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Editorial Results (free)

1. EDGE Board Approves Two PILOTs, GMACW Merger -

The Economic Development Growth Engine for Memphis and Shelby County on Wednesday, April 19, granted tax abatements for a pair of companies with capital investment plans totaling $34 million and approved a resolution that allows the Greater Memphis Alliance for a Competitive Workforce to merge into EDGE.

2. GMACW May Become Part of EDGE -

The Greater Memphis Alliance for a Competitive Workforce would become part of the Economic Development Growth Engine organization in a proposal the EDGE board is to vote on Wednesday, April 19.

GMACW was created three years ago as part of a regional economic development plan and its efforts have include the “MemphisWorks” app of job listings and videos as well as job resumes that was launched late last year. The alliance has also explored the idea of Pathways in Technology Early College High Schools, also known as P-Tech schools that extend high school for two years beyond the senior year and offer college-level courses starting in the 10th grade for college credit.

3. GMACW To Merge With EDGE -

The Greater Memphis Alliance for a Competitive Workforce would become part of the Economic Development Growth Engine organization in a proposal the EDGE board is to vote on Wednesday, April 19.

GMACW was created three years ago as part of a regional economic development plan and its efforts have include the “MemphisWorks” apps of job listings and videos as well as job resumes with interaction between the two groups that was launched late last year. The alliance has also explored the idea of Pathways in Technology Early College High Schools, also known as P-Tech schools that extend high school for two years beyond the senior year and offer college level courses starting in the 10th grade for college credit.

4. Pauline Vernon Named Interim Director of GMACW -

Pauline Vernon, the vice president of workforce system alignment for the Greater Memphis Alliance for a Competitive Workforce, has become interim executive director of GMACW, the organization announced Thursday, Feb. 2.

5. Pauline Vernon Named Interim Director of GMACW -

Pauline Vernon, the vice president of workforce system alignment for the Greater Memphis Alliance for a Competitive Workforce, has become interim executive director of GMACW, the organization announced Thursday, Feb. 2.

6. Fenter Leaving GMACW For Marion -

The leader of the Greater Memphis Alliance for a Competitive Workforce is leaving the local workforce development effort to become superintendent of the Marion School District in Arkansas.

Glen Fenter’s resignation to take the superintendent’s position was confirmed Tuesday, Jan. 31, by GMACW. Fenter was named superintendent of Marion Schools Jan. 17, pending approval of the Marion School Board, after he was recommended by a search firm.

7. Fenter Leaving GMACW for Marion Schools Post -

The leader of the Greater Memphis Alliance for a Competitive Workforce is leaving the local workforce development effort to become superintendent of the Marion School District in Arkansas.

8. Evolve Bank Taps New Mortgage Division President -

Evolve Bank & Trust has tapped Doug Miller as the new president of its mortgage division.

He comes to Evolve with nearly 45 years of experience in the mortgage industry, a career that's included working at Wachovia Mortgage, Citicorp Mortgage, Union Planters/Regions Bank and GMAC Bank/Ally Bank.

9. Evolve Bank Taps New Mortgage Division President -

Evolve Bank & Trust has tapped Doug Miller as the new president of its mortgage division.

He comes to Evolve with nearly 45 years of experience in the mortgage industry, a career that's included working at Wachovia Mortgage, Citicorp Mortgage, Union Planters/Regions Bank and GMAC Bank/Ally Bank.

10. Memphis Leader Gains Regional Recognition -

Dr. Glen Fenter, president of the Greater Memphis Alliance for a Competitive Workforce, was recently lauded by Southern Business & Development magazine.

The regional publication named Fenter as one of its 2015 Persons of the Year for his contributions to workforce development in the Mid-South. As leader of GMAC Workforce, Fenter is working to create a pipeline of skilled workers by aligning K-12 and higher education programs with employer needs in the Memphis region. 

11. Workforce Leader Glen Fenter Gains Regional Recognition -

Dr. Glen Fenter, president of the Greater Memphis Alliance for a Competitive Workforce, was recently lauded by Southern Business & Development magazine.

The regional publication named Fenter as one of its 2015 Persons of the Year for his contributions to workforce development in the Mid-South.

