The new head of the government agency that oversees Fannie Mae and Freddie Mac laid out a new game plan Tuesday -- a change in direction, designed to get banks to lend more. The way it works now, Fannie and Freddie buy mortgages from banks and guarantee them. But Fannie and Freddie make banks buy them back if there’s a problem, even if it’s just a minor paperwork glitch.
Now, Fannie and Freddie will ease up. Carefully.
“Since any stumbles along the way could have ripple effects in the $10 trillion housing finance market, there’s a lot at stake in getting this right," says Mel Watt, the new director of the Federal Housing Finance Agency.
If Watt gets it right, analysts say banks will be more willing to lend to first time or low-income homebuyers. That's because they won’t be so worried about having to buy their loans back. Will Watt’s plan be enough to rev up the housing market, which has been limping along in second gear?
“Well I think it’s going to stop us from going in reverse,” says Tim Rood, a former executive at Fannie Mae, now chairman of the Collingwood Group.
But if the housing market speeds up too fast, will it overheat? Not a chance, says Guy Cecala, publisher of Inside Mortgage Finance.
“We’re still nowhere near the speed limit," he says. "If the speed limit is 65, we’re still going along at 45, but it’s better than 30 or wherever we were at before."
Cecala says, even with Watt’s changes, banks will still be cautious.
North Dakota's the land of opportunity for people looking for jobs in the oil and gas industry.
The fracking boom has transformed the western part of the state -- often overwhelming the small towns that dot the prairie. Todd Melby's been keeping track of the comings and goings of workers in the oil field.
Recently, he talked to a Razorback who moved there to make ribs for roughnecks, a guy named Oscar Everetts. You can take Oscar out of Arkansas, but you can't take Arkansas out of.... You know how it goes.
Todd Melby's series, "Black Gold Boom," is an initiative of Prairie Public and the Association for Independents in Radio.
Despite much hype, there were fewer seats for 4-year-olds in 2012-2013, leading to a decline in enrollment for the first time since researchers began examining the issue in 2002.
If you’ve ever Googled yourself and discovered some not-so-flattering photos from, say, the 2001 office Christmas party, or a break-up poem you published in the college online magazine, you’ll likely find this of interest: Today the European Union’s highest court ruled that individuals can ask Google, Bing, Yahoo, or any other major search engine to remove links that come up when their name is searched.
It's the so-called "right to be forgotten."
The European court said because search results have such a major impact on people’s lives, people should have the right to have certain material removed.
"You talked about your credit report, this is your Google report," says Danny Sullivan, founding editor of Search Engine Land. "On a personal basis, that’s a big impact for some people. There are cases where many people would be sympathetic to the idea that there’s something unflattering about them that’s also old or perhaps outdated."
One of the plaintiffs in the EU case is a surgeon, who requested the removal of a 1991 article, about an operation he’d performed that had gone badly. "There are a number of gray areas here that pit the right of the individuals to control his or her reputation against the public’s right to know," says Greg Sterling, an analyst with Opus Research in San Francisco.
What about this country? Can Americans expect to request the removal of bad haircuts and DUIs?
"No, not at all," says Sterling. "In the U.S., the First Amendment would prevent such an outcome. They [the EU] see any data associated with an individual as personal, private information and the view in the U.S. is more skewed toward making that information not the property of an individual, but something that can be utilized by other parties."
Search engine companies would not have to comply with every request, and it's so far unclear how exactly the ruling will play out.
Google told Marketplace that it was disappointed in the decision, but needed time to analyze the implications.
Following the disappearance of a Malaysian jetliner, the International Civil Aviation Organization took a step toward defining an international standard for global monitoring of aircraft.