PRESS DIGEST - Washington Post Business - August 7
WASHINGTON, Aug 7 (Reuters) - The Washington Post included the following items on the front page of its business section on August 7.
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Troubled mortgage giant Freddie Mac reported that its losses from foreclosures and other failed home loans nearly doubled during the second quarter, and it predicted that home prices would fall more than it previously projected, compounding its woes.
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Rep. Henry Waxman, chairman of the House Oversight and Government Reform Committee, has asked the mortgage finance giants Fannie Mae and Freddie Mac whether they know of any White House involvement in the recent decline in their share prices.
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NEW YORK - A Wall Street consortium led by Goldman Sachs managing director Gerald Corrigan recommended new standards for monitoring and managing risk, saying the financial industry must be better equipped to contain the type of widespread damage wrought by the credit crunch.
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