GE's mortgage unit slashes 20% of work force - 2007-03-09
General Electric Co.'s WMC Mortgage unit is laying off 460 staffers across the United States, making up about 20 percent of its work force, spokeswoman Brandie Young declared Friday. The mortgage lender has also ceased writing new loans to people who do not make down payments, she said. WMC is a major player in the subprime mortgage business - companies that lend money to people with less-than-stellar credit.
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U.S. Economy: Jobless Rate Drops, Easing Concern - 2007-03-09
The American unemployment rate unexpectedly dropped last month and employers added 97,000 jobs, easing worries that the U.S. economy slowdown is getting worse. The jobless rate decreased to 4.5 percent, approaching a five-year low, the Labor Department said today in Washington. Employment growth the prior month was revised higher to 146,000.
Read the full story at Bloomberg