The Obama administration outlined its plan to phase out government support of the U.S. housing finance system - and wind down Fannie Mae and Freddie Mac.¶ The plan - a sharp change of course after a decades-long campaign to extend homeownership to more Americans - would shift more of the burden to the private sector. Underwriting standards for home loans would tighten. Borrowers could face higher rates and fees as well as bigger down payments.¶ Any steps that dial back government support too dramatically - making mortgages more expensive - could extend the housing decline and lock buyers out of the market. The blueprint emphasized the importance of rental options.
Business
New York Stock Exchange was near agreement to be acquired by Deutsche Borse in a $25 billion deal that would symbolize New York's fading role in global finance.
J.P. Morgan will accept gold as collateral in some transactions, putting the metal on par with triple-A-rated Treasurys.
Toyota electronics were absolved of fault by federal highway safety officials who said driver error was to blame for most accidents involving sudden acceleration issues. Pedals and floor mats were found to have contributed. LaHood: "Toyotas are safe to drive."
Twitter's estimated valuations of as much as $10 billion raise speculation of a tech sector bubble. Twitter made $45 million in revenue in 2010.
HSBC and Lloyds will begin reporting results on a quarterly basis, joining banks across Europe in a move toward greater transparency.
Investment banks say that banks have overcharged them for currency trades.
Nokia and Microsoft agreed to partner. The software giant's Windows Phone will be adapted as the operating system for Nokia's mobile phones. Nokia's stock dropped on the news.
Hewlett-Packard outlined plans to sell a tablet computer and smartphones using Palm software after acquiring Palm last year for $1.2 billion.
Chipotle, in a widening immigration investigation, let go hundreds of workers in Minnesota.
Alliant and an EADS unit plan to partner to pitch a new 300-foot commercial space rocket, called Liberty. Initial test flight as soon as 2013.
NFL offered hundreds of fans who went without seats at the Super Bowl tickets to the 2012 championship game.
