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VOL. 124 | NO. 91 | Monday, May 11, 2009

Commission Green Lights Mortgage Lender Lawsuit

Delays Plan For 100 Layoffs

The Shelby County Commission has approved moving forward with a lawsuit against an unidentified group of mortgage lenders for discriminatory lending practices.

Mortgage Market Shows Signs of Life

Mirroring the trend that residential sales established in April, mortgage activity showed signs of improvement last month as the spring home buying season ramped up.

Legislation Could Put Foreclosures In Future Reappraisals

Under legislation soon to be proposed in the state Legislature, Shelby County Assessor of Property Cheyenne Johnson would be able to do something during a reappraisal many homeowners wish she could have done this year.

Village People Lead Singer Sues Mid-South Fair

Victor Willis, the original lead singer for the Village People, has brought the Mid-South Fair into an ongoing legal dispute between him and the disco group he once led.

April Layoffs Slow to 539K

WASHINGTON (AP) – The pace of layoffs slowed in April when employers cut 539,000 jobs, the fewest in six months. But the unemployment rate climbed to 8.9 percent, the highest since late 1983, as many businesses remain wary of hiring given all the economic uncertainties.

Local Weather
Currently
Memphis, TN
42.0°F
Fair
Wind: Northwest at 10.4 mph
Humidity: 53%

EVENTS

The Memphis Chapter of the International Association of Administrative Professionals will meet today at 6 p.m. at the Holiday Inn Select East Memphis, 5795 Poplar Ave. Bud Campbell of Avery Dennison will present “Make it Easy on Yourself.” There also will be the election of officers for 2009-2010. Cost is $20. For more information, contact Dianne Cordaro at 287-2010 or diannecordaro@yahoo.com.

more events »

Stress Test Results Lift Cloud of Uncertainty

WASHINGTON (AP) – Government exams of the biggest U.S. banks have helped lift a cloud of uncertainty that has hung over the economy.

Hidden Bookstore Offers Escape for Patrons

Tucked in a corner and barely visible from Madison Avenue, The English Major Bookstore is the perfect place to browse for a good read without worrying about pocketbook woes or stumbling over crowds.

Bids in on $272M Worth of Stimulus TDOT Projects

NASHVILLE, Tenn. (AP) - The Tennessee Department of Transportation has received bids on 119 road and bridge projects to be paid for with federal stimulus money.

Tenn AG: Retention Elections Unconstitutional

NASHVILLE, Tenn. (AP) - Tennessee's attorney general says yes-no retention elections for governor and legislators would be unconstitutional.

Officials: Loss of Immigrant Fund Would Hurt Tenn.

NASHVILLE, Tenn. (AP) - Tennessee state prisons and Davidson County jails will lose a combined $600,000 a year if a federal reimbursement program for illegal immigrant prisoners is eliminated.

BofA CEO Lewis Lays Out Plans for Bank's Future

NEW YORK (AP) - Bank of America's chief executive Ken Lewis laid out his plans for raising new capital to meet regulatory requirements after the government said the nation's largest bank is facing a $33.9 billion shortfall.

Luminex Reports Q1 Loss on Settlement Charge

NEW YORK (AP) - Shares of Luminex Corp., which makes testing systems for biotechnology companies, fell Friday, a day after it reported lower-than-expected first-quarter results.

SEC Chief Backs 'Systemic Risk Council' Idea

WASHINGTON (AP) - The head of the Securities and Exchange Commission said Friday she favors a new proposal for federal regulators sharing oversight of companies that pose financial risks to the economy.

Trustee Unveils Madoff Hardship Program

NEW YORK (AP) - A trustee wants to give a break to investors hardest hit by the Bernard Madoff fraud.

Group Drops Fight Against Chrysler Plan

NEW YORK (AP) - The group of dissident Chrysler bond holders challenging Chrysler LLC's government-backed restructuring plans said Friday it is dropping its court fight.

The 'Underemployed' Get By on Fewer Hours

ROCHESTER, N.Y. (AP) - Jody Taylor dodged the bullet twice in the past year when the industrial-coating factory where she works as a machine operator went through a series of layoffs. But her hours have been cut back to a four-day workweek.

Bottom Reached?

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 115 270 19,843
MORTGAGES 141 311 23,225
FORECLOSURE NOTICES 35 83 8,387
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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