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Starting in January, the National Credit Union Administration (NCUA) will tap a $41.5 billion pot of money approved by Congress in September to feed liquidity into corporate credit unions faced with mounting losses on securities tied to home loans and other lending. Corporate credit unions act as banks to retail credit unions, which are the institutions consumers interact with. In addition, the plan provides $2 billion for retail credit unions to cut interest rates on mortgages held by homeowners struggling to make payments. All of the funding is structured as loans and is due to be paid back. (See TIME...
While some retail credit unions located in frothy real estate regions have suffered - so far this year, 16 have been taken over by the NCUA - they have in general held up better than corporate credit unions. Some of the nation's 28 corporate credit unions moved heavily into securities tied to mortgages, car loans and credit cards. That means they are now racked by the sorts of write-downs plaguing commercial and investment banks...
...Retail and food experts say that worry over the high cost of prime meat cuts and the economic downturn have more shoppers checking out supermarket offal offerings. But the return to eating innards was under way even before this year's financial crisis, as celebrity chefs and restaurateurs have encouraged a return to cooking organs such as liver and kidneys, which once enjoyed a central place in British cooking. (See how farmers around the world prepare their crops for harvest...
...stores without incident on Black Friday. "Disney World does this every day," notes Nassau County Police Commissioner Lawrence Mulvey. "People aren't inherently interested in hurting each other." But managing crowds is not something people do well without knowledge and training. Mulvey says that his department met with local retailers, including Wal-Mart, two weeks before Black Friday to remind them that they needed to provide their own security. "We patrol the parking lot, the exteriors, but each individual store is responsible for their own security," says Det. Sgt. Anthony Repalone. "We can't be at every retail store, especially...
...Retail and Services: Nationwide, retailers experienced flat or declining sales, even as stores introduced bargains and layaway programs for people unwilling or unable to buy on credit. A large chain near New York credited the region's unseasonably cold weather for relatively decent sales of outdoor and winter apparel in November, while the only retailer to report an increase in sales in the Fourth District, which includes Ohio and Kentucky, was a national discount chain. A domestic car dealer in West Virginia told the Fed his average sales have gone from 250 cars per month to just six in November...