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Housing rescue faces new delay in Congress
WASHINGTON -- A federal mortgage rescue to help hundreds of thousands of homeowners avoid foreclosure is in limbo, with the Senate about to pass a bill that has no chance of winning House approval. Democratic divisions over small but significant details are delaying the plan, despite keen interest by lawmakers in both parties to enact election-year help targeted to the housing crisis at the root of voters' anxiety. Complicating the picture is a White House veto threat. The measure is expected to pass easily as early as Thursday in the Senate, where it consistently has drawn support broad enough to overcome a veto. But then it will head back where it started, to the House, where leaders have made it clear they must rewrite key portions of it before it has any chance of passage. Martha Stewart CEO Lyne steps down NEW YORK -- Susan Lyne, who rebuilt the Martha Stewart Living business in the aftermath of the namesake founder's legal woes, has stepped down as chief executive, and the job is being split between two company executives. The management changes come as Martha Stewart Living Omnimedia Inc. navigates through a tough advertising climate and confronts a consumer, saddled with high gas and food prices, who may no longer be eager to replicate the home diva's lifestyle with all things Martha Stewart. House won't extend unemployment benefits WASHINGTON -- The House on Wednesday narrowly defeated a Democratic attempt to give unemployed Americans an extra three months of jobless benefits after the White House threatened to veto the bill. But Democratic leaders said they will immediately bring the bill back for a second vote on Thursday. The bill would have extended the average $300-a-week unemployment benefit check by 13 weeks for all Americans. Feds fine homebuilders for water pollution WASHINGTON -- Four of the nation's largest homebuilders have agreed to pay $4.3 million in fines for failing to control runoff at construction sites in 34 states and the District of Columbia, the Environmental Protection Agency and Justice Department announced Wednesday. Midwest rains push corn prices above $7 a bushel NEW YORK -- Corn prices on Wednesday surged above $7 a bushel for the first time, pushed higher by Midwest rains that have flooded fields and left farmers with the prospect of a significantly smaller crop. Corn's jump -- its fifth record in as many days -- means more headaches for consumers, who can expect higher beef, pork and chicken prices as livestock owners are forced to thin their herds and flocks to cope with higher costs for corn-based animal feed. |
