| Whitehouse and House Reach Agreement on Economic Stimulus Plan
Whitehouse and House Reach Agreement on Economic Stimulus Plan Fannie Mae CEO Daniel H. Mudd to Present at Citigroup's 2008 Financial Services Conference Stimulus Plan Includes GSE, FHA Loan Limit Increase -Aides - Dow Jones (FNM, FRE) Fannie Mae Redemption More News related to FNM .
Home Depot drops plan to buy bank owned by Mich.-based CMS Energy
Wal-Mart Stores Inc. had been seeking federal approval to create an industrial loan corporation but withdrew its bid in March. Industrial banks have been proliferating in recent years with 15 nonfinancial companies -- including Target Corp., UnitedHealth Group Inc., Toyota Motor Corp. and Harley-Davidson Inc. -- among their owners. Home Depot spokesman Ron DeFeo said Thursday that political or regulatory opposition had nothing to do with the company's decision to inform EnerBank this week that it would not go through with the deal. "Moving into the 2008 fiscal year, this acquisition is no longer a part of our strategy," DeFeo said, noting that the company is "focusing all of our efforts on our retail business." In August, Home Depot completed the sale of its wholesale distribution business, HD Supply, to a group of private equity groups for $8.5 billion.
Analysts predict wave of home refinancing
The economic stimulus plan agreed on Thursday could unleash a wave of mortgage refinancing that would amplify the effect of the Federal Reserve's 75 basis-point interest rate cut this week, according to analysts. While the Fed has cut rates aggressively, until now a large number of homeowners and would-be buyers have not been able to take advantage of the lower interest rates, because of high spreads in the dysfunctional secondary market for jumbo (large denomination) loans. Under the plan, the so-called conforming loan limit would be expanded for the two government-sponsored enterprises to 125 per cent of area median sales price up to a maximum of $729,750, from a current $417,000. Now more homeowners will be able to refinance or take out new mortgages in the functioning segment of the market that “conforms" to Fannie and Freddie rules.
Wall Street Eyes Housing, 4Q Earns Data
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Cramer's 'Mad Money' Recap: Stimulus-Package Stock Plays
If the proposed economic stimulus package gets approved, consumers will be spending some of their tax rebates at retailers, Cramer told viewers of his "Mad Money" TV show on Thursday. Retail stocks trade off of their same-store sales numbers, he explained, and with the comparisons from last year so low, retailers can't help but benefit. In this regard, Cramer likes such retailers as Guess (GES - Cramer's Take - Stockpickr), J. Crew (JCG - Cramer's Take - Stockpickr) and Lowe's (LOW - Cramer's Take - Stockpickr). He notes that Liz Claiborne (LIZ - Cramer's Take - Stockpickr) and Jones Apparel (JNY - Cramer's Take - Stockpickr) should also do well. And he's still a fan of Costco (COST - Cramer's Take - Stockpickr), TJ Maxx (TJX - Cramer's Take - Stockpickr) and even Urban Outfitters (URBN - Cramer's Take - Stockpickr) at these levels.
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