Your Monday Morning News Update with Paul Adler

by KY3 News

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By Gene Hartley

WASHINGTON, D.C. (AP) -- A review of regulatory documents by The AP finds the Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed. The review shows the government buckled to pressure from some of the same banks that have now failed and ignored warnings that foretold the financial meltdown.

California mortgage lender Paris Welch wrote to U.S. regulators in January 2006 warning of foreclosures and other horror stories. She lost her job about a year later in the housing implosion.

The aggressive lobbying by banks included assurances that the now troubled mortgages were okay. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone.
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OMAHA, Neb. (AP) -- An economist says he sees signs that the Midwest regional recession will rival the 1981-82 recession for unemployment. Professor Ernie Goss of Creighton University says the primary index from his Mid-America Economic Survey plunged to its second record low in two months. The November index hit 37.8, down 2.1 percentage points from October.

Any score below 50 on the index, which ranges between 0 and 100, indicates a contracting economy over the next three to six months. States in the survey are Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
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NEW YORK CITY (AP) -- It wasn't a complete disaster as some feared but Thanksgiving shopping weekend sales are looking like they only met the low end of expectations, at best. That's thanks to tempered spending by consumers and unprecedented deep discounts.

Now, the nation's merchants are struggling to find other tricks to entice financially strapped shoppers. Industry analyst Marshal Cohen says the message from consumers is they want even better deals and they're willing to wait for them.
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SPRINGFIELD -- New metal detectors and tighter security will be in place in city buildings on Monday. Everyone using the main entrance of the Busch Municipal Building during normal business hours will have to pass through security. Metal detectors at Historic City Hall will only be used during public meetings.

Council approved the installation of the new safety equipment this year.
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SPRINGFIELD -- A man charged with shooting two other men at a nightclub is scheduled to appear in court on Monday for a preliminary hearing. Johnathan Kates, 21, is charged with first-degree assault and armed criminal action.

Police say Kates shot two other men in the parking lot of the Electric Cowboy on South Campbell Avenue in October. The victims were treated for gunshot wounds to their shoulders.
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MOUNT VERNON, Mo. -- Construction will begin soon on a $6 million interchange at Interstate 44 at Missouri 39. State and local officials will ceremonially break ground for the project on Monday afternoon.

The redesign includes a new five-lane bridge over I-44 and more traffic signals. Construction is scheduled to be done next November.
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SEDALIA, Mo. (AP) -- A hunter from Sedalia bagged a big buck on the second day of firearms season but the kill caused him a lot of pain.

Randy Goodman said he thought two well-placed shots killed the 240-pound buck. When Goodman got close to the deer, the wounded animal attacked him with his antlers.

Goodman managed to fire a fatal shot and then went to a hospital with a concussion, bruises and cuts in his scalp that required seven staples.
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To see Brandon Beck's forecast, click on the video icon near the top of the page.

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