REAL ESTATE
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REAL ESTATE
Home Foreclosures Double
The number of U.S. homes entering foreclosure doubled in the first quarter from a year earlier as property prices stagnated and owners struggled to refinance mortgages. Owners of 168,829 homes in 2007's first three months were notified that lenders had filed for foreclosure because of failure to pay loans or liens, up from 83,154 homes in 2006's first quarter, Foreclosures.com said. The firm's announcement came as the National Association of Home Builders/Wells Fargo index of homebuilders' confidence fell to the lowest level of the year.
LEGAL
Ruling on Radio Royalties Upheld
A panel of copyright judges declined to reconsider a ruling that raised the royalties that Internet radio broadcasters must pay to record companies and artists. A broad group of public and private broadcasters, including radio stations, small start-ups, National Public Radio, and major Web sites such as Yahoo and AOL, had objected to the new royalties, saying they would force a drastic cutback in services that are now enjoyed by some 50 million people. Many webcasters say the sharply higher royalty fees will put them out of business.
REGULATORS
100 Targeted in Energy Probes
The U.S. Commodity Futures Trading Commission is investigating about 100 individuals and firms, including hedge funds and utilities, over allegations of energy-market manipulation, the agency's top enforcement official said.
The number of energy-related investigations was not "at an all-time high" and is only a small portion of the 1,000 or so individuals and companies previously under investigation or facing commission lawsuits at any given time, across all markets, said Gregory Mocek, CFTC enforcement director.
MERGERS & ACQUISITIONS
Fremont General Finds Buyer
Shares of Fremont General spiked after it said it found a buyer for most of its home loan business, suggesting that the company may have found a way out of the troubled subprime mortgage industry. The lender said it is negotiating a sale of most of its residential real estate business, including a segment that collects mortgage payments and part of the firm's mortgage lending platform. The segment's $6.42 billion commercial loan portfolio has the highest concentrations in California, New York and Florida. The prospective buyer was not named. Fremont shares closed at $8.88, up $1.83.
BANKRUPTCY
