AARP suing HUD over reverse mortgagesReverse mortgages pay older homeowners a regular sum against the equity in their house and are supposed to shield borrowers from economic upheaval. But AARP, the seniors' organization, filed suit Tuesday against the Department of Housing and Urban Development, which regulates reverse mortgages. The suit asserts that policy changes by HUD are pushing older homeowners into foreclosure. The case was filed in U.S. District Court by the AARP Foundation, the organization's charitable arm, and the law firm of Mehri & Skalet on behalf of the surviving spouses of three homeowners who had bought reverse mortgages. All three are facing eviction, the suit says.
Big deals both for Airbus ...International Lease Finance Corp., the world's largest aircraft leasing company, reached a preliminary agreement to buy 75 Airbus A320neo and 25 A321neo jets in a deal valued at $9.5 billion. But the leasing company said it had also canceled its commitment to buy 10 A380 superjumbo jets, dealing a blow to the flagship program of Airbus, a European plane maker.
... and for BoeingBoeing Co. won massive orders in China at the Hong Kong air show Tuesday, including the largest Dreamliner order in three years and a sales boost for Boeing's new 747-8 jumbo passenger jet. The orders for 43 widebody planes are worth nearly $6 billion after typical discounts, and more than $10 billion at list prices. Hong Kong Airlines signed a memorandum of understanding for 32 Boeing Dreamliners and six 777 freighter jets.
Rising price of gasoline gives ethanol an edgeThe unrest sweeping North Africa and the Middle East is turning into a lifeline for ethanol producers as the alternative fuel trades near its cheapest level relative to gasoline in seven months. Ethanol was 44.3 cents a gallon less than gasoline on March 3, the biggest discount since Aug. 3. That's 59 percent wider than the average discount of 27.8 cents in the past year.
Talks might lead to a T-Mobile mergerDeutsche Telekom has held talks to sell its T-Mobile USA unit to Sprint Nextel in exchange for a major stake in the combined entity, said people with knowledge of the matter. Talks have been on and off, and a deal may not be reached, said the people, who spoke on the condition of anonymity because the talks are private. The companies haven't been able to agree on the valuation of T-Mobile USA, which reported a drop in profit in the fourth quarter, the people said. A merger of Sprint and T-Mobile USA would combine the third- and fourth-largest U.S. wireless providers behind Verizon Wireless and AT&T Inc.
Facebook now offering some movie rentalsIn a first for Facebook, Hollywood studio Warner Bros. is offering online rentals of "The Dark Knight" and other movies on the social networking site. U.S. movie fans who "like" the "Dark Knight" Facebook page may rent the movie for $3 -- or 30 Facebook credits, the Palo Alto, Calif., company's virtual currency.
Jurors being chosen for insider trading trialJury selection began in New York in the trial of Raj Rajaratnam, the Galleon Group hedge fund boss who was one of the richest Americans before he was charged in what prosecutors say was the biggest hedge fund insider trading case in history.
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