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A report Thursday by the federal regulator overseeing Fannie Mae and Freddie Mac put a new wrinkle in a common explanation for why the mortgage giants collapsed and could complicate efforts to restructure them.


Fannie Mae - Freddie Mac - United States - Mortgage loan - Real estate

The federal government wants to fine American Airlines a record $24.2 million for failing to adequately address a problem with wheel-well wiring that could cause fires in its fleet of 245 McDonnell Douglas MD-80 airplanes.



American Airlines - United States - Airline - Government - Aviation

With the economy rapidly weakening, some senior Democrats are having second thoughts about raising taxes on the nation's wealthiest families and are pressing party leaders to consider extending the full array of Bush administration tax cuts, at least through next year.



Tax cut - United States - Taxation - Politics - Republican

Foreclosures and late payments on home mortgages dropped slightly in the second quarter of this year, but sustained high unemployment and a stalled economic recovery could make the improvement short-lived.



Foreclosure - Mortgage Bankers Association - Loan - Mortgage loan - Business

Emily Laermer - The first batch of inspected restaurants in New York City received higher grades than anticipated, the Department of Health said on Thursday.

Just under half, or 49%, of the first 250 restaurants received A grades for safety and sanitary conditions, and an additional third received Bs.

That’s significantly better than the Department of Health’s estimate in March. The agency predicated that only a third of restaurants would receive the top grade, while most would get Bs.

About 8% of restaurants have been closed because of sanitation and health violations found during the inspections.

“Our goal is to reduce illnesses associated with eating food in restaurants,” said Commissioner Thomas Farley. “The restaurants appear to be taking the inspection process more seriously than they did the past.”

Through the city’s new inspection process, restaurants are given two opportunities to receive As. If the restaurant does not receive a top grade, it has the opportunity for a re-inspection within three weeks. After the initial round of inspections, 26% received As.

After the second inspection the restaurant must either post its grade, or appeal to the tribunal.

Restaurants can be docked for violations, like keeping or serving foods at the wrong temperatures, health hazards and pests, and each violation is associated with a certain point value. Restaurants with under 13 points receive As; 14 to 27 points, Bs; and above 28 points, Cs.

Nearly 10 percent of all American homeowners with a mortgage had missed at least one payment this summer, threatening foreclosure, according to fresh data released moments ago by the Mortgage Bankers Association.


Loan - Home - Business - Mortgage loan - Mortgage

TOKYO - Even by the standards of a country that has spent 20 years fretting about its economy, these are especially worrisome times in Japan. Several recent benchmarks - a succession of bad and worse news - have prompted calls for rare government intervention.


Japan - Asia - Arts and Entertainment - Social Sciences - History

Weekly unemployment claims declined Thursday for the first time in a month, but did not fall steeply enough to alleviate ongoing concern about the nation's economic recovery.


Jobless claims - Social Sciences - Economics - Unemployment - Politics

With the housing market retreating, unemployment lingering and top officials at the Federal Reserve in open disagreement over what to do, Fed Chairman Ben S. Bernanke is under rising pressure to offer solutions in an address Friday that is likely to be his most important since the end of the fina...


Ben Bernanke - Federal Reserve System - Social Sciences - United States - Asia

Sales of newly built homes dropped to their lowest level since the government started tracking the numbers more than four decades ago, with demand for home purchases down in all four regions of the country.


Business - Marketing and Advertising - Salesmanship - Tax credit - Real Estate

For years, the nation's largest companies - from FedEx and Macy's to AT&T and IBM - have opposed proposed federal rules that would make it easier for shareholders to oust directors on corporate boards. These industry giants have said that the proposed rules would be costly and hurt average in...



Business - U.S. Securities and Exchange Commission - Board of directors - United States - Institutional investor

I have my own spin to put on the news that sales of existing homes plunged 27 percent in July: Stop thinking of your home as your cash cow.


Net worth - Programming - Component Frameworks - NET - Tools

Northrop Grumman said Wednesday that it plans to lay off 642 workers at its Pascagoula, Miss., shipyard by the end of the year.


