Clarion-Ledger from Jackson, Mississippi • Page 1

Perfect Pats New England resumes its road to perfection against Jacksonville, 1C Social justice Galloway pastor, returning to native South Africa, leaves impression, ID Real Mississippi Mississippi Saturday, January 12, 2008 Jackson, Miss. clarionledger.com A faculty member from the school in Caledonia looks over the remains of the gymnasium on Friday. The school is expected to reopen late next Bank rescue could payoff Bank of America's Countrywide Financial buy may ease mortgage crisis Rick Guy The Clarion-Ledger Week Sifting through destruction The Associated Press WASHINGTON Bank of America's $4.1 billion rescue of Countrywide Financial could help stem economic turmoil by giving global investors more confidence in the battered U.S. mortgage industry. It also bolsters arguments that government intervention isn't the only way to assist struggling companies and settle nervous credit markets.

But experts say it's hardly a total fix for the U.S. housing mess, as investors are still jittery about looming losses in mortgage-related investments. The threat to homeowners isn't over yet, either, analysts say, as 1.8 million sub- Bank of America CEO gambles, 6B prime mortgages made to borrowers with poor credit are scheduled to reset to higher rates this year and in 2009. "Hopefully this is a signal that things are a little bit better," in the housing and mortgage sector, said Torsten Slok, senior economist with Deutsche Bank in New York. Still, investors weren't too reassured on Friday.

The Dow Jones industrials finished down nearly 250 points as investors feared that the financial sector's troubles with bad credit won't be over soon. Shares of Countrywide dropped $1.42, or more than 18 percent, to $6.33 on Friday, while shares of Bank of America Corp. slipped 80 cents, or 2 percent, to $38.50. Countrywide had been the source of much worry because of its enormous size. It was the largest U.S.

See DEAL, 6 A Rick GuyThe Clarion-Ledger Members of the Clardy family and some of their friends look over the 100 houses damaged or destroyed when a tornado passed through the remains of their home Friday in Caledonia. It was among the more than area a day earlier. House, Senate races draw crowded fields Caledonia residents thankful lives spared, wonder what's next Officials, victims assess damage left by tornadoes 5 Number of tornadoes that struck the state By Richard Lake riakeciarionledger.com By Katherine Crowed kcrowellclarionledger.com 4 Emergency workers and residents will be busy again today picking up debris from tornadoes and severe thunderstorms that ripped across more than 100 miles through central and north Mississippi. The National Weather Service said at least five tornadoes struck WHLINE Thursday but was still waiting on Number of counties included in governor's emergency clarlonledgef.com By Natalie Chandler natalie.chandlerclarionledger.com and Leah Rupp leah.ruppclarionledger.com The deadline to enter congressional races ended Friday with a well-known state lawmaker announcing his candidacy, three longtime incumbents with opponents, and crowded fields in two districts that will have new representation. Mississippi's four U.S.

House EleCtiOn seats and two Senate positions are ftftrtft up. Democrats voiced confidence awU II they will regain positions that Repub-mrryS lican U.S. Reps. Roger Wicker and Chip Pickering are leaving. They also like their chances in a special election to fill retired Sen.

Trent Lott's seat. But political experts said challenges remain. Republicans pointed to their recent success in capturing all but one of the eight statewide offices. In the 1st District seat that Wicker held, three Republicans and five Democrats qualified. Wicker was appointed to replace Lott until a special election is held.

On the GOP side, Greg Davis of Southaven, Glenn McCullough Jr. of Tupelo and Randy Russell of Oxford are running. Democrats include Travis Childers of See CONGRESS, 6A Gallery: Caledonia damage Gallery: McCool damage Video: Attala County CALEDONIA This Sunday morning, all eyes will be on Shane Meredith as he preaches. He knows there will be questions behind those eyes. "Why here?" "Why us?" "Why did God let this happen?" "A lot of people will blame God for this," Meredith said Friday, standing outside the ruins of his church, the Caledonia Church of Christ.

"But God allows things to happen that we don't understand." Certainly, no one understands this. The tornado that ripped this town in half Thursday did more than lift a school bus into the air, more than slam Theresa Clardy against a wall, more than twist Bobby Edmondson around in a pickup and more than just scare the children. It also offered lessons. It brought people together. It forced people to confront the kind of questions that cannot be answered.

"Best way to sum it up," said Mayor Bill Lawrence, "is an awful lot (of) destruction and no deaths." More than 100 houses were damaged or destroyed by the tornado, which struck a half-hour before school was let out See CALEDONIA, 7A reports from Caledonia, one of the hardest-hit spots. The Weather Service late Friday also was working to finalize damage reports and determine the path size of the tornadoes. The storms are thought to have contributed to two traffic fatalities. Dozens of people were injured. Two low-level tornadoes struck in Macon in Noxubee County and 2 Number of traffic fatalities linked to storm one in Neshoba County.

A strong tornado pounded through Goodman in Holmes County as the storm moved northeast Thursday afternoon. About 1,100 residents lost power in Goodman, a town of about 1,250 in eastern Holmes County. Entergy See STORMS, 7 A 6B DearAbby 4D Opinion 9A CORRECTIONS If The Clarion-Ledger publishes an error, we will correct it. To report an Classified IE Deaths 4B Southern Style 1D Comics 4D Horoscope 6D Sports 1C Crosswords 6D.3E Metro State 1B TV listings CD Serving Mississippi families and MORE INSIDE One thing never changes in presidential politics: Promising change, 2A Attorneys say DNA evidence could free man imprisoned for 1 5 years, 1 62 i 36 I communities for more than INDEX Metro edition Volume 1 70 No. 348 'Copyright 2008 MOSTLY SUNNY Intermittent clouds with a high near 60.

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