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MORTGAGE FINANCE
Fed Picks Securities Managers
The Federal Reserve selected four firms -- BlackRock, Goldman Sachs Asset Management, Pacific Investment Management and Wellington Management -- to manage a $500 billion purchase of mortgage-backed securities that it plans to complete by June, the central bank said.
"Only fixed-rate agency mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae are eligible assets for the program," the central bank said in a statement. "The investment managers will be required to purchase securities frequently and to disclose the Federal Reserve as principal."
Fed officials announced the program Nov. 25 and said the action was taken to "reduce the cost and increase the availability of credit for the purchase of houses."
TELEVISION
Viacom Fights Time Warner Cable
Viacom is threatening to pull MTV, Comedy Central, Nickelodeon and 16 other channels from Time Warner Cable if a new carriage-fee deal is not agreed on by the new year.
If realized, the move could shut off the channels to 13 million subscribers, said spokesman Alex Dudley, a vice president at Time Warner Cable, the nation's second-largest cable operator.
Viacom has asked for fee increases of 22 to 36 percent per channel, adding up to tens of millions of dollars per year, an amount that could increase customers' cable bills, Dudley said.
Viacom said in a statement that the increases would cost less than 25 cents a month per subscriber.
BANKRUPTCY
WaMu Confidentiality Bid Denied
A federal bankruptcy judge denied a request by Washington Mutual to keep details of certain asset sales secret. WaMu wants to sell some equity holdings and interests in venture capital funds to generate value for the company and its creditors and sought permission to redact details of asset purchase prices from sale notices that would be sent to interested parties.
