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Finance Latest News: Are Banks and Housing About to Get Crushed by Rising Rates?

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Finance Latest News: Are Banks and Housing About to Get Crushed by Rising Rates?

Finance Latest News: Are Banks and Housing About to Get Crushed by Rising Rates?
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Finance Latest News: Are Banks and Housing About to Get Crushed by Rising Rates?

by Wochit 0:58 mins

Are Banks and Housing About to Get Crushed by Rising Rates? The evidence is everywhere: mortgage rates are at a two-year high, applications have fallen for four straight weeks after climbing for more than a year, and Fed Chairman Ben Bernanke says he would have to "push back" if the impact of rising interest rates were jeopardizing the recovery. Banking sources say that the $4 billion loan backing Chinese pork producer SHUNG-WAY International's $4.7 billion bid for U.S. meat processor Smithfield Foods has raised $5 billion from banks so far and could rise to $9 billion. Billionaire investor Carl Icahn is offering Dell shareholders a chance to own a bigger stake in the company in hopes of thwarting an attempt by Dell's founder to buy it and take it private.

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