12. New Website for Memphis Workforce Alliance -

The Greater Memphis Alliance for a Competitive Workforce has launched a new website, gmacw.com.

The site will function as a resource for employers to connect with skilled workers and for workers to find training programs. It also will keep the public up to date with the GMAC Workforce’s impact.

13. Ally Financial Firms Paying $198 Million for US Claims -

WASHINGTON (AP) – Ally Financial and its related companies are paying about $198 million to settle federal complaints that the companies wrongfully foreclosed on homeowners.

The Federal Reserve announced the agreement Friday with Ally Financial, the former lending arm of General Motors known as GMAC Mortgage.

14. Tennesseans Receiving Claims Forms in Settlement -

NASHVILLE (AP) – The state attorney general's office is mailing claims forms to about 37,000 Tennesseans who may be eligible to receive a portion of a national mortgage foreclosure settlement.

15. Tennessee Starting to Benefit From Foreclosure Settlement -

Tennessee homeowners have received more than $36 million in relief from March 1 through June 30 as part of a nationwide settlement reached with the country’s five big mortgage servicers.

That’s according to the office of Tennessee Attorney General Bob Cooper. The relief is in the form of loan modifications, refinances and facilitated short sales.

16. Residential Capital Seeks Chapter 11 Protection -

DETROIT (AP) – The U.S. government is hoping that Monday's bankruptcy filing by Ally Financial Inc.'s troubled mortgage business will help the company repay its government bailout faster.

17. Mortgage Fraud Reports Spike as Lawsuits Pile Up -

VIENNA, Va. (AP) – The wave of lawsuits and other demands from investors in mortgage-backed securities contributed to a big spike in reports of likely mortgage fraud during the second quarter, according to a Treasury Department report.

18. Gov't Faults 3 Lenders Over Mortgage-Aid Efforts -

WASHINGTON (AP) – The Obama administration is blaming the three largest U.S. mortgage lenders for the failures of its foreclosure-prevention program. It says they've done little to help people at risk of losing their homes.

19. Gov't Orders Lenders to Reimburse Homeowners -

WASHINGTON (AP) — The U.S. government on Wednesday ordered 16 of America's largest mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon.

Government regulators also directed the financial firms to hire auditors to determine how many homeowners could have avoided foreclosure in 2009 and 2010.

20. Aces Increases Presence With Two Leases -

Aces A/C Supply North has recently signed two leases in the region – one in Memphis and one in Jackson, Tenn.

Carrollton, Texas-based Aces, a representative of American Standard Heating and Air Conditioning, is a wholesaler of air conditioning and equipment and parts.

21. Where Fewer Foreclosures are Now Bad for Business -

CAPE CORAL, Fla. (AP) – Across the nation, troubled homeowners have cheered the news that some banks are slowing the foreclosure process to review questionable documents. Then there are places like Lee County, Fla., where not everyone is applauding.

22. Foreclosure Class Actions Pile Up Against Banks -

NEW YORK (AP) – Foreclosure-fraud class action lawsuits are starting to pile up against major banks across the country, threatening a besieged industry with billions more in potential losses.

23. Foreclosure Mess Could Threaten Banks, Report -

WASHINGTON (AP) – The disarray stemming from flawed foreclosure documents could threaten major banks with billions of dollars in losses, deepen the disruption in the housing market and hurt the government's effort to keep people in their homes, according to a new report from a congressional watchdog.

24. BofA, Citi, Wells Warn of Mortgage Lawsuits -

NEW YORK (AP) – Large U.S. banks are saying they could face rising costs related to litigation related to mortgage loans.

In regulatory filings Friday, Bank of America Corp., Citigroup Inc., and Wells Fargo & Co. warned that they are being sued by investors which could lead to losses.

25. Foreclosure Activity Up Across Most US Metro Areas -

LOS ANGELES (AP) — The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Chicago and Seattle — cities outside of the states that have shouldered the worst of the housing downturn — seeing a sharp increase in foreclosure warnings.

26. Fed Boss: Regulators Looking Into Foreclosure Mess -

WASHINGTON (AP) – Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes, Federal Reserve Chairman Ben Bernanke said Monday.

