Richmond getting $2 million to buy foreclosed homes (Times-Dispatch)
The city of Richmond will receive $2 million to purchase and rehabilitate foreclosed homes for resale to lower-income families. The funding is part of a $17.5 allocation from the Neighborhood Stabilization Program announced yesterday by Gov. Timothy M. Kaine to address the mortgage-foreclosure problem throughout the state. Kaine allocated $7 million from the fund in April.
Family plans to buy Richmond riverfront property (Times-Dispatch)
A family says it plans to exercise its right to buy city property at the Richmond Intermediate Terminal, despite tonight’s vote by the City Council aimed at delaying the transaction an additional seven months.
Supreme Court Delays Chrysler’s Swift Sale (Washington Post)
The U.S. Supreme Court yesterday held up the sale of Chrysler’s assets to Italian automaker Fiat, at least temporarily interrupting the Obama administration’s massive and speedy restructuring of the U.S. auto industry.
A Study in Why Major Law Firms Are Shrinking (NY Times)
The reaction was swift and frantic. Partners who were staying scurried to protect their favorite workers; résumés were burnished and beamed out to recruiters.
Localities aid developers, but critics cry ‘bailouts’ (USA Today)
The federal government has committed $2 trillion in financial help to Citibank, AIG, General Motors, Fannie Mae, Freddie Mac and other large corporations and financial institutions. Now, the same thing is happening locally. Prominent businesses are seeking — and in some cases getting — cash, tax forgiveness, loans, loan guarantees and other types of aid to help survive the recession.
Government readies emergency small biz loans (Fortune)
Starting next week, struggling companies will be able to apply for up to $35,000 in debt-relief loans through a new stimulus program.