Newscast for Thursday, May 7, 2009

Bank stress tests reveal some unhealthy banks will need to raise capital
The much-anticipated bank stress test results are in today – and after two months analyzing the 19 largest banks’ books, the government’s assessment reveals that some of those banks are not healthy enough to survive any additional economic stress. That means the government will force the banks to raise more money. Leigh Ann Caldwell reports from the Capitol.

House passes new mortgage lending act
Homeowners and borrowers have moved one step closer to getting more protection from predatory lending. The Mortgage Reform and Anti-Predatory Lending Act passed in the House today would make it more difficult for home buyers to get pushed into applying for a loan they won’t be able to afford in the long run. But tougher regulations could mean smaller lenders may go out of business – and fewer mortgage companies could mean increased lending costs to consumers. Karen Miller has the full report.

Obama budget includes $1.2B for black farmers
President Obama unleashed the details of his budget, and is highlighting 17 billion dollars in program cuts for 2010. Half of the cuts come from the Defense Department. Republicans respond that the cuts make up just one quarter of one percent of the budget total of 3.6 trillion dollars. But at least one group is celebrating: black farmers. President Obama included 1.25 billion dollars to pay black farmers for years of discrimination at the US Department of Agriculture. The farmers won a civil rights lawsuit against the USDA and have been waiting for the remainder of their monetary payment.

South Ossetia refugees still displaced
Authorities in Georgia have released three activists accused of hooliganism after they protested outside the offices of what protestors said were pro-government journalists. The country’s interior ministry said the opposition protestors were released after the leader of the Georgian Orthodox Church made an appeal to the Government. Meanwhile, a second meeting planned between Georgia, Russia and South Ossetia has been canceled. South Ossetia belongs to Georgia, but has long been under separatist control and is backed by Russia. The province South Ossetia was at the center of a short war between Georgia and Russia in August. 130,000 people fled their homes to escape the fighting; of those, about 30,000 who had lived in the province of South Ossetia are still unable to return. Many now live in hastily constructed settlements, and remain dependent on foreign aid. They make up only the latest addition to the more than 200,000 people already displaced by wars fought over Georgia's breakaway provinces. Jacob Resneck reports.

Gaza residents still lack clean water as a result of Israel’s attack
Israel launched three air strikes on what it says are smuggling tunnels that connect Gaza with Egypt – Palestinian doctors say four people were injured from the strike. The attack came in response to five mortar shells fired by Gaza’s armed wing of the Hamas Party into Southern Israel. Meanwhile, the United Nations has hinted that it may reconsider war crimes investigations into Israel’s three-week attack on the Gaza strip. Gaza residents continue to live out the repercussions of those attacks. Rami Almeghari reports that tens of thousands of residents still lack running water.

Egypt moves to censor religious statements on television
There is a controversial proposal in the Egyptian parliament that would criminalize religious edicts issued by scholars on television if they do not have government permits.  Proponents of the draft law say this will help eliminate radical statements made on television. The fear, though, is that this could also lead to government control over religion and curb freedom of speech. Correspondent Aya Batrawy reports from Cairo.