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GRE Business Report: January 10th

A look at the top business headlines.
The recent deep freeze that gripped much of the country this past week may have cost the economy about $5 billion. One business, Weather Intelligence Company, attributes that price tag to thousands of canceled flights and burst pipes from the Midwest to the Southeast. The polar vortex also kept many people home rather than working. 

Snapchat is offering an apology now to their users after a New Year's Day security breach. That exposed the phone numbers of millions of users. The Los Angeles-based start-up also released an update to its disappearing-photo app following the breach. Among other things, users can now avoid linking their usernames with phone numbers. 

A growing number of mortgage borrowers are keeping their heads above water. About 9.3 million properties, or 19 percent of all homes with mortgages were "deeply underwater" in December. That is down significantly from 26 percent last January. "Deeply underwater" is defined as a borrower owing at least 25 percent more on their mortgage than the home was worth. 
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