IBD's Top 10 - Thursday (Investor's Business Daily)

Investor's Business Daily - 1 The 6th straight monthly payrolls drop was in line with forecasts, though April and May payrolls were revised lower. That bodes ill for the economy, but recessions typically have bigger job cuts. Unemployment stayed at 5.5%, defying forecasts for a dip after May's spike. Factories and home builders slashed staff. Rising jobless claims signal more job losses ahead.

Economy - Thursday (Investor's Business Daily)

Investor's Business Daily - The benchmark 30-year fixed home loan rate fell 10 basis points to 6.35%, ending a 5-week uptrend to a 9-month peak, mortgage finance giant Freddie Mac said. Weaker economic data made a Fed rate hike less likely, pushing Treasury yields and mortgage rates lower. The 15-year fixed-rate mortgage slid 12 ticks to 5.92%. The 1-year ARM fell 10 basis points to 5.17%.

Rates on 30-year mortgages drop to 6.35 percent (AP)

AP - Rates on 30-year mortgages, which had been rising for five straight weeks, posted a decline this week as signals from the Federal Reserve eased worries about imminent rate increases.

Housing market seen getting worse (Reuters)

Reuters - An even gloomier scenario may be in store for an already ailing U.S. housing market if the overall economy slips into a recession, according to UBS Securities analysts.

German subprime-hit bank IKB posts lower annual loss (AFP)

AFP - The German bank IKB, which flirted with bankruptcy after the US subprime housing crisis erupted, posted Thursday an annual loss of just 24 million euros (38 million dollars) owing to a favourable tax effect, it said.

LA, Miami foreclosures more than double: report (Reuters)

Reuters - New foreclosures almost quadrupled in Los Angeles and more than doubled in Miami in the second quarter from a year ago, with over $5 billion of mortgages turning sour in LA alone, real estate research firm PropertyShark.com said.

Paulson says US economy enduring 'rough period' (AFP)

AFP - US Treasury Secretary Henry Paulson said Wednesday that the US economy was enduring "a rough period" and warned that home foreclosures would likely remain high in the near future.

Schwarzenegger backs mortgage default warning bill (Reuters)

Reuters - Amid a surge in foreclosures in California, Gov. Arnold Schwarzenegger threw his support behind a bill on Wednesday that would require mortgage lenders to give a 30-day notice to borrowers falling behind on payments before filing default notices.

British home builder Taylor Wimpey crumbles in value (AFP)

AFP - Home builder Taylor Wimpey fought for its survival on Wednesday as its share price tumbled by more than half after the group failed to secure a refinancing package, traders said.

Home builder Taylor Wimpey sees shares collapse (AFP)

AFP - Home builder Taylor Wimpey faced collapse after its shares plunged by more than half on Wednesday, having failed to secure a refinancing package to help it weather a downturn to the housing market, traders said.

British construction activity falls (AP)

AP - Construction activity in Britain declined in June at the fastest rate in 11 years, a supply institute said Wednesday, and a major home builder said it had been unable to raise more capital — both signs of worsening conditions in the battered housing industry.

Shares in UK's Marks & Spencer dive 22 percent (AP)

AP - Shares in British food and clothing retailer Marks & Spencer PLC plummeted Wednesday after the company reported that home market sales fell 5.3 percent in the first quarter as the domestic economy slows.

U.S. Housing Market Slows, But Rest Of The World Wants Cable (Investor's Business Daily)

Investor's Business Daily - The electrical grid in the U.S. delivers power along millions of miles of cables to neighborhoods and businesses. Electricity plays a critical role in U.S. society and is vital to the nation's economic strength.

BofA completes deal for Countrywide Financial (AP)

AP - Bank of America Corp. completed its purchase of Countrywide Financial Corp. Tuesday, making the Charlotte-based bank the nation's leading mortgage originator and servicer.

Gov. pushing plan to help struggling NC homeowners (AP)

AP - Gov. Mike Easley called on state lawmakers Tuesday to make up for the federal government's inaction by approving a measure to help some struggling North Carolina homeowners by giving them more latitude to repay their debt.

Bush says can reach deal with Congress on housing (Reuters)

Reuters - U.S. President George W. Bush said on Tuesday he believed a deal could be reached with Congress on legislation to help distressed homeowners stay in their houses.

UBS shakes up management, shares slump (AFP)

AFP - The biggest Swiss bank UBS, reeling from huge subprime losses, slashed its chairman's powers and announced four boardroom changes on Tuesday as its shares plunged to a record low point.

Florida wants settlement from Bank of America (Reuters)

Reuters - The U.S. state of Florida hopes to negotiate a monetary settlement with Bank of America Corp for what the state calls deceptive lending practices by the bank's newly acquired mortgage unit, Countrywide Financial Corp, the state attorney general said on Tuesday.

Bank of America completes acquisition of Countrywide (AFP)

AFP - Bank of America said Tuesday it completed its purchase of Countrywide Financial, the largest US mortgage lender that had been at the center of the country's subprime loan crisis.

CIT shares jump on deal to shed mortgage assets (Reuters)

Reuters - CIT Group Inc said on Tuesday it agreed to sell nearly $10 billion of mortgage assets, in a deal that removes problem loans from the commercial lender's balance sheet and lifted its shares 14 percent in premarket trading.