Business News: Government shutdown slowing mortgage approvals

Business News

(CBS) - In Business News, The government shutdown could affect your ability to get a mortgage.

That's because banks must verify a borrower's income with the IRS, but because of the shutdown, the agency won't be available to handle the paperwork the banks need to close on the loans.

Wells Fargo, the nation's biggest mortgage lender, has already said new mortgage applications will not get completed until after the shutdown ends and when borrower's income claims can be officially verified.

(CBS) - Americans are expected to spend more this holiday season than last year.

 The National Retail Federation expects sales in November and December will rise nearly four percent to more than $602 billion.

But the group warns that could change if the government shutdown lasts causing shoppers to lose confidence in the economy.

(CBS) - Twitter has revealed plans to raise up to $1 billion in a public offering.

And for the first time potential buyers are seeing the social network's secret financials.

Documents reveal revenue more than doubled in the first half of this year. But its Ad prices, which make up the bulk of Twitter's income, are falling.

The stock is expected to start trading around Thanksgiving under the symbol TWTR.


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