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VOL. 123 | NO. 180 | Monday, September 15, 2008

First Church Files Permit to Rebuild

First United Methodist Church has filed a $5 million building permit with the city-county Department of Construction Code Enforcement to rebuild its church at 204 N. Second St., according to The Daily News Online, www.memphisdailynews.com. Its 113-year-old sanctuary was destroyed by fire in October 2006.

Different Times Call for Changes In Mortgage Biz

Officially, two weeks remain before seller-assisted down payment programs disappear, though lenders already have stopped submitting them to the Federal Housing Administration because the paperwork on those programs takes so long they can no longer meet the Oct. 1 deadline.

Fannie, Freddie Takeover Leads to Questions

WASHINGTON (AP) – The federal government’s dramatic takeover of mortgage finance companies Fannie Mae and Freddie Mac raises many questions for the public at large as home prices continue to fall and the U.S. economy remains weak.

Retail Sales, Producer Prices Drop

WASHINGTON (AP) – Wholesale inflation plunged in August by the largest amount in nearly two years, reflecting a steep drop in energy prices. But in less positive news, retail sales remained in the doldrums in August.

Regional Web Video Shows More Than Just Bubba’s Tricks

Online TV is becoming more and more popular, with one of the most popular online destinations being Youtube.com.

Local Weather
Currently
Memphis, TN
82.0°F
Mostly Cloudy
Wind: Southeast at 3.5 mph
Humidity: 69%

EVENTS

The Engineers’ Club of Memphis will hold its weekly meeting and lunch today at 11:30 a.m. at the Holiday Inn-University of Memphis, 3700 Central Ave. Terry Hughes of Hnedak Bobo Group will speak on the topic “We Cannot Afford to Gamble with Life Safety.” Cost is $14 to attend.

more events »

Congress Sends Bush Bill Restoring Highway Funds

WASHINGTON (AP) - Two months after the White House called a highway trust fund rescue plan a "gimmick" and threatened a presidential veto, President Bush is expected to sign legislation infusing $8 billion into the financially teetering fund that supports road and bridge projects around the country.

Inventories Up More Than Expected as Sales Slow

WASHINGTON (AP) - Business inventories shot up in July by the most in four years as sales slowed.

Nissan: 'Good Response' to Tenn. Worker Buyouts

CHATTANOOGA, Tenn. (AP) - A Nissan spokesman reported a "good response" to an employee buyout offer expiring Friday, but declined to say how many employees are taking the money.

WaMu Says Capital is Sufficient to Fund Operations

NEW YORK (AP) - Washington Mutual Inc. said Thursday it will take another multibillion write-down for bad bets on mortgage securities, but insisted it has adequate capital to fund its operations amid concern about the thrift's financial stability.

Still No Talks Between Boeing, Striking Union

SEATTLE (AP) - Six days into a strike by Boeing Co. aircraft assembly workers, there have been no direct talks between the aerospace company and the Machinists union.

FedEx, Team Members Awarded Govt. Contract

The United States Transportation Command (USTRANSCOM) has awarded a $1.37 billion contract to FedEx Corp. and its team for international airlift services. The team is a consortium that also includes Air Transport, Atlas Air, Northwest Airlines, Omni Air International, Polar Air Cargo Worldwide and Tradewinds Airlines.

Foreclosures Falling

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 59 232 11,757
MORTGAGES 80 254 13,681
FORECLOSURE NOTICES 0 19 1,877
BUILDING PERMITS 0 387 24,551
BANKRUPTCIES 58 176 7,649
BUSINESS LICENSES 41 100 4,007
UTILITY CONNECTIONS 0 84 4,765
MARRIAGE LICENSES 10 48 2,592

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