New York Feels the Pinch From Wall Street Downturn (Washington Post)
NEW YORK — Wall Street’s woes are mounting. Investment banks are swamped by bad mortgage debt. Profits have fallen. Tens of thousands of jobs are being cut. And those lucrative year-end bonus checks are likely to be the stingiest in more than a decade.
Freddie Mac swings to 2Q loss (AP via Yahoo! News)
Freddie Mac on Wednesday posted a second-quarter loss more than three-times larger than Wall Street expected as more homeowners fell behind on their mortgages.