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WASHINGTON - The widening United States housing finance
crisis prompted calls in Congress on Thursday for new scrutiny
of bond insurers and credit raters, while Senate Democrats
offered a rescue plan for troubled homeowners.

WASHINGTON - Federal Reserve Chairman Ben Bernanke on Thursday held the door open to more interest rate cuts to help the struggling United States economy, but told Congress the central bank expects growth to pick up later in the year.

WASHINGTON - The recapitalization of United States bond insurers hit by the subprime crisis may occur soon, but if it fails, insurers can be forced to separate riskier activities from their municipal bonds business, New York state officials has said on Thursday.

NEW YORK - Stocks dropped on Thursday as the credit crunch surfaced unexpectedly in the municipal bond market and after the Federal Reserve chairman has said that he sees sluggish economic growth ahead.

CARACAS - Venezuela on Thursday minimized the compensation it owes Exxon Mobil Corp for an oil project, the latest volley in hard-ball negotiations that have prompted a threat to stop sending America oil.

NEW YORK - GMAC LLC, the auto and mortgage lender controlled by Cerberus Capital, may face “substantial difficulty” if credit markets do not improve, Cerberus founder Stephen Feinberg wrote in a January letter to investors, Bloomberg News reported on Thursday.

NEW YORK - Most United States consumers think domestic manufacturers no longer offer the best quality or make the most innovative products, a survey released Thursday shows.

NEW YORK - The New York Times has said on Thursday it will eliminate 100 newsroom jobs as the newspaper girds for a weaker economy and an overall decline in print advertising and circulation revenues.