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5 Big Stories
A look back at the week in Business
By Jeff Harrington, Times Deputy Business Editor
Published December 9, 2007
1. Bush: Help on the way for troubled homeowners About 1.2-million American faced with rising rates on subprime mortgages could be eligible for relief under a plan hammered out by the Treasury Department and major mortgage lenders. What it means:The devil is in the details: only a fraction of the troubled homeowners would likely qualify for an interest rate freeze and they're subject to the blessing of their own lender. 2. Fund director steps down Coleman Stipanovich resigns as head of the State Board of Administration responsible for the Florida fund that's suffering a big run by local government depositors. What it means:The state is trying hard to restore confidence in the fund because of ties to troubled securitized loans. But investors drained more than $1-billion more when the fund was unfrozen last week, signaling ongoing concern. 3. Home Depot slashes jobs in Brandon The retailer will close a Brandon call center, eliminating about 750 jobs. What it means: The call center was used to coordinate home installation and service calls across the Eastern seaboard. To save money, that task will be handled out of individual stores. 4. Chinese official comes to Tampa touting safety Zheng Zeguang, the No. 2 guy in the Chinese embassy in Washington, tells a town hall forum that his country has made strides to ensure safety in the wake of well-publicized food and toy recalls. What it means: One of China's top priorities is to discourage any American move to protectionist tariffs. The carrot offered by Zheng: China has just created a $200-billion investment fund and is eager to spend a big chunk of that in the United States, creating jobs here. 5. Auto loan delinquencies on the rise Lenders are tightening terms as car loan delinquencies hover at a five-year high. What it means:The struggling auto industry could sink further if tight lending requirements make it tougher for some with less-than-perfect credit to buy a vehicle.
[Last modified December 7, 2007, 21:51:58]
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