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The changes on FHA loans and how they will affect borrowers and sellers (Jul-30, 23:00 EDT )-- Seller concessions What are they? Contributions that sellers kick in to help defray a buyer's costs. They can include closing costs, inspections, appraisals and free upgrades. What's changing? The FHA proposes slashing allowable seller concessions in...
The changes on FHA loans and how they will affect borrowers and sellers (Jul-30, 23:00 EDT )-- Upfront insurance premium What is it? A fee the Federal Housing Administration collects from borrowers that can be paid in cash at the closing table or rolled into the loan. Federal Housing Administration - Business - United States - Mortgage -...
Regulators close banks in Fla., Ga., Ore., Wash. (AP) (Jul-30, 21:01 EDT )-- AP - Regulators on Friday shut banks in Florida, Georgia, Oregon and Washington, lifting to 108 the number of U.S. banks to fail this year as the industry has struggled to cope with mounting loan defaults and recession.
US growth slows fueling fears over