Archive for July 12th, 2008

Stocks fell Friday, but closed off their lows, as fears that mortgage backers Fannie Mae and Freddie Mac would collapse eased after comments from a leading senator and talk that the Federal Reserve would open up its discount window.

The new Apple iPhone went on sale Friday morning, but early reports of problems activating the device threatened to overshadow its debut.

In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bank was taken over by federal regulators on Friday.

In the second largest bank failure in U.S. history, Pasdena, Calif.- based IndyMac was closed down on Friday, according to a press release on the FDIC's website.