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Fed auction pumps another $30B into banks
By Times Wires
Published February 27, 2008
WASHINGTON The Federal Reserve has auctioned another $30-billion in funds to commercial banks to fight the effects of a serious credit crisis. The Fed said Tuesday the money carried an interest rate of just over 3 percent, the lowest rate offered so far in any of the auctions. It was the sixth in a series of auctions that so far have pumped $160-billion into the nation's banking system in an effort to provide cash-strapped banks with extra reserves. The Fed's hope is that the increased resources will keep banks lending and prevent a severe credit squeeze from making the current economic slowdown worse. TAMPA BAY AREA Bank to close five Pinellas branches Washington Mutual is closing nine branches in Florida, including five of its 18 branches in Pinellas County. The company said the closures, part of 40 nationwide, are the result of a routine evaluation of performance. The Florida closings affect 55 employees, who may be considered for other jobs. After the closings, Washington Mutual will have 163 Florida branches employing 5,770 people. Condo projects' money mess builds Orion Communities, local partner in a group planning to build a Ritz-Carlton hotel and residences in Tampa, is at odds with subcontractors over two Pinellas condo projects. Companies have filed seven liens against Alta Vita Condominiums in Indian Shores and the Da Vinci development in Indian Rocks Beach for $200,000 in unpaid bills. Orion president Sandip Patel said Orion's bank was late releasing money, causing his company to put off paying subcontractors. The money is now in escrow, he said, to be paid when liens are released. The dispute has no bearing on the Ritz-Carlton project on Rocky Point, scheduled to break ground this year and be completed by 2011, Patel said. TAMPA Mortgage firm to cut 140 jobs Saxon Mortgage is eliminating the jobs of 140 employees in its Tampa office, the company said in a state filing under the Worker Adjustment and Retraining Notification Act. The company is part of Virginia-based Saxon Capital, which Morgan Stanley acquired in 2006. Morgan Stanley announced two weeks ago that it was cutting 1,000 jobs in its mortgage operations.
[Last modified February 27, 2008, 00:01:05]
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