27. Obama Official Says Banks Can Restart Foreclosures -

WASHINGTON (AP) — President Barack Obama's top housing official says lenders are within their rights to resume foreclosures this month despite allegations that they erred in processing documents.

28. States' Probe of Foreclosures Could Force Reforms -

WASHINGTON (AP) – A joint investigation by every state and the District of Columbia could force mortgage companies to settle allegations that they used flawed documents to foreclose on hundreds of thousands of homeowners.

29. Foreclosures Hit Higher-Income Suburbs -

The rate of foreclosures in the suburbs surged during the third quarter, while the problem showed signs of ebbing in some of Memphis’ hardest hit neighborhoods, according to ZIP code data compiled by real estate information company Chandler Reports, www.chandlerreports.com.

30. Officials in 50 States Launch Foreclosure Probe -

WASHINGTON (AP) – Officials in 50 states and the District of Columbia have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.

31. GMAC to Review Foreclosure Documents Nationwide -

WASHINGTON (AP) – GMAC Mortgage says it will review all its foreclosures nationwide to determine whether documents contain errors. But it's stopping short of a nationwide foreclosure freeze.

32. Despite Foreclosure Halt, Mortgage Crisis Not Over -

MIAMI (AP) – For most Americans at risk of losing their homes, the brutal business of foreclosure goes on.

Bank of America halted foreclosures across the country to address paperwork problems, but three other banks did so only in 23 states. Other banks holding millions of mortgages have not suspended any foreclosures.

33. White House Doubts Need to Halt All Foreclosures -

WASHINGTON (AP) – A top White House adviser questioned the need Sunday for a blanket stoppage of all home foreclosures, even as pressure grows on the Obama administration to do something about mounting evidence that banks have used inaccurate documents to evict homeowners.

34. Foreclosure Freeze Could Undermine Housing Market -

NEW YORK (AP) – Karl Case, the co-creator of a widely watched housing market index, was upbeat three weeks ago. Mulling the economy while at a meeting at a resort near the Berkshires, Case thought the makings of a recovery were finally falling into place.

35. BofA Halts Foreclosures in 50 States -

WASHINGTON (AP) – A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states.

36. AP Analysis: Economic Stress Declined in August -

WASHINGTON (AP) – The nation's economic stress eased slightly in August thanks to lower foreclosure rates in the hardest-hit states, according to The Associated Press' monthly analysis of conditions around the country.

37. Bank Exec Checked Only Date on Foreclosure Docs -

WASHINGTON (AP) – A Wells Fargo executive has acknowledged that he verified only the dates on up to 150 foreclosure documents he signed daily.

The executive made his admission in a May deposition involving a Washington state homeowner. He said he relied on co-workers to ensure that other information in the documents was correct.

38. Tentative Consumer Deal Gives Auto Dealers a Break -

WASHINGTON (AP) — In a setback for the Obama administration, House and Senate negotiators assembling a massive financial regulation bill are on the verge of excluding auto dealers from direct oversight by a new consumer protection bureau.

39. GMAC Posts Q1 Profit, Plans to Rename Itself Ally -

NEW YORK (AP) - GMAC Financial Services on Monday posted its first quarterly profit in more than a year and announced plans to rename itself Ally Financial Inc., as the consumer lender aims to put a failed foray into the mortgage business behind it.

40. Pay Cut for 25 Top Earners at 5 Bailed-Out Firms -

WASHINGTON (AP) - The administration's pay czar said Tuesday that the top 25 earners at five companies still receiving extraordinary aid from the government's bailout fund will be paid an average 15 percent less in 2010 than in 2009 under his restrictions.

41. Gov't Eases Paperwork for Loan Help Program -

WASHINGTON (AP) - Homeowners seeking relief under the Obama administration's mortgage aid program will be required to provide proof of their incomes upfront, a significant reversal for the problem-plagued effort to stem the foreclosure crisis.

42. Fed Paid Record $46.1B to Treasury Last Year -

WASHINGTON (AP) - The Federal Reserve paid a record $46.1 billion in earnings to the U.S. Treasury Department last year, reflecting gains as the central bank bulked up its portfolio of securities to revive the U.S. economy and fight the financial crisis.

43. Federal Reserve Posts Record Profits for Last Year -

The Federal Reserve generated record profits last year, reflecting money made off its extraordinary efforts to rescue the country from the worst economic and financial crisis since the 1930s.

