Morning Edition

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with social networking profits.

(SOUNDBITE OF MUSIC)

INSKEEP: You can get attention on the Internet. You can even draw a massive crowd in seconds. The question always is how to make money. Investors have been scrutinizing Facebook's plans to go public and trying to figure out the company's prospects.

The company will instead focus on home photo printers, high-speed commercial ink jet presses and software. Other companies may license the Kodak brand for cameras, and some disposables will still be out there.

President Obama is touting Thursday's mortgage foreclosure settlement with big banks. Nearly two million people could benefit from the landmark settlement between states and big mortgage companies. But many homeowners and former homeowners are not too excited about the deal.

The multi-billion dollar bank mortgage settlement could have some unanticipated consequences for borrowers in trouble. There will likely be an initial surge of foreclosures. Banks, freed from uncertainty over the investigation, will probably pick up the pace of home seizures. But the foreclosure rate will probably fall over the longer term as banks ease the burden on borrowers through principal reductions.

Greek politicians on Thursday agreed on massive cuts to bring their budgets in line with what the European Union has demanded. It's the latest act in a months-long drama to bring down the Greek debt load.