Wednesday, March 14, 2007
Cash sources dry up for subprime mortgage lenders
NEWS
Smokers take last drags as casinos crack down
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To some, puffing on a cigarette while gambling is like munching on a hot
dog at a baseball game, comfortable habits that go hand in hand. Smoking
bans in workplaces or public spaces exist in 21 states, and now casinos
are starting
to stamp out smoking, too. Next month, Atlantic City will make smoking
off-limits on 75% of the gambling floor in each of its 11 casinos.
Suicide bombers strike market, Iraqi checkpoint in Baghdad
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A suicide bomber struck a market in northern Iraq on Wednesday, killing
at least eight people and wounding 25, police said.
Bodies of Saddam's sons, grandson reburied
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The bodies of Saddam Hussein's sons and a grandson have been exhumed and
reburied near the ousted leader's grave in his hometown north of
Baghdad, tribal officials said Wednesday.
MONEY
Markets this morning: Asia does the dip again
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Asian stocks plunged Wednesday after Wall Street chalked its
second-biggest point drop in four years and rattled already nervous
markets worldwide.
Cash sources dry up for subprime mortgage lenders
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The meltdown among subprime mortgage lenders broadened Tuesday, as
shares of Accredited Home Lenders Holding (LEND) lost two-thirds of
their value and New Century Financial (NEWC) sank, with investors
fearing both would run out of
cash.
Record foreclosures reel lenders
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Late payments and foreclosures on U.S. homes rose in the fourth quarter
last year, driven by subprime borrowers with weak credit and
adjustable-rate
mortgages that rose to higher interest rates, the Mortgage Bankers
Association
said Tuesday.