Fannie and Freddie Rescue: Game On!Treasury Secretary Henry Paulson announces plans for the U.S. to seize control of troubled mortgage companies Fannie Mae and Freddie Mac. The CEOs will be replaced. The Treasury will acquire $1 billion in preferred shares of each company and promises to back it all up with as much as $200 billion to the companies as they cope with heavy losses on mortgage defaul
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Dow Drops To 11,188Forget about the Jimmy Choo boots or 50-yard-line seats for fall. Investors retreated on a round of glum economic news. Among the problems: weak retail sales in August, more Americans filing for unemployment. There’s concern in the markets about a global slowdown. The Dow sinks 344.65 points, or about 3%, to 11,188.23, while the Standard & Poor’s 500 stock index
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Unemployment Tops 6% LevelAugust ushered in an unemployment rate of 6.1%, the highest level in five years, says a Bureau of Labor Statistics report released today. In August, 84,000 jobs were eliminated putting the year’s total jobs lost at 605,000. The steadily climbing unemployment rate — it was 5% in April — is a sign of a recession, some economists say. Amid anxiety about th
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Fannie, Freddie Said to Agree to U.S. RescueAn official U.S. rescue of Fannie Mae and Freddie Mac moved a step closer as the mortgage giants agreed to government control, the New York Times reports. The plan would have the Treasury Department purchase billions in mortgage securities from the companies and provide quarterly capital infusions. (For more on this news, click here.)Bhutto Widower Wins
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