Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.
- Federal Reserve Chairman Ben Bernanke is unlikely to unveil any new measures aimed at boosting the economy when he gives an address at Jackson Hole on Friday. [Washington Post]
- According to analysts at Wells Fargo, a dozen state economies likely contracted in July: Michigan, Nevada, Alabama, Montana, Illinois, Indiana, Vermont, Virginia, North Carolina, South Carolina, Georgia and Alaska. [Politico]
- Mortgage giants Fannie Mae and Freddie Mac “are selling hundreds — perhaps thousands — of foreclosed properties in metro Detroit for far less than they appear to be worth, a practice that leaders say is driving down local property values and weakening neighborhoods.” [McClatchy]
- U.S. mortgage applications “fell to a nearly 15-year low last week as resurgent worries about the strength of the economy kept buyers at bay.” [CNBC]
- Under the Dodd-Frank financial reform law, before mega-bank Capital One can complete its purchase of ING Direct, the Federal Reserve must examine the systemic risk of the combined company, and “if the risk outweighs the benefits of the transaction, the deal must be blocked.” [New York Times]
- Iowa Attorney General Tom Miller (D), “who is leading foreclosure settlement negotiations with the nation’s largest banks on behalf of all 50 states, abruptly removed New York Attorney General Eric Schneiderman from the coalition’s executive committee Tuesday, saying he had ‘actively worked to undermine’ the group’s efforts in recent months.” [Washington Post]
- Mega-banks State Street and JPMorgan Chase “profited during the financial crisis by borrowing $200 billion almost risk-free from the Federal Reserve under a program intended to rescue money-market mutual funds.” [Bloomberg]
- The White House said yesterday that regulatory cuts it has proposed “would save Washington more than $10 billion over five years.” [Reuters]
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