PRESS DIGEST - Wall Street Journal - July 15
July 15 (Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
* Treasury Secretary Henry Paulson took the lead in crafting a rescue plan for ailing mortgage giants Fannie Mae (FNM.N) and Freddie Mac (FRE.N), a move that appears to have staved off an imminent crisis but one that draws the federal government into an ever bigger role managing the American economy.
* Mortgage insurers are dramatically tightening their standards, further squeezing potential home buyers. Lenders are offering borrowers fewer ways to avoid purchasing private mortgage insurance.
* IndyMac Bancorp Inc IMB.N reopened under federal supervision and halted all foreclosures on bank-owned loans in its portfolio. The Federal Deposit Insurance Corp said it would "very aggressively" pursue loan-modification strategies for unaffordable loans.
* A $450 million film-financing deal between Viacom Inc's (VIAb.N) Paramount Pictures and Deutsche Bank (DBKGn.DE) has fallen through, the latest sign that the credit crisis on Wall Street has roiled Hollywood.
* U.S. President George W. Bush lifted an executive ban on offshore drilling that has stood since his father was president. The move puts pressure on Democrats to back more exploration for oil and drop a prohibition imposed by Congress.
* Weinstein Co has agreed to a seven-year deal to show its films via CBS's Showtime Networks, an exclusive deal that will give its movies a home on cable TV.
* Delta Air Lines Inc (DAL.N) has partnered with Sojern to offer online boarding passes that are splashed with coupons, weather information and promotions for their destinations. It's the latest move by cash-strapped airlines to generate more revenue.
* Boeing Co (BA.N) aims to stick with its original entry in the fast-tracked rebidding for a $40 billion U.S. Air Force aerial-tanker contract, but Chief Executive Jim McNerney said the company may seek to slow the process if the Pentagon changes its specifications to seek a bigger jet for the job.
* General Motors Corp GM.N is expected to lay out a series of measures designed to cut costs, including white-collar job cuts and plant closings. GM may announce new steps to improve liquidity, such as a dividend cut or reductions in executive pay.
* Intel Corp (INTC.O) is delivering the second generation of its Centrino chip technology for laptop computers, but the timing is raising questions about the back-to-school selling season
