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Mid-Day Recap: Treasury Ends Guarantee on Money Market Funds
The main headline this morning doesn’t come from the markets, which are mixed on light trading, but from the Treasury, which closed its guarantee on money market mutual funds as scheduled.rnThe S&P 500 is up 0.04% to 1,066, pushing the weekly gain to 2.21%. The Dow is doing better with a 0.30% gain to 9,813, and the Nasdaq is edging up 0.03% to 2,127.
FHA Commissioner: We Will Not Ask for More Money
The government agency protecting mortgage lenders against losses has been burning through its liquidity as it attempts to stem the rising tide of foreclosures, the Washington Post reported. An independent audit said the reserve fund of the U.S. Federal Housing Administration will drop below the minimum levels required by Congress, spurring talk that the agency would need to seek government assistance.rnrnAn audit last year found that the reserve fund had shrunk to 3% as of Sept. 30, compared with 6.4% a year earlier, the Post said. “The fund's value was estimated at $12.9 billion, down from $21.2 billion the previous
Mid-Day Recap: Treasury Closes Guarantee on Money Market Funds
The main headline this morning doesn’t come from the markets, which are mixed on light trading, but from the Treasury, which closed its guarantee on money market mutual funds as scheduled.rnThe S&P 500 is up 0.04% to 1,066, pushing the weekly gain to 2.21%. The Dow is doing better with a 0.30% gain to 9,813, and the Nasdaq is edging up 0.03% to 2,127.
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