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Accredited has said it met terms of the original deal and Lone Star can’t back out due to deterioration in the broader mortgage industry. Lone Star said that as of Tuesday, 73.4 percent of Accredited’s shares had been tendered in support of the sale. Dallas-based Lone Star said Accredited still can’t meet closing terms but it was bound to extend the offer. It said Accredited’s financial health had suffered “drastic deterioration” and the mortgage lender could no longer meet closing conditions. Lone Star agreed in June to pay $400 million for Accredited but said last month it was cutting the offer nearly in half. It’s the latest twist in a dispute that appeared headed to court. Private buyout firm Lone Star Fund has extended its offer to buy troubled sub-prime mortgage lender Accredited Home Lenders holding company for two days, until midnight Friday. The interview is to be shown Sunday on CBS. Foreclosures and late payments have soared and dozens of lenders have gone out of business. Greenspan says he “really didn’t get it until very late in 20.” The meltdown in the sub-prime mortgage market has rocked financial markets. But he says he didn’t initially realize the harm they could do. In an interview to be aired on 60 Minutes, Greenspan says he was aware of sub-prime lending practices where homebuyers got very low initial rates only to see them later spike. The number of jobs created in June and July was trimmed by 81,000, indicating the labor market was not performing as well as had been thought.įormer Federal Reserve Chairman Alan Greenspan acknowledges he failed to quickly appreciate the risks posed by the boom in lending to people with bad credit, linked to both the rise and fall in housing. Analysts had been expecting an increase of 110,000 jobs, in line with growth this year. The net decline in payroll jobs in August came as a surprise. The government reported last week that employers cut 4,000 jobs from payrolls in August, the first monthly job decline in four years. It’s a further sign the economy is feeling the impact of a steep slump in housing and a spreading credit crisis. It marks the sixth increase in the past seven weeks. The Labor Department reports that new claims for unemployment benefits are up by 4,000 to 319,000. The number of laid off workers filing claims for unemployment benefits rose last week in another worrisome sign the labor market is weakening. But Democrats disagree, saying revenues are simply rebounding after sinking earlier in the decade. Republicans contend Bush’s tax cuts are a major reason government receipts are so strong now. Record flows of tax receipts have helped the government’s books, despite the housing slump that has reduced economic growth.
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The Congressional Budget Office predicts that when this budget year wraps up on September 30th, the deficit will drop by more than 36 percent from last year’s total. They’re forecasting a sizable surplus in the final month. Analysts believe the deficit for all of 2007 actually will be even lower. The Treasury Department says the deficit through the first 11 months of this budget year is down nearly ten percent from the same period a year ago. The federal deficit is running sharply lower than last year’s. ExxonMobil has been in talks with Venezuelan authorities since walking away from its operations on June 26th. The Irving-based company says the net assets have a book value of about $750 million.
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ExxonMobil requested arbitration with the International Centre for Settlement of Investment Disputes.
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The firm will delay the release of its audited financial statements for the fiscal year ending June 30th until after the internal investigation is complete.ĮxxonMobil has filed for arbitration in its dispute over assets seized by Venezuela. Texas Petrochemicals has terminated one employee, who was taken into custody by federal authorities. Payments from the company appear to have been improperly authorized. Texas Petrochemicals is conducting an internal investigation after uncovering financial inaccuracies in an audit, according to the Houston Business Journal. Texas Petrochemicals investigating financial inaccuracies…ExxonMobil seeks arbitration in asset dispute with Venezuela…Bank of America increases fees for non-customer use of ATMs…