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First Line News
- Business -
Monday, September 8, 2008

U.S. Seizes Fannie and Freddie
Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back.

Fannie, Freddie Deal Helps Some, Not All
The government's historic bailout of Fannie Mae and Freddie Mac on Sunday will be good news to homebuyers and some homeowners hoping to refinance if it leads to lower mortgage rates, as experts expect. But for homeowners already behind on their mortgage payments, the plan unveiled Sunday offers little in the way of extra relief.

JetBlue to Auction Flights on eBay
JetBlue Airways Corp. is auctioning off more than 300 roundtrip flights and six vacation packages this week on eBay, with opening bids set between 5 and 10 cents.

Advertising Group Opposes Yahoo-Google Pact
A group representing big-spending national advertisers said Sunday it sent a letter to the Justice Department asserting an online ad partnership between Yahoo Inc. and Google Inc. will stifle competition and likely raise prices.

Experts Dispute Perils of the Nation’s Debt
Budget planners differ on the details, but they agree on one thing: There will be massive increases in the national debt during each of the next five years.

Cheaper Oil Might Signal Trouble
Food and energy prices are coming down in part because of a global growth slowdown that could also cool the red hot U.S. export sector - the major bright spot in an economy still struggling with a massive housing bust.

OPEC to Entertain Idea of Cutting Production
With oil prices off nearly 30 percent from their highs of almost $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago — cutting back output to prop up the price of crude.

Cruise Lines Change Course to Cut Fuel
When the 1,020-foot Explorer of the Seas cruises through North Atlantic waters next year, it'll spend more time off the coast of New England and less time near Canadian shores, and it's not because of better vistas.

Gustav Victims Face Insurance Worries
As victims of Hurricane Gustav's fury turn to their insurance companies for help in recovering from the wind and water inflicted damage to their property, some are coming away with smiles while others may have a shock in store.

Minimum Wage Debate Heats Up
Some argue that a higher minimum wage leads to more unemployment. But with wages failing to keep up with inflation, some think more increases are needed.

ARM Loans Turn Poisonous
They're known as "pick-a-payment" mortgages or option ARMs, but their detractors call them pure poison. Now their default rates, which are already high, are about to explode, according to a Fitch Ratings report issued Tuesday.

Viewers Stampede to Online TV
In the last two years, American households that use the Internet have doubled their online television viewing. Now, nearly 20 percent use the Internet to watch television broadcasts online, and no, it's not all on YouTube.

Mild Winter is Chilling Thought for U.S. Ski Results
With the US economy stuttering, the owners of the nation's ski resorts get chills worrying if a mild winter and the growing hassles of airline travel will leave their slopes bare this year.

Food Makers Still Have Appetite for Advertising
Foodmakers may be worried about higher costs for key ingredients, pushing through price increases and still maintaining their profits. But for big names like Sara Lee, Kraft and others, these slim times don't mean doing away with their advertising budgets.