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July 2, 2009 |
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Unemployment
467K jobs cut in June; jobless rate at 9.5 percent
By: The Associated Press
Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy.
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International Banking
Bank of England says credit eased in 2nd quarter
By: The Associated Press
The availability of credit in the U.K. increased modestly in the second quarter, although default rates and losses also rose and were expected to swell further in coming months, the Bank of England said Thursday.
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Autos
GM plans 'garage sale' for toxic plants, New Jersey golf course
By: Bloomberg News
As General Motors Corp. prepares to sell its best assets to a streamlined new entity, the worst of what it owns will be auctioned off in bankruptcy court.
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Gerry Pasciucco
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AIG
Unwinding at AIG prompts interim COO to ponder systemic failure
By: Bloomberg News
The efforts by Gerry Pasciucco, a Boston native with degrees from Williams College and Harvard Business School, to unwind AIG’s gargantuan gambles will be a test of the ability of Washington and Wall Street to repair the damage to the system and restore public confidence.
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Paul Volcker
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Economy
Volcker gets less than he wants in curbing excesses
By: Bloomberg News
The former Federal Reserve chairman now heads the President’s Economic Recovery Advisory Board. He is urging radical regulatory reforms that would limit how big banks can get, separate deposit taking from trading at financial institutions and force all derivatives trading onto public exchanges.
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Factory Orders
May factory orders rise most since June 2008
By: Bloomberg News
Orders placed at U.S. factories in May rose for the third time in four months, as demand for aircraft, computers and machinery increased.
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Mortgages
Mortgage rates drop to 5.32%, Freddie Mac says
By: Bloomberg News
Mortgage rates in the U.S. fell this week, easing concern that a Federal Reserve plan to lower the cost of home loans had lost momentum.
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Regulations
Appraisers want new rules rescinded
By: The Associated Press
The Appraisal Institute and three other appraisal groups argue HUD's restrictions on total appraisal fees are driving competent appraisers away from mortgage programs backed by the Federal Housing Administration and other mortgage programs.
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Economy
Obama plan could trim back financial powerhouses
By: The Associated Press
They are the biggest of the big — the Citigroups, the Goldman Sachses, the AIGs and other financial behemoths. The Obama administration doesn't want so many around anymore.
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Mortgage Aid
Program raises cap for homes worth less than mortgage
By: Paola Iuspa-Abbott
The Treasury Department has expanded the Making Home Affordable Program to assist owners of homes that are worth far less than the mortgage on the property.
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