Freddie Mac, a taxpayer-owned mortgage company, is supposed to make homeownership easier. One thing that makes owning a home more affordable is getting a cheaper mortgage.
But Freddie Mac has invested billions of dollars betting that U.S. homeowners won't be able to refinance their mortgages at today's lower rates, according to an investigation by NPR and ProPublica, an independent, nonprofit newsroom.
A new casino set to open in Atlantic City, N.J., has announced it will set term limits for its front-line staff. When employees' terms run out, they'll have to go through the hiring process again. The casino says the policy will keep its service fresh. Others say the company is taking advantage of a tough job market.
From bellhops to dealers, employees of the new casino — called Revel — will be hired for terms from four to six years. After that, they have to reapply for their jobs and compete against other candidates.
A majestic building still dominates the skyline of Rochester, N.Y., the word "Kodak" shining brightly from the top. It's the legacy of George Eastman — the founder of the Eastman Kodak Co. — a company that helped Rochester thrive and gave it the nickname "Kodak Town."
In 1976, Kodak sold 90 percent of the film around the world. The company basically invented digital photography, but it couldn't figure out how to make the transition from film quickly enough to out-compete its Asian rivals. Of the 20 best-selling digital cameras in the U.S., not a single one is from Kodak.
Just a few years ago, America's auto industry was on the verge of collapse. When President Obama took office, he had to decide whether to bail out General Motors or let it die. He chose to send them a lifeline, to the tune of $50 billion. In this week's State of the Union speech, President Obama said that decision paid off.
"Today, General Motors is back on top as the world's No. 1 automaker," Obama said.