Business News

The Bush administration seized control Sunday of troubled mortgage giants Fannie Mae and Freddie Mac, aiming to stabilize the housing market turmoil that is threatening financial markets and the overall economy. Full story »

The handwritten sign informing customers that in Midtown has closed its doors for good after 20 years tells an all-too-familiar story for slumping small-chain record shops. Full story »

The banking crisis hadn't started a year and a half ago when John Spence, a longtime bank investor, approached Bill Lucado, a Memphis business consultant and former banker, about starting a fund that could buy big chunks of community banks. Full story »

The source of trouble in the mortgage market has shifted from subprime loans made to borrowers with bad credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments. Full story »

The following have been elected to the Memphis Area Association of Realtors 2009-10 board of directors: Steve Guinn, R. Darnell Tate, Michael Green, Betsy Kelly and Randy Jefferson. Landis Foy has been elected as a director for 2009 and as vice president for 2010. Full story »

HSA Commercial Real Estate bought its third property in Memphis for $9.5 million this week. Full story »

The Engineers' Club of Memphis meeting and lunch: 11:30 a.m., Holiday Inn at the University of Memphis, 3700 Central. Speaker: Phillip Brandt, vice president of Euclid Chemical Co. Topic: "Modern Concrete Technology." Fee: $14. Full story »

Before each football season, the synthetic turf at Liberty Bowl Memorial Stadium receives a shiny new paint job. But what happens to all the old paint from previous seasons? The particles that aren't removed build up over time, clogging the field's pores and hardening the surface. Led by a FieldTurf expert imported from New Orleans, the Liberty Bowl's new management team completed a project last week to remove 300 pounds of latex granule paint from the stadium floor. Full story »

WASHINGTON -- Fannie Mae and Freddie Mac are expected to be taken over by the government as soon as this weekend in a bold move designed to protect the mortgage market from the risk the companies could fail, a person briefed on the matter said Friday night. Full story »

For much of the past two years, the leaders of Memphis-based First Horizon National Corp. have been talking about their problems. On Friday, Bryan Jordan, ending a busy first week as chief executive officer, also talked about the other side of the mountain -- which First Horizon may not reach until late next year. Full story »

Managers of seven troubled RMK and Regions Morgan Keegan mutual funds have started revamping the funds' investments, but made no promises about the outcome in a conference call for investors Thursday. Full story »

Saint Francis Hospital-Bartlett has been recognized for service excellence for a second consecutive year under the J.D. Power and Associates Distinguished Hospital Program. Full story »

Schedule of business-related events in the area Full story »

The Regional Medical Center at Memphis is still negotiating the terms of its contract with consulting group, which will aim to turn around the financially struggling government-funded hospital. Full story »

Shares of mortgage finance companies Fannie Mae and Freddie Mac tumbled in after-hours trading Friday following a report by The Wall Street Journal that the U.S. government may soon step in to provide a financial boost to the two companies. Full story »