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VOL. 123 | NO. 137 | Tuesday, July 15, 2008

BREAKING NEWS: First Horizon Swings to $19.1M Loss, CEO Plans to Retire

MEMPHIS (AP) - Regional bank First Horizon National Corp. swung to a loss during the second quarter due to a sharp increase for loan-loss provisions, according to a company announcement Tuesday.

Q2 Mortgage Filings Down 31%

As the U.S. prepares for a presidential election and looks forward to the Olympics in China, the year strikes an uncanny resemblance to 1988, when George H.W. Bush won the White House and Seoul, South Korea, hosted the Summer Games.

City Says MCS Owes $152-Million In Counter Claim

The city of Memphis has filed a legal counter claim against the Memphis school system claiming the school system owes it millions.

LUCB Approves Cordova Wal-Mart, Cooper-Young Restaurant

A new restaurant in the Cooper-Young neighborhood and a Wal-Mart Supercenter in Cordova are closer to reality following their respective approvals at last week’s Memphis-Shelby County Land Use Control Board meeting.

Fed Adopts Plan To Curb Shady Mortgage Practices

WASHINGTON (AP) – The Federal Reserve has adopted rules to give homebuyers more protection from the types of shady lending practices that have contributed to the housing crisis and propelled foreclosures to record highs.

Local Weather
Currently
Memphis, TN
77.0°F
A Few Clouds
Wind: Calm mph
Humidity: 74%

EVENTS

JobLINC will host a Career and Education Fair today from 10 a.m. to 3 p.m. in meeting rooms A, B and C at the Benjamin L. Hooks Central Library, 3030 Poplar Ave. Thirty-nine companies will attend. For more information, call 415-2700.

more events »

9th District Candidates Size Up Each Other at Debate

They agreed on a number of things: Gas prices are too high, mortgages are too risky and the war in Iraq should end.

LaPaloma Treatment Center To Start Building $4 Million Wing

1248 Lapaloma St., Memphis, TN 38114, Permit Amount: $4 Million -
LaPaloma Treatment Center is preparing to break ground on a new wing for its 10-acre campus on Lapaloma Street, south of Lamar Avenue near Foster Avenue in the Defense Depot area.

US Spells Out Fannie-Freddie Backstop Plan

WASHINGTON (AP) – Scrambling to bolster eroding investor confidence, the Federal Reserve and the Treasury Department have announced steps to brace slumping mortgage giants Fannie Mae and Freddie Mac.

Bank Fears Spread After Government Seizes IndyMac

The federal government’s seizure of IndyMac Bank is deepening worries among executives, regulators and consumers about the U.S. banking industry, which is in a tightening bind following a long run of prosperity.

Fannie, Freddie Rescue Pushes Housing Aid

WASHINGTON (AP) - A foreclosure aid plan that was facing a sluggish trip through Congress has a powerful new engine behind it: the Bush administration's urgent request to rescue mortgage giants Fannie Mae and Freddie Mac.

Analyst: Lehman Should be Private; Financials Fall

NEW YORK (AP) - Investors bailed out of investment bank stocks Monday as concerns about the credit crisis prompted one analyst to call for Lehman Brothers Holdings Inc. to go private.

Freddie Mac Auction Draws Plenty of Bidders

NEW YORK (AP) - Freddie Mac attracted more bidders Monday for a highly anticipated auction of $3 billion in short-term securities than it had nearly all year, a day after the federal government provided support for the mortgage giant.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 312 16,192
MORTGAGES 0 293 18,685
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 655 33,126
BANKRUPTCIES 0 237 10,737
BUSINESS LICENSES 0 112 5,198
UTILITY CONNECTIONS 0 127 11,344
MARRIAGE LICENSES 0 94 3,867

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