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Preview: New Home Sales Likely Fell Again in June
In May, the New Home Sales Index fell 2.5% to its second-lowest pace in 17 years, and economists expect another decline in the June report to be released Friday by the U.S. Census Bureau.

Friday's Events: U.S. Durable Goods, U of M Consumer Sentiment, New Home Sales
Friday's highlights include the release of U.S. durable goods and new home sales for June along with a final look at consumer sentiment for the United States. There are no major scheduled macroeconomic releases or events for Canada.

Thousands of Felons Issued Mortgage Licenses in Florida
Thousands of convicted robbers, forgers, even murderers are plying their trade in Florida – as mortgage brokers.

New York Sues UBS Over Auction Rate Securities
New York Attorney General Andrew Cuomo said he is suing UBS AG for misleading investors into buying auction-rate securities just five months before the market collapsed.

NY Fed's Geithner Says Judgment on Regulatory Bill Should Be Held
Testifying before the House Finance Committee, New York Federal Reserve President Tim Geithner said final judgments on regulatory reform should be reserved until crisis ends.

No End in Sight for Housing Market
U.S. existing home sales fell more than expected in June, and a third of those sales come from foreclosures, according to the National Association of Realtors (NAR) on Thursday. Economists say rising inventories suggest problems in the housing market are yet to see a turnaround any time soon.

Second Quarter Vacancy Rates Slip from Previous Quarter
The U.S National homeowner housing vacancy rate slipped to 2.8% in the second quarter, a 0.1% decline from the previous quarter's 2.9% rate, according to the U.S. Census Bureau report released on Thursday.

SEC Chairman Cox Wants More Regulatory Authority Over Investment Banks
Testifying before the House Financial Services Committee, SEC Chairman Christopher Cox said he needs more authority to have mandatory supervision of investment banks.