Maryland Bad Credit Mortgage
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Unemployment Rate Climbed in July
Aug. 5--The job market weakened last month, with the unemployment rate rising from 4.6 percent to 4.8 percent, in the clearest sign yet that the Federal Reserve has engineered a major slowdown in the economy by imposing a sharply higher interest burden on consumers and businesses.
Most analysts now expect the Fed to refrain from raising interest rates at a meeting on Tuesday in what would be its first hiatus in two years. Market interest rates declined dramatically yesterday, reflecting the reduced chance that the Fed will take action.
The Labor Department reported yesterday that job growth slipped to 113,000 last month from 124,000 in June, suggesting the economy further decelerated this summer from an already modest pace of growth in the spring. The weakening was seen in most sectors, with no growth in retail and government jobs and manufacturing posting a loss of 15,000 positions.
Market slams NetBank after loss, halt in dividend
ATLANTA — Facing further pressure in its mortgage business — particularly on unconventional loans — NetBank Inc. swung to a loss in the second quarter and suspended its dividend payments until its financial situation improves.
Alpharetta, Ga.-based NetBank, one of the nation's largest Internet-only banks, said it lost $31.4 million, or 68 cents per share, compared with a profit of $2.3 million, or 5 cents per share, in the year-ago quarter. The results were in line with NetBank's warnings of two weeks ago, though far more than analysts' initial loss forecasts of 5 cents to 10 cents per share.
NetBank executives said earnings for the balance of the year would remain under pressure.
Investors punished the stock, sending shares down more than 26 percent in morning trading Tuesday before it rebounded somewhat to close at $5.04 per share — down 43 cents, or 8 percent.
FelCor Exceeds Second Quarter Estimates; Reports Adjusted FFO Per ...
IRVING, Texas, Aug. 8 /PRNewswire-FirstCall/ -- FelCor Lodging Trust Incorporated FCH, one of the nation's largest hotel real estate investment trusts (REITs), today reported operating results for the second quarter and six months ended June 30, 2006.
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