Patrice Hill

Takeover jolts markets, jars mortgages

Stock markets soared around the world Monday and mortgage rates dropped precipitously as investors welcomed the U.S. Treasury's move to take responsibility for the debts of Fannie Mae and Freddie Mac.

September 9, 2008

Treasury takes over Fannie, Freddie

The Treasury Department on Sunday seized control of Fannie Mae and Freddie Mac in an effort to stabilize the mortgage and global finance markets, opening the door for what likely is to be a major restructuring and downsizing.

September 8, 2008

Palin put Alaskans ahead of Big Oil, greens

Sarah Palin, now thrust into the heart of America's energy debate, has managed to confound major oil companies and frustrate environmentalists with pro-drilling policies that put the interests of Alaska and its citizens first.

September 8, 2008

Feds outline Fannie, Freddie takeover

The nation's yearlong housing and financial markets crisis entered a new and unprecedented stage this weekend as the Treasury Department prepared to take control of Fannie Mae and Freddie Mac.

September 7, 2008

Feds outline Fannie, Freddie takeover

The nation's yearlong housing and financial markets crisis entered a new and unprecedented stage this weekend as the Treasury Department prepared to take control of Fannie Mae and Freddie Mac.

September 7, 2008

Fannie, Freddie to be taken over by Treasury

The nation's year-long financial crisis entered a new and unprecedented stage this weekend as the Treasury Department prepared to take control of Fannie Mae and Freddie Mac to ensure Americans continue to have easy access to cheap mortgage credit.

September 6, 2008

Jobless rate hits 5-year high

The nation's unemployment rate surged last month from 5.7 percent to 6.1 percent, a five-year high, as nearly every sector of the economy shed jobs, the Labor Department reported Friday.

September 6, 2008

Jobless rate hits five-year high of 6.1 percent

The nation's unemployment rate surged last month from 5.7 percent to 6.1 percent, a five-year high, reflecting a steady steam of job losses in nearly every sector of economy, the Labor Department reported this morning.

September 5, 2008

Oil, gas prices fall to April levels after Gustav weakens

Oil and gasoline prices plunged to the lowest levels since April on Tuesday after Hurricane Gustav failed to wreak havoc as feared with critical oil and gas facilities in the Gulf of Mexico.

September 3, 2008

Oil price dip, rising dollar signal relief

A big drop in fuel prices and a rise in the dollar are providing a breath of fresh air for the economy, easing inflation and re-energizing consumer buying power at a critical time when the boost from tax rebates is fizzling.

August 15, 2008

Ethanol in gas won’t be halved

The Bush administration Thursday rejected pleas from a diverse coalition of ranchers, environmentalists, food and consumer groups to ease this year's spiral in food prices by halving the amount of ethanol required in gasoline.

August 8, 2008

Oil price plunge ignites market

Oil prices fell below $120 a barrel for the first time in three months Tuesday, helping to spark a stock rally that sent the Dow Jones Industrial Average soaring 331 points.

August 6, 2008

Jobless rate at 5.7%, highest in four years

Unemployment jumped to a four-year high of 5.7 percent last month, continuing its steep run-up this year as the economy steadily bled jobs, the Labor Department reported Friday.

August 2, 2008

Unemployment jumps to 5.7 percent

Unemployment last month jumped to 5.7 percent from 5.5 percent in June, continuing its sharp increase this year as the economy bleeds jobs, the Labor Department reported this morning.

August 1, 2008

Exports lead spring growth spurt

Economic growth picked up to 1.9 percent in the spring quarter.

July 31, 2008

Gas, oil costs start to decline

Gasoline prices appear to have peaked for the summer and oil prices are not far behind, thanks to significant cutbacks in driving and increases in fuel efficiency.

July 25, 2008

Fannie, Freddie rescue estimated at $25B

The Bush administration's plan to rescue Fannie Mae and Freddie Mac is likely to cost taxpayers $25 billion, the Congressional Budget Office said Tuesday, contrary to the Treasury's prediction that a bailout would be virtually cost-free.

July 23, 2008

Mortgage giant rescue could cost $25B

The cost to taxpayers of preventing the failure of Fannie Mae and Freddie Mac will be $25 billion before December 2009, the Congressional Budget Office estimated this morning.

July 22, 2008

Pickens: Oil at $300 a barrel? Maybe

Oil prices could hit $300 a barrel if the United States does not take drastic action to reduce its heavy dependence on foreign oil, but neither of the top presidential candidates is addressing the crisis, Texas oilman T. Boone Pickens said Monday.

July 22, 2008

Markets pose ‘significant challenges’

The financial crisis intensified Tuesday as top officials warned of growing risks to the economy and fruitlessly strived to contain an unraveling of financial stocks that drove major stock indexes to their lowest levels in two years.

July 16, 2008