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U.S. markets recover from steep losses
WASHINGTON, Jan. 24 (UPI) -- U.S. mortgage giant Freddie Mac will ask for up to $35 billion in additional federal bailout dollars, company officials have revealed.
The help needed to stabilize Freddie Mac and its sister firm Fannie Mae looks to be greater than originally thought when they were taken over by the U.S. government, analysts told Saturday's Washington Post.
The government has pledged more than $100 billion each for Fannie Mae and Freddie Mac, and Freddie has already drawn $14 billion in government funds. With the newest $35 billion, roughly half of the funds the government has pledged to keep Freddie Mac on firm financial footing will have been tapped.
Fannie Mae on Friday began laying off several hundred employees in the Washington area, the Post said. That represents a shift in Fannie's emphasis from mortgage bundling and trading activity, which had been based in Washington, to foreclosure-prevention efforts based in Dallas, the newspaper said.
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ERBIL, Iraq, May 24 (UPI) --
Plans for Iraq's semiautonomous Kurdish enclave to build an oil pipeline to Turkey points to a major political and economic realignment in the Middle East that will impact heavily on Iraq.
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LONG BEACH, Calif., May 24 (UPI) --
A fifth C-17 Globemaster III airlifter has been delivered by Boeing to the United Arab Emirates air force.
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First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
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It is a whole new ball of wax in Europe these days.
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