News
Retailers report sluggish July sales (AP)
AP - The sluggish sales that have dogged the nation's retailers this year are the result of two quite different sets of problems: Consumers are cautious they're paying more for gasoline and watching their home values fall. And, the stores just don't seem to have the merchandise that people want to buy.
Subprime lender NovaStar posts big loss (Reuters)
Reuters - NovaStar Financial Inc. a
struggling subprime mortgage lender, on Thursday posted a large
second-quarter loss, hurt by rising credit losses and a
writedown of home loans still on its books.
Economy - Thursday (Investor's Business Daily)
Investor's Business Daily - The benchmark fixed 30-year rate mortgage fell 9 basis points this week to 6.59%, said Freddie Mac. The 15-year loan fell to 6.25% from 6.32%. But the 1-year adjustable rate rose 6 basis points to 5.65% and the 5-year hybrid ARM climbed 4 ticks to 6.33%. Meanwhile, Bankrate said the spread between conforming and jumbo mortgages widened sharply over the last week, from 41 basis points to 69 basis points. Banks are having trouble selling lower-quality or large, higher-quality loans to Wall St., so they're raising rates.
FTSE lower as credit worries intensify (FT.com)
FT.com - The wave of volatility in financial markets on Thursday contributed to a record number of trades on the London Stock Exchange.

