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Sunday, May 15, 2011

Thieves Steal Copper Leaving Dozens Without AC - News Story - WSB Atlanta

 
Story posted 2011.05.15 at 05:13 PM EDT
wsbtv.com Mobile News
Police say metal theft is on the rise in metro Atlanta.
Recently, thieves stole copper from an apartment complex in Clarkston, leaving nearly two dozen renters without air conditioning.
The crooks didn't tamper with the AC units outside the off the building, but instead broke in a basement door to get what they were after.
Channel 2's Erica Byfield found the basement doors at the southern place apartments now reinforced with strips of wood.
"This is like the first time this has ever happened," Yolanda Edley said.
Edley is hopeful this will be enough to keep the copper thieves out.
She told Byfield her mother realized something was wrong last week when their air conditioning didn't work.
"She called the maintenance people and the people were like ‘I'm sorry. Didn't anyone tell you, but somebody came in last night and took copper wire from the AC units out of several apartments,'" Edley said.
A Clarkston police detective said within two days someone stole hundreds of feet of copper from two buildings, leaving more than 20 families without air.
"I think it was like 90 something those days, it was extremely hot," Edley said.
"It was hot. It was real hot. We have to go out and buy fans, you know, because it was so hot," Genneda Johnson said.
For her family, the theft was compounded when they noticed something else was missing.
"They stole the cable boxes too," Johnson said.
She's counting on the promise of increased patrols from police to keep this from happening again.
"We live here. This (is) our home. We want to live comfortable. It's not good, it's not good at all. I just hope they catch the person that is doing this," Johnson said.
Police detectives said those increased patrol have led to a number of stops, but so far they've not found the people responsible for the copper thefts.

Story posted 2011.05.15 at 05:13 PM EDT

Copyright 2011 by WSBTV.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Wednesday, May 4, 2011

Freddie Mac posts first quarterly gain in 2 years - USATODAY.com

Freddie Mac posts first quarterly gain in 2 years - USATODAY.com

WASHINGTON (AP) — Freddie Mac reported earning $676 million in the January-March quarter, the first time the bailed-out mortgage giant has posted a quarterly gain in nearly two years.

The government-controlled company requested no additional federal aid after receiving $13 billion over the past four quarters.

CEO Charles Haldeman attributed the net income to cost savings but did not elaborate.

The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae from the brink of failure in September 2008. The government estimates the bailouts will cost taxpayers as much as $259 billion.

But even with the net income gained, Freddie Mac posted a 29-cent per share loss attributable to common stockholders. That's because the loss takes into account $1.6 million in dividend payments to the government. That compares with a loss of $1.7 billion, or 53 cents a share, in the October-December quarter.

Analysts were quick to caution that the company's one-time gain was scant when compared with years of losses. The last time Freddie Mac posted a quarterly gain was the April-June quarter of 2009. They said they don't expect Freddie to report sustained earnings this year.

"This is not necessarily a climb to ongoing profit," said Jim Vogel, a debt strategist with FTN Financial Capital Markets. "They still have a long way to go."

Fannie and Freddie own or guarantee about half of all mortgages in the U.S., or nearly 31 million home loans worth more than $5 trillion. Along with other federal agencies, they backed almost 90 percent of new mortgages over the past year.

Fannie and Freddie buy home loans from banks and other lenders, package them into bonds with a guarantee against default and sell them to investors around the world.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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