Midday Report: Banking lawyer sees more mortgage lenders going down

11:50 am ET Sep 14, 2007

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Banking lawyer sees more mortgage lenders going down

BOSTON
The subprime contagion has already forced several of the nation's
largest home lenders into bankruptcy, but a banking attorney
specializing in the mortgage industry says the carnage is far from
over.

Northern Rock gets central bank lifeline as credit squeezed

LONDON
U.K. mortgage lender Northern Rock said Friday that it needs to tap the
Bank of England for emergency funding after the credit crunch left it
struggling to raise financing, resulting in the stock losing about a
third of its value.

Economic Report: U.S. industrial output up 0.2% in August; manufacturing
lower

WASHINGTON
Output at the nation's factories, mines and utilities rose in August as
hot weather boosted utility operations, but output in manufacturing fell
0.3% in its first drop since February, the Federal Reserve reported
Friday.

Economic Report: U.S. retail sales rise 0.3%, boosted by auto sales

WASHINGTON
U.S. retail sales in August were disappointingly weak despite a strong
selling performance for cars and trucks.

Market Snapshot: Wall Street shaves losses as consumer sentiment
brightens

NEW YORK
U.S. stocks trimmed early losses Friday after a stronger-than-expected
consumer confidence reading offset weak August retail numbers and a U.K.
lender's tapping the Bank of England for emergency funds.