Ladies and gentleman, let's talk about two words that are not spelled alike and do not even sound alike.
The first is losing - (loo-zing) - to misplace, to lose, to find oneself to no longer have... (or, see dictionary.com)
The second is loosing - (loose-ing) - to make less tight, to give freedom to... (or, see dictionary.com)
Now, to the interns running the NBC4 website... let's think about this... did the truck driver make his brakes less tight before careening down the hill, or did he suddenly discover that he had no brakes? (Although partial credit for spelling "its" and "brakes" correctly.)