Northrop Grumman - Business - Shipyard - Maritime - Transportation and Logistics

The Carlyle Group suffered a rare setback Wednesday when one of its portfolio companies, toy supplier Oriental Trading Co., filed for bankruptcy protection, citing heavy debt and higher shipping costs.


Carlyle Group - United States - Private equity - Merrill Lynch - Latham & Watkins

Daniel Massey and Adrianne Pasquarelli - The Cake Man won't cough up the dough.

That's what the state Department of Labor is alleging in an order issued this month against Brooklyn bakery Cake Man Raven, known for red velvet cakes that are reportedly popular among celebrities like Bill Cosby, Robert De Niro and Jay-Z.

The labor department argues that the company, owner Raven Patrick De'Sean Dennis III and manager Lisa McClain have failed to respond to complaints that it owed three workers some $2,600 in unpaid wages. Because the employer was nonresponsive, interest and nearly $3,000 in penalties has been added for a total due of about $11,000.

“If we determine you owe money, and you don't come forward to pay, we're going to go ahead and assess penalties,” said Lorelei Salas, director of strategic enforcement at the state labor department. “If you don't try to resolve it, you're going to end up paying a lot more.”

Cake Man isn't the only business that has run into trouble with the labor department. Last week alone, the agency issued 25 orders to comply against employers, totaling more than $1 million in underpayments, interest, damages, and penalties for violations of minimum wage, overtime, wage payment, record keeping and other labor laws.

Cake Man has 60 days to appeal. If no appeal is lodged, the order can be converted into a judgment against Mr. Dennis, Ms. McClain and the business, and a lien can be put on their assets, Ms. Salas said.

There was no immediate response to a request for comment left at Cake Man's Fort Greene shop.

The state order is just the latest labor trouble for the bakery, which just celebrated its 10th birthday with a party in late July. One other recent labor department complaint was resolved and three more against the company still need to be addressed, Salas said. In 2008, 15 employees filed suit, alleging the company owed them $750,000 in unpaid overtime covering a six-year period.

The bakery may be facing some stiff competition from several sweet shop upstarts who have recently expanded in New York City. Right now, there are around 220 purveyors of baked goods operating in Manhattan, according to Zagat's New York City Food Lover's Guide, but many more are on the way. They're an easy fill for a vacancy, since most shops do their baking elsewhere and really only need a small storefront. Brokers estimate the average bakery needs only 600 to 1,200 square feet of space.

In Manhattan, Billy's Bakery, a favorite among celebrities such as Katie Holmes, recently opened in TriBeCa, as did 25-year-old Little Pie Co. Other bakeries expanding in the city include Belgian chain Le Pain Quotidien, Birdbath, the environmentally-friendly shop from City Bakery, California-based Sprinkles and Little Cupcake Bakeshop, which was founded in Bay Ridge five years ago. With so many more sweet options across the Big Apple, Cake Man's labor troubles could cause consumers to think twice about its red velvet delights.

Spending on big-ticket items rose less than expected in July, a sign that one of the areas of economic strength over the first half of the year -- business investment in equipment -- is starting to fade.



Durable good - Economics - Business - Social Sciences - United States Department of Commerce

A rapidly weakening economy threatens to undermine President Obama's assertion that he has set the nation on a path to prosperity and, with barely two months until congressional midterm elections, Democrats find themselves with few options for reviving the faltering recovery.


United States - Democratic - Politics - Parties - Business

Outside a hotel ballroom near Baltimore-Washington International Marshall Airport, about three dozen men and a handful of women lined up one recent morning to get a colored dot - green, blue or red - affixed to their suits and dresses.


Employment - United States - Business - Business and Economy - Job Search

Sales of previously built single-family homes plunged in July to their lowest level since May 1995 as job fears trumped low mortgage interest rates and relatively affordable home prices.


Business - National Association of Realtors - United States - Residential Housing - Construction and Maintenance