed to a weak housing...
Instant View: July housing starts rise less than expected (Reuters) (Aug-17, 07:50 EDT )-- Reuters - U.S. housing starts rose but to a much weaker rate than expected in July, while permits for future home construction fell to their lowest level in more than a year, according to a government report on Tuesday that pointed to a weak housing...
Arizona developer pleads guilty in Ohio fraud case (AP) (Aug-17, 07:28 EDT )-- AP - Prosecutors say an Arizona developer has pleaded guilty in a $38 million mortgage fraud case in Ohio.
Special report: Flipping, flopping and booming mortgage fraud (Reuters) (Aug-17, 06:22 EDT )-- Reuters - The house on the 53rd block of South Wood Street in Chicago's Back of the Yards doesn't look like a $355,000 home. There is no front door and most of the windows are boarded up.
Late mortgage payments spike in 2Q vs year ago (AP) (Aug-17, 06:15 EDT )-- AP - The rate at which U.S. homeowners fell behind on their mortgage payments remained stubbornly elevated in the second quarter.
German investor confidence drops in August (AP) (Aug-17, 06:04 EDT )-- AP - German investor confidence has dropped for the fourth consecutive month on worries that slowing global growth may hurt the country's export-led recovery after a spectacular second quarter, a survey showed Tuesday.
UK inflation remains above target (AP) (Aug-17, 06:02 EDT )-- AP - Inflation eased in Britain last month but remained well above the government's 2 percent target — forcing the Bank of England to publish its third open letter this year to explain the extended blowout in prices.
Japan to mull new stimulus as yen threatens recovery (Reuters) (Aug-17, 05:45 EDT )-- Reuters - Japan's government will consider further stimulus steps, potentially making it the first developed country to turn to additional fiscal spending since the global crisis, as a strengthening yen threatens its faltering recovery.
Ahead of the Bell: Housing starts (AP) (Aug-17, 05:35 EDT )-- AP - Housing construction likely will show a small gain in July following a big decline the previous month.
Foreign investment in China soars despite labor woes (Reuters) (Aug-17, 02:06 EDT )-- Reuters - China drew 29 percent more foreign direct investment (FDI) in July than a year earlier, with global firms still flocking to the country to build factories and set up research centers despite a bout of labor unrest.
China: Helping poor matters more than economy rank (AP) (Aug-17, 01:22 EDT )-- AP - China's government said Tuesday it still is a developing country despite becoming the second-largest economy, reflecting its reluctance to take on new obligations on climate change and other issues.
General Motors expected to file for IPO (Aug-16, 23:00 EDT )-- General Motors is expected to file paperwork as soon as Tuesday for an initial public offering of stock, setting the stage for the U.S. government to begin selling off its majority stake in the automaker. General Motors - Autos - Initial public...
Obsessed Internet gamers in South Korea now have a league of their own (Aug-16, 23:00 EDT )-- BUSAN, SOUTH KOREA -- One Saturday this month, roughly 10,000 South Koreans interrupted their usual weekend activity of playing Internet games for something else: to watch professionals play Internet games. South Korea - Asia - Government -...
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Judge balks at SEC's settlement with Citigroup (Aug-16, 23:00 EDT )-- A federal judge refused on Monday to accept a $75 million settlement between the Securities and Exchange Commission and Citigroup, marking the second time this year that a judge has questioned whether the agency had exacted the proper sanction from a...
Defense Department cleanup of 3 Superfund sites is lagging, GAO report says (Aug-16, 23:00 EDT )-- The Defense Department is resisting orders from the Environmental Protection Agency to clean up Fort Meade and two other military bases after more than two decades of disagreements, according to a government audit. United States - Government -...
Postal Service sets up shop at Office Depot stores (Aug-16, 23:00 EDT )-- Despite widespread opposition to closing post offices, the U.S. Postal Service is moving ahead with plans to expand its retail footprint into thousands of Office Depot stores. Office Depot - United States - Government - us-postal-service -...
Small-business lending standards easing, Fed study finds (Aug-16, 23:00 EDT )-- BANKING Banks have eased lending standards for small businesses for the first time in nearly four years, the Federal Reserve said Monday. Business - Small business - United States - Federal Reserve System - Credit
SAIC completes acquisition of Reveal Imaging (Aug-16, 23:00 EDT )-- MERGERS & ACQUISITIONS Government contractor Science Applications International Corp. of McLean said Monday that it had completed the acquisition of Reveal Imaging Technologies. United States - Information technology - Business - SAIC - Imaging
Medco to acquire United BioSource (Aug-16, 23:00 EDT )-- Pharmacy giant Medco Health Solutions will buy Bethesda-based United BioSource for $730 million, the companies said Monday, just seven years after the local company's founding. United BioSource - Medco Health Solutions - Clinical trial - Business...
For-profit higher-education providers resist regulatory action (Aug-16, 23:00 EDT )-- The Washington Post Co. and other for-profit providers of higher education pushed back Monday against a government report last week that found many of their former students are not on track to repay their loans. Education - Colleges and...
Luxury hotels are offering eReaders as perks to their elite guests (Aug-16, 23:00 EDT )-- In the swaddled, rarefied world of hotel elite programs -- the robes, the private check-ins, the buttery bowls of complimentary popcorn -- the latest perk is a humble one. Hotel - Travel and Tourism - Lodging - Hotels and Motels - Asia
U.S. banking regulators consider toughening overdraft rules even more (Aug-16, 23:00 EDT )-- New regulations took effect this week banning banks from allowing consumers to automatically overdraft their checking accounts -- and charging those customers high fees in the process -- a practice that government officials say unfairly penalizes the...
Bill seeks to make electronics accessible to blind, deaf (Aug-16, 23:00 EDT )-- Blind and deaf consumers, who have fought to make home phones and television more accessible, say they are being left behind on the Web and many mobile devices. Touch-based smartphone screens confound blind people who rely on buttons and raised type....
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