SEC CHARGES FORMER FANNIE MAE AND FREDDIE MAC EXECUTIVES WITH SECURITIES FRAUD
The Securities and Exchange Commission today charged six former top executives of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) with securities fraud, alleging they knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.
A steering committee representing global banks and insurers is close to hiring Blackstone Group LP and two law firms to advise it on debt-swap talks with Greece, according to two people familiar with the matter. Creditors are working with the advisers to limit their losses in a debt restructuring after already agreeing to accept a 50 percent writedown on the face value of their Greek sovereign holdings.
Two-thirds of chief executives of the largest U.S. companies say they don't plan to increase hiring or will cut staff in the next six months, mainly because of sluggish growth in the United States and financial turmoil in Europe. The group predicted in its quarterly outlook survey that the economy will expand 2 percent next year. That's not enough to produce job growth. Instead, existing employees will be expected to handle any increased business.
The National Association of Realtors® (NAR) will hold a press conference next week to announce revisions to its data on sales of previously owned U.S. homes from 2007 through October 2011. Reuters is reporting that the downward revision of the multi-year accumulation of sales information is the result of double counting and will indicate a much weaker housing market than previously thought. NAR said that a benchmarking exercise had revealed that some properties were listed more than once and some new home sales may have been included in existing home sales figures.
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