Greenspan says tried but failed to raise U.S. mortgage rates

11:51 am ET Sep 17, 2007

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Greenspan says tried but failed to raise U.S. mortgage rates

WASHINGTON
Former Federal Reserve Board chairman Alan Greenspan says he tried to
raise mortgage rates to head off a housing bubble, but the effort came
to naught because of "global forces" that had the effect of keeping
long-term interest rates low.

Northern Rock under further pressure as deposits disappear

LONDON
Shares of U.K. mortgage lender Northern Rock dropped as much as 41% on
Monday, retreating further following reports that nervous customers,
worried the bank would go under, have pulled out 2 billion pounds ($4
billion).

Futures Movers: Crude oil falls on profit-taking after record run

NEW YORK
Crude-oil futures fell early Monday as traders continued to lock in
gains following oil's rise to a record high above $80 a barrel last
week.

Microsoft appeal rejected by European court; fine upheld

SAN FRANCISCO
The European Court of First Instance on Monday rejected an appeal by
Microsoft to annul the antitrust decision by the European Commission,
upholding a fine of 497 million euros ($689 million).

Market Snapshot: U.S. stocks drop ahead of FOMC

NEW YORK
U.S. stocks fell Monday after ex-Federal Reserve Chairman Alan Greenspan
offered bleak words on the economy and a U.K. lender's ongoing trouble
added to a negative tone ahead of the Fed's interest-rate decision.