Unemployment in 15 states was significantly lower than the national rate of 7.3% in August, with North Dakota holding the lowest rate, 3%, according to the Bureau of Labor Statistics. Nevada's 9.5% was the highest.
The Small Business Jobs Act of 2010 includes the State Small Business Credit Initiative, which has sent states $1.5 billion to support lending to small businesses, particularly manufacturers. The fund could prompt as much as $15 billion in loans, the Treasury Department says. State entities such as the Maryland Industrial Development Financing Authority are providing financing to businesses that are having difficulty in the private-sector lending market.
The inspector general for the Federal Housing Finance Agency wants to see Fannie Mae and Freddie Mac move faster in implementing accounting changes it earlier promised. These accounting changes would require the organizations to write off estimated losses on loans on which borrowers haven't made payments for approximately six months. The accounting change is set for 2015 but the inspector general wants to see it implemented sooner.