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VOL. 123 | NO. 181 | Tuesday, September 16, 2008

Multifamily Sector Healthy in Q2

No matter how tough the economy gets, people still need a place to live, and one of the few sectors to weather this latest downturn has been multifamily.

Bank of America Agrees to Buy Merrill for $50B

NEW YORK (AP) – Bank of America on Monday began adding another slice to its growing financial services empire, buying Merrill Lynch in a $50 billion deal that would create a bank that offers everything from fixed-income trading to credit card lending.

Fed Moves to Deal With Financial Crisis

WASHINGTON (AP) – The Federal Reserve announced late Sunday several steps to cope with the worst U.S. credit crisis in decades, including broadening the types of assets that investment banks can put up to get emergency loans from the Fed.

Gov’t Blocks Severance For Fannie, Freddie CEOs

WASHINGTON (AP) – The federal government will not pay the ousted chief executives of mortgage finance companies Fannie Mae and Freddie Mac up to $24 million in exit packages.

THM to Build Nursing Facility Near Downtown

1513 N. Second St., Memphis, TN 38107, Permit Amount: $12.5 Million -
Harbor View Properties Inc., a division of Parsons, Tenn.-based Tennessee Health Management Inc., has filed a building permit with the city-county Department of Construction Code Enforcement to build a 120-bed, 82,000-square-foot nursing and assisted-living facility on North Second Street, near Pear Avenue and just south of North Mud Island Road.

Local Weather
Currently
Memphis, TN
61.0°F
Mostly Cloudy
Wind: South at 9.2 mph
Humidity: 34%

EVENTS

The Memphis Regional Chamber’s Metro Business Council will hold the annual Fall Sales & Marketing Summit today at 11:30 a.m. at Hilton Memphis, 939 Ridge Lake Blvd. The theme will be “Winning Strategies for Winning Clients” and will feature a panel of sales and marketing specialists. For more information, contact Angela Michaels at amichaels@memphischamber.com or 543-3546.

more events »

Wall Street Crisis Could Put Fed Rate Cut in Play

WASHINGTON (AP) - Wreckage from a massive crisis on Wall Street could prompt the Federal Reserve to do an about face and once again cut a key interest rate this week or possibly later this year, economists said Monday.

World Markets Tumble on Lehman News

PARIS (AP) - World stock markets turned sharply lower Monday after a double-fisted blow from Wall Street - news that Lehman Brothers had filed for bankruptcy and Merrill Lynch would be sold to Bank of America.

SEC Plans Measures Against Short-Selling

WASHINGTON (AP) - With Wall Street engulfed in crisis, the Securities and Exchange Commission is planning measures to rein in aggressive forms of short-selling that were blamed in part for the demise of Lehman Brothers and which some fear could be turned against other vulnerable companies.

Obama Blames Wall St. Crisis on Republican Policy

GRAND JUNCTION, Colo. (AP) - Barack Obama said Monday the upheaval on Wall Street was "the most serious financial crisis since the Great Depression" and blamed it on policies that he said Republican rival John McCain supports.

United Airlines Boosts Second-Bag Fee to $50

CHICAGO (AP) - United Airlines on Monday doubled its fee for a second checked bag to $50, citing volatile fuel prices.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 331 19,904
MORTGAGES 0 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 1 232 13,336
BUSINESS LICENSES 0 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 0 94 4,936

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