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REGULATORS
HUD Chief Opposes Fannie, Freddie Fund
Fannie Mae and Freddie Mac shouldn't be required to channel 3.5 percent of their profits to fund housing for hurricane survivors, the head of the Department of Housing and Urban Development said.
"I don't think we should be dictating what they do as basically quasi-private entities," HUD Secretary Alphonso Jackson, at right, told Bloomberg News.
In May, the House Financial Services Committee approved a bill that would create a profit-based affordable housing fund and a tougher regulator for Fannie Mae and Freddie Mac.
TELECOMMUNICATIONS
Nextel Partners to Take Buyout Vote
Nextel Partners, an affiliate of Sprint Nextel, set an Oct. 24 shareholder vote on whether to force Sprint Nextel into a buyout of the company.
Sprint Nextel, formed in August, is in the process of valuing Nextel Partners as part of the companies' partnership agreement.
Under a "put right," Nextel Partners can force Sprint Nextel to acquire all the Class A shares of Nextel Partners that it doesn't already own.
Sprint Nextel Raises Cost-Cutting Target
Sprint Nextel raised its forecast for cost reductions to $14.5 billion and said it will invest the savings in its mobile-phone network.
The Reston-based company said $3.5 billion of the savings will come through reduced marketing and job cuts. The proposal also includes $3.7 billion in capital spending savings.
Last December, when Sprint agreed to buy Nextel, chief executive Gary D. Forsee promised $12 billion in savings.
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