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VOL. 123 | NO. 201 | Tuesday, October 14, 2008

Mortgage Activity Down 35 Percent in Q3

Of all the industries affected by the economic downturn – and there are many – the mortgage business has perhaps taken the biggest hit.

Tenn. Banks Pass On Bailout Plan – For Now

Banks and other financial institutions in Tennessee have shown little interest in the $700 billion rescue plan for the country’s financial system.

US Moves To Jump Start Bank Rescue Effort

WASHINGTON (AP) – The Bush administration announced Monday it is moving quickly to implement a $700 billion rescue program, including consulting with private law firms on how to buy ownership shares in banks to help thaw frozen lending and get the economy moving again.

Mitsubishi Closes $9B Investment In Morgan Stanley

NEW YORK (AP) Morgan Stanley completed a deal Monday to receive a $9 billion investment from Japanese bank Mitsubishi UFJ Financial Group Inc., giving it a much-needed cash infusion.

Lightman Realty to Begin Phase II of Centennial Gardens

7751 Centennial Drive, Memphis, TN 38125, Permit Amount: $10.6 Million -
Michael Lightman Realty Co. has filed a $10.6 million permit application with the city-county Department of Construction Code Enforcement to build the second phase of the Centennial Gardens apartments at 7751 Centennial Drive in Southeast Memphis. The property is off Hacks Cross Road south of Winchester Road.

Local Weather
Currently
Memphis, TN
49.0°F
Fair
Wind: North at 11.5 mph
Humidity: 41%

EVENTS

The International Business Council will hold its first Breakfast Series session today from 8 a.m. to 9:30 a.m. at the Memphis Regional Chamber, 22 N. Front St. The session is titled “International Protocol: How to Approach the Relationship Side of Global Commerce.” Cost is $20 per person. For more information, contact Brenda Montgomery at bmontgomery@memphischamber.com or 543-3541.

more events »

Wall Street Soars as Government Pledges Bank Aid

NEW YORK (AP) - Wall Street snapped back from last week's devastating losses after major governments announced further steps to support the global banking system, including plans by the U.S. Treasury to buy stocks of some banks. All the major indexes rose more than 8 percent, and the Dow Jones industrials rose more than 700 points.

Parties Jockey for Advantage on Economic Aid

WASHINGTON (AP) - House Republicans and Democrats pushed dueling economic stimulus measures Monday as evidence mounted that the financial meltdown is dominating the presidential race and House and Senate campaigns.

A Look at Financial Developments Around the World

A look at what happened in some stock markets around the world Monday:

Machinists Union Confirms Start of Boeing Talks

SEATTLE (AP) - The president of the Machinists union says negotiators are having a "tough time" trying to end a five-week strike at the Boeing Co.

Restaurants May Change Menus, Hike Prices in 2009

NEW YORK (AP) - Beef may not be what's for dinner at your favorite restaurant come 2009.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 115 270 19,843
MORTGAGES 141 311 23,225
FORECLOSURE NOTICES 23 71 8,375
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 74 196 13,300
BUSINESS LICENSES 25 48 6,185
UTILITY CONNECTIONS 40 125 13,120
MARRIAGE LICENSES 15 73 4,915

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The Memphis News: Business, politics, and the public interest.