The central bank announced Tuesday it logged a record windfall of $52.1 billion. Of that total, a record of $46.1 billion gets turned over to the Treasury Department.

44. AP Source: Gov't Moves Closer on Fresh Aid to GMAC -

WASHINGTON (AP) - A person with knowledge of the matter says the government is moving ahead on a fresh multibillion dollar cash infusion to stabilize auto financing company GMAC Financial Services.

45. Lending Biz At a Standstill -

Rick Wood, senior vice president for Financial Federal Savings Bank, recently gave a speech about the drastic decline in institutional lending for commercial real estate loans.

46. Fed: GMAC to Receive More Bailout Money -

WASHINGTON (AP) - The Federal Reserve reported GMAC is the only one of 19 stress-tested banks that needs more capital to withstand a future downturn.

The Fed says GMAC is expected to get more taxpayer money from the $700 billion financial bailout. The finance company is negotiating with Treasury over how much it will receive.

47. GMAC Financial Services Q3 Loss Narrows -

NEW YORK (AP) - GMAC Financial Services, the main lender for General Motors Co. and Chrysler Group LLC, said Wednesday its loss narrowed to $767 million in the third quarter, as its auto lending unit made money while its home mortgage unit reported another loss.

48. Treasury, GMAC in Talks for 3rd Round of US Aid -

NEW YORK (AP) - GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the auto industry.

49. House Panel's Probe Targets Big Mortgage Lenders -

WASHINGTON (AP) - A House panel is investigating the role of mortgage lenders in the financial crisis and is seeking information from some of the biggest U.S. companies to determine if they used deceptive practices to lure borrowers into the housing boom.

50. US Plans Big Pay Cuts at Bailout Firms -

WASHINGTON (AP) - The Obama administration plans to order companies that received huge U.S. government bailouts last year to sharply cut the compensation of their highest paid executives, according to a person familiar with the decision.

51. Bailed-Out Companies Detail New Expense Policies -

WASHINGTON (AP) - Companies that received billions of dollars of government aid have published policies meant to limit lavish expenses, new rules that follow reports of costly private jets, spa retreats and other corporate excess at firms receiving taxpayer money.

52. GMAC to Offer Leases on Some Vehicles -

DETROIT (AP) - GMAC Financial Services reported Monday it will offer a leasing option on select vehicles to drivers in 45 states.

GMAC officials said that its improved funding flexibility, the completion of General Motors Co.'s financial restructuring and higher used car values have made leasing a viable financing option again.

53. Mortgage Aid Program Helping Fraction of Borrowers -

WASHINGTON (AP) – The government’s $50 billion program to ease the foreclosure crisis is helping only a tiny fraction of struggling homeowners.

As of July, only 9 percent of eligible borrowers had seen their mortgage payments reduced. And a progress report on the plan Tuesday showed 10 lenders had not changed a single loan.

54. US Gov’t Seeks to Rein in Executive Pay -

WASHINGTON (AP) – The Obama administration is taking a half-step toward taming U.S. executive pay. Some lawmakers prefer a fuller stride.

Democrats on the House Financial Services Committee said Thursday the administration’s efforts to hector the private sector into reining in executive pay might not go far enough.

55. Banks Earned $7.6B in Q1 -

WASHINGTON (AP) – The nation’s banks turned a profit in the first quarter, but the number of problem banks jumped to more than 300, the government reported Wednesday.

The Federal Deposit Insurance Corp. said higher trading revenues at big banks helped the industry earn a $7.6 billion profit in the January-March period, compared to a record loss of $36.9 billion in the fourth quarter. The profit was 61 percent below the $19.3 billion earned in the year-ago period and followed the first quarterly loss in 18 years.

56. GMAC Receives $7.5B in New Treasury Aid -

NEW YORK (AP) - The U.S. government could eventually own a majority stake in GMAC Financial Services following its latest $7.5 billion aid package to the ailing auto financing company.

To keep loans flowing to would-be buyers of GM and Chrysler vehicles and shore up its capital position, the Treasury Department agreed Thursday to provide GMAC with $7.5 billion in loans. The new aid marks the second time the government has stepped in to prop up the former lending unit of General Motors Corp.

57. Chrysler Exec Says Sales OK Despite Bankruptcy -

DETROIT (AP) - Chrysler LLC's Chapter 11 filing so far doesn't appear to be affecting May sales, a top executive said Wednesday.

58. AP Sources: US Mulls Fresh Aid to GMAC -

WASHINGTON (AP) - The government is close to providing auto lender GMAC with billions of dollars in fresh aid, according to people with familiar with the matter.

The cash infusion is intended to help the company make loans for General Motors Corp. and Chrysler LLC vehicles. The people spoke on condition of anonymity Thursday because they were not authorized to speak before a formal announcement by the Treasury Department.

59. Judge OKs Use of $4.96B in Financing -

NEW YORK (AP) - A bankruptcy judge ruled Wednesday that Chrysler can use $4.96 billion in government loans to keep operating and create a bridge to the sale of its most valuable assets to Italy's Fiat Group SpA.

60. Bank Stock Offerings Weigh on Financial Shares -

NEW YORK (AP) – KeyCorp, which is among 10 major U.S. banks ordered by the government to raise more capital as a buffer against future losses, joined several other banks Monday in announcing public stock offerings.

61. 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.

The so-called stress tests – a key Obama administration effort to boost confidence in the financial system – showed nine of the 19 biggest banks have enough capital to withstand a deeper recession. Ten must raise a total of $75 billion in new capital to withstand possible future losses.

62. Bank Stress Tests Show Some Banks Need More Funds -

WASHINGTON (AP) - Some of the largest U.S. banks will be scrambling to demonstrate that they can raise capital after results of government stress tests leaked out, showing many need more funds. The Treasury Department will officially release results later Thursday.

63. Chrysler Files for Chapter 11 Bankruptcy -

WASHINGTON (AP) – Chrysler LLC filed for bankruptcy protection Thursday and will form an alliance with the Italian carmaker Fiat Group SpA in an effort to revive the U.S.’ ailing third-largest automaker.

64. GM, Chrysler to Get Up to $5.5B More From Gov't -

DETROIT (AP) - General Motors Corp. could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday.

65. Commercial Real Estate Hangs on for Dear Life -

The pulse of commercial real estate is barely detectable, but the fact that it’s still registering a beat is remarkable considering the trauma it’s suffered over the past year.

From March 2008 through February 2009, commercial sales in Shelby County declined 35 percent compared to the prior 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

66. French’s Bankruptcy Follows Steep Revenue Drop -

The president of a technology firm who is a close political ally of Memphis Mayor Willie Herenton and whose company has performed contract work for the city of Memphis for several years has filed for Chapter 11 bankruptcy protection.

67. GMAC Swings to Profit On Gain From Debt Exchange -

GMAC Financial Services reported Tuesday it swung to a $7.46 billion fourth-quarter profit as proceeds from a huge debt swap more than offset billions of dollars in losses at its auto-financing and mortgage businesses.

68. Financial Sector Still on Shaky Ground -

Turbulent and topsy-turvy, crazy and chaotic. Of all the adjectives that could be applied to the financial services industry, perhaps the most appropriate description is “troubled” – as in Troubled Asset Relief Program (TARP), the federal bailout program designed to infuse needy banks with capital.

69. Tight Credit Put Squeeze On ‘08 Commercial Real Estate Sales -

As with the residential sector, 2008 was a year to forget in commercial real estate, which suffered declining sales and endured a nationwide credit crunch throughout the year.

“The big storyline in ’08 was that lenders weren’t lending,” said Johnny Lamberson, senior vice president at CB Richard Ellis Memphis. “It put a real tightening on deals getting done. If deals weren’t highly leveraged, as the year went on it became harder and harder to get transactions closed because nobody was lending money.”

70. GM Official Says Cash Could Run Out by March 31 -

DETROIT (AP) - The target date for General Motors Corp. to get its second installment of government loans passed last week, but a top company executive says he expects the money to arrive in the next several days.

71. Kashkari: US Financial System 'More Stable' -

WASHINGTON (AP) - The head of the government's $700 billion financial rescue program said Thursday that the effort has made the United States' financial system more stable.

