News Digest:
Tuesday, August 7, 2007 9:59 AM PDT
OREGON — Amtrak resuming service on Cascades route
PORTLAND (AP) — Using substitute equipment, Amtrak restored about half its Cascades route Monday between Eugene and Vancouver, B.C., and planned to restore service fully by Thursday, a spokeswoman said.
The service was interrupted last Friday after an inspection of the railcars built by Spanish manufacturer Talgo Inc. found cracks in the suspension system of a passenger car.
‘‘All the parties involved decided that, in an abundance of caution, it was the most prudent thing to do to take the cars out of service,’’ said Nora Friend, a spokeswoman for Talgo.
Lawsuit seeks to block ballot title of Oregon property measure
SALEM (AP) — Property rights advocates filed a federal lawsuit Monday seeking to strike down what they say is a biased ballot title for a measure to curb development allowed under a property compensation law voters approved in 2004.
The lawsuit asserts the ballot title prepared by the Oregon Legislature for Measure 49 is so misleading that it deprives Oregonians of their right to receive accurate information before voting.
THE NATION
American Home Mortgage files for bankruptcy
protection
NEW YORK (AP) — American Home Mortgage Investment Corp. filed for bankruptcy protection on Monday and two other mortgage lenders said they were not accepting new applications, signs that the worst housing crunch in decades could be widening.
American Home Mortgage, based in Melville, N.Y., and once the nation’s 10th largest mortgage lender, said it fell victim to ‘‘extraordinary disruptions’’ that effectively cut off the funding it needed to make new loans. Falling home prices and a spike in payment defaults scared investors away from mortgage debt, including bonds and other securities backed by home loans.
Houston-based Aegis Mortgage Corp. said it would not accept any more applications and said it could not meet all of its existing funding obligations.
Cleveland-based National City Corp. also stopped taking applications for new loans and lines of credit in its wholesale home equity unit.
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