Sallie Mae to issue $20 billion in loans Shares of Sallie Mae rose 10 percent after SLM Corp., the largest U.S. education lender, said it will provide at least $20 billion in new government-backed student loans in the coming academic year. SLM also said its wholly owned subsidiary, Sallie Mae Bank, has agreed with federal regulators not to engage in certain "co-branded marketing practices." The practices stopped last August, the Reston, Va.-based company said in a filing Wednesday with the Securities and Exchange Commission. Shares of SLM rose $1.33 to close at $14.33.
FDIC to refinance some IndyMac mortgages Thousands of troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages under a new plan from federal regulators, who seized the bank last month after it became the largest regulated thrift to fail. Most IndyMac borrowers who are seriously delinquent or in default on their mortgages and can document their situation will be able to switch into loans capped at an interest rate around 6.5 percent, the Federal Deposit Insurance Corp. said Wednesday. The FDIC has been operating the Pasadena, Calif.-based bank, which was called IndyMac Bank, under a conservatorship since July 11.
At-work deaths lowest in 16 years The number of workers killed on the job dropped to a historic low in 2007, the Bureau of Labor Statistics announced Wednesday. The number of worker deaths dropped to 5,488 last year -- the fewest since the bureau began keeping track in 1992. That's down 6 percent from the 5,840 deaths reported in 2006.
Bloomberg proposes urban wind machines New York's Mayor Michael Bloomberg has proposed putting windmills on city bridges and rooftops as part of an ambitious push for renewable energy. Bloomberg outlined his plan Tuesday night at a Las Vegas conference on alternative energy. The mayor says he'll approach private companies and investors to study how turbines can be built throughout the city. New York also issued a formal request to companies around the country for ways to build wind, solar and water-based energy sources in the city.
American starts airborne Internet service American Airlines on Wednesday began airborne e-mail, Web and other online services on some of its longer, nonstop flights. The airline is making service available for $12.95 per flight on its 15 Boeing 767-200 planes connecting New York with Los Angeles, San Francisco and Miami.
Mortgage applications near 8-year low Mortgage application volume fell last week to its lowest level in nearly eight years, the Mortgage Bankers Association said. The trade group's application index fell to 419.3 during the week ended Aug. 15, its lowest since the index hit 298.3 in December 2000, and 1.5 percent down from the prior week. Application volume is down 61 percent from its 2008 peak in February.
Mattel says Bratz and its CEO owe $2 billion The maker of Bratz dolls and its CEO, Isaac Larian, owe toy giant Mattel Inc. nearly $2 billion for stealing its conceptual drawings for the urban-themed toys, Mattel attorney John Quinn said Wednesday in closing arguments in the damages phase of a copyright infringement lawsuit. The jury ruled last month in phase one of the federal trial that the designer of MGA Entertainment's Bratz dolls, Carter Bryant, got the idea while working for Mattel.
Poor service may force sale of 3 British airports Britain's competition watchdog said it may force airports operator BAA to sell three of its seven airports around the country -- including two in London -- following fierce criticism of the company for poor customer service, overcrowding and delays.