Neel Kashkari, the assistant treasury secretary in charge of the bailout program, said the program had made remarkable progress since it was passed by Congress on Oct. 3.

72. Treasury Provides $15B from Bailout Pot to 7 Banks -

WASHINGTON (AP) - The government said Monday it had supplied another $15 billion to seven U.S. banks in the latest round of payments from the $700 billion rescue fund.

The Treasury Department said the biggest payment in the new round totaled $7.58 billion to Pittsburgh-based PNC Financial Services Group Inc.

73. Toyota, Honda Lead Declines in Dec. Auto Sales -

DETROIT (AP) - Toyota and Honda's U.S. sales fell more than their U.S. competitors' in December, with Toyota's 37 percent decline and Honda's 35 percent drop showing the Japanese company's popular fuel-efficient models were little help as consumers steered clear of showrooms due to the dismal economy.

74. GMAC Gives Up Some Car Financing -

DETROIT (AP) – GMAC will no longer have exclusive rights to provide low-interest loans to people who buy General Motors Corp. vehicles, and it will stop financing leases under a complex deal to get federal aid for the troubled lender.

75. GM Offers 0% Financing In Big Sales Push -

General Motors Corp. officials said Tuesday the company will offer financing as low as zero percent over the next week for several 2008 and 2009 models as the automaker makes a big year-end sales push.

76. GMAC Receives $5B in Bailout Funds -

WASHINGTON (AP) - The Treasury Department said that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., in a move that's expected to stave off a bankruptcy protection filing at the company but also severely limit GM's control over it.

77. GMAC Stays Mum On Bailout Hurdle -

Days after the passage of a key deadline, the financing arm of General Motors Corp. was silent as of press time Monday on if it cleared a final hurdle to become a bank-holding company and gain access to billions in federal bailout money.

78. GMAC Shift Means Less Control For GM, Cerberus -

GMAC Financial Services’ transition into a bank holding company should buy the troubled lender some time to turn itself around, but the cost is a loss of control for its owners General Motors Corp. and Cerberus Capital Management. It also raises a number of questions, inclu­­ding who will control GMAC going forward and how much its business model might change.

79. Sunrise Buick Buys Collierville’s Bill Heard Dealership -

4605 S. Houston Levee Road
Collierville, TN 38017
Sale Amount: $10 million

Sale Date: Dec. 2, 2008
Buyer: Sunrise Buick Pontiac GMC at Collierville LLC
Seller: Eagle Land Co. LLC
Loan Amount: $10 million
Loan Date: Dec. 2, 2008
Maturity Date: Jan. 1, 2014
Lender: GMAC Bank

80. GMAC Extends Deadline for Tender Offers -

NEW YORK (AP) - GMAC Financial Services, the financing arm of General Motors, said Wednesday that its bid to become a bank holding company and qualify for aid under the government's $700 billion bank rescue plan may be in danger because it hasn't raised the capital needed to meet federal requirements.

81. Former Bill Heard Dealership Sells for $10 Million -

The former Bill Heard Chevrolet dealership in Collierville has sold for $10 million. Eagle Land Co. LLC, which shares a Columbus, Ga., address with Bill Heard Chevrolet Inc., has sold the property at 4605 Houston Levee Road to Sunrise Buick Pontiac GMC at Collierville LLC.

82. GMAC Files for Bank Holding Status -

DENVER (AP) - GMAC Financial Services, the financing arm of General Motors, said Thursday it applied to become a bank holding company, making it eligible for aid under the government's $700 billion bank rescue plan.

83. GM Oct. Sales Fall Nearly Half; Ford Drops 30 Pct -

DETROIT (AP) – General Motors' October U.S. sales plunged 45 percent and Ford's dropped 30 percent, as low consumer confidence and tight credit combined to scare customers away from showrooms.

84. Auto Industry Girds for Another Weak Sales Month -

NEW YORK (AP) - The auto industry is preparing to report yet another month of rapidly slowing sales – possibly the worst in decades – as the same toxic combination of the credit crunch and the careening economy continue to keep consumers away from dealerships.

85. Credit Markets See More Gradual Improvements -

NEW YORK (AP) - The government's efforts to crank open the credit markets have led to some mild improvements in lending rates and Treasury bill yields. But it will probably take months, and perhaps a few years, before lending returns to healthier levels.

86. Bill Heard Enterprises Files for Bankruptcy -

The nation’s largest Chevrolet dealer has filed for bankruptcy protection against a “perfect storm” of woes including soaring gasoline prices, declining demand for big vehicles and the nationwide credit crunch.

87. Collierville Car Dealership Might be Sold -

In the wake of news Wednesday that Bill Heard Enterprises Inc. plans to shutter the 13 dealerships it still operates, the word among Collierville town officials is that Collierville’s Bill Heard dealership is being sold rather than closed.

88. Jobless Claims Drop, Trade Gap Surges -

WASHINGTON (AP) – New applications for unemployment benefits fell less than expected last week, the U.S. government announced Thursday, as the struggling economy continues to take a toll on workers.

89. Jobless Rate Jumps To 5-Year High -

WASHINGTON (AP) – The nation’s unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.

90. US Jobless Claims Jump, Productivity Soars -

WASHINGTON (AP) – The number of newly laid off workers seeking unemployment benefits jumped unexpectedly last week, the U.S. government reported Thursday, reversing three weeks of declines.

The Labor Department reported that new applications for unemployment insurance rose to a seasonally adjusted 444,000, up 15,000 from the previous week. Economists had expected claims to drop to 420,000.

91. Big Three Auto Dealers Squeezed -

The credit crunch squeezing Detroit's Big Three auto makers is now spreading to some of their dealers, adding financial pressure to a group already strained by this year's big drop in auto sales.

The latest and most prominent example is Bill Heard Enterprises Inc., one of the largest Chevrolet dealers in the country, with 2007 sales of $2.1 billion. Earlier this month GMAC LLC, the financing company partly owned by General Motors Corp., stopped doing business with Bill Heard over concerns about financial losses related to the privately owned chain of 14 stores, Bill Heard confirmed through a spokesman.

92. Law Enforcement Takes Prostitution Fight to New Level -

The same week the city's strip clubs lost a key round in Memphis federal court, Memphis police and the Shelby County District Attorney General's office were opening another front in their campaign against prostitution.

93. GMAC Loans ResCap Mortgage Unit $468 Million -

MINNEAPOLIS (AP) - Mortgage lender Residential Capital has already tapped much of a new $750 million line of credit offered by its parent GMAC.

Bloomington-based ResCap has serious financial problems because it was a major subprime lender.

94. GMAC Dismissed From Hyneman-Bud Davis Cadillac Suit -

GMAC Financial Services Corp., the auto loan company sued late last year along with Bud Davis Cadillac Inc. by wealthy Memphis real estate developer Rusty Hyneman, has been dismissed as a defendant in the case.

95. Gwatney DealershipSells for $7.1 Million -      Russell Gwatney has sold his car dealership at 2000 Covington Pike to Jim Keras for $7.1 million via quitclaim deed. The deal comprised 12 parcels of land with the main property address as 1972 Covington Pike. It include

96. Newest Data ShowCommercial Slump -      As if taking its cue from the residential market, commercial real estate in Shelby County registered a subpar February, according to the latest data from real estate information company Chandler Reports, www.chandlerrepo

97. Coin Toss Sparks Complaint Against Judge -

A coin toss was performed during a recent hearing in Shelby County Chancery Court that was intended to solve a logistical dispute in a high-profile case brought late last year by real estate developer Rusty Hyneman.

98. GMAC LLC Reports$700 Million-Plus Q4 Loss -      GMAC LLC has reported a $724 million loss in the fourth quarter, battered by the housing slump and widespread credit crunch and sparking fears in some circles that auto-lending may be next on the list of tightening secto

99. 2007's Top RealtorsHonored by MAAR -      The Memphis Area Association of Realtors recently handed out awards at its annual gala, including one to John Linthicum of Crye-Leike Inc., who was named 2007 Realtor of the Year. Randy Jefferson of The Hobson Co. Realto

100. Auto Loans Not Affected BySubprime Woes, GM Exec Says -      General Motors Corp.'s top finance executive said Sunday he doesn't see the subprime mortgage mess spreading into auto loans at the company's former credit arm, GMAC financial services.