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VOL. 123 | NO. 143 | Wednesday, July 23, 2008

First Horizon Execs Trumpet Efforts to Buck Losses

First Horizon National Corp., the Memphis-based parent company of First Tennessee Bank, has seen more than 50 percent of its share price evaporate since the beginning of this year. A thousand shares of First Horizon stock worth almost $38,000 last July would be worth only about $8,500 today based on Friday’s closing price of $8.47 a share.

For Covington, Attitude is Half The Battle

Jim Covington isn’t overly worried about rising gas prices, struggling airlines and other woes affecting the transportation industry. Instead, the Memphis Regional Chamber’s newly hired vice president of logistics and aerotropolis development is emboldened by those challenges as he settles in his position.

Fox to Help Raise Scholarship Money

Actress Vivica A. Fox will be in town this weekend to celebrate her 44th birthday and help a local nonprofit organization raise money for it scholarship fund. The fund will present $1,000 scholarships to teenagers from four Memphis-area high schools for college admission and expenses.

Wachovia Exits Wholesale Mortgage Lending Business

CHARLOTTE, N.C. (AP) – Wachovia Corp., the nation’s fourth-largest bank, is leaving the wholesale mortgage lending business, it announced Tuesday.

Lawmakers Move to Curb Fannie, Freddie Pay ?

WASHINGTON (AP) – Democrats and Republicans queasy about a federal rescue of mortgage giants Fannie Mae and Freddie Mac are coalescing around the idea of letting the government slap limits on the multimillion-dollar pay packages of their executives.

Local Weather
Currently
Memphis, TN
84.0°F
Mostly Cloudy
Wind: West at 9.2 mph
Humidity: 67%

EVENTS

Talk Shoppe will present “How to Buy Bank-Owned Real Estate Property” with Rob Stone today from 9 a.m. to 10 a.m. at the Better Business Bureau of the Mid-South, 3693 Tyndale Drive. For more information, call Jo Garner at 759-7808.

more events »

Wachovia Loses $8.9B, Cuts 6,350 Workers, Dividend

CHARLOTTE, N.C. (AP) – Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street’s hopes that the nation’s big banks are weathering the credit crisis well. The nation’s fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.

UTHSC’s Baselski Receives Professional Recognition Award

Vickie S. Baselski, professor at the University of Tennessee Health Science Center, has been presented the 2008 American Society for Microbiology TREK Diagnostic ABMM/ABMLI Professional Recognition Award.

SunTrust 2Q Earnings Fall 21 Percent

ATLANTA (AP) - Regional bank SunTrust Banks Inc. said Tuesday its second-quarter earnings fell 21 percent due to a sharp increase in its loan-loss provision and a decline in net interest income.

Labor Dept. Seeks Better Disclosure of 401(k) Fees

WASHINGTON (AP) - Millions of participants in 401(k)-style retirement plans would receive more information about the costs of those programs, a move that could help boost savings, under a rule proposed by the Labor Department Tuesday.

Credit Crunch Crimps Commercial Development

With a vision of transforming downtown Seattle, the Clise family spent more than a century buying up key pieces of land. But the credit chaos has forced Al Clise to postpone his plans for a grand, 13-acre commercial and residential development.

Treasury: Swift Support Needed for Mortgage Giants

WASHINGTON (AP) - Treasury Secretary Henry Paulson said Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to make sure the two mortgage giants maintain their critically important role in housing finance.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 80 401 13,843
MORTGAGES 99 439 16,005
FORECLOSURE NOTICES 19 63 2,202
BUILDING PERMITS 233 998 28,755
BANKRUPTCIES 49 276 8,926
BUSINESS LICENSES 23 136 4,701
UTILITY CONNECTIONS 23 141 5,534
MARRIAGE LICENSES 15 88 2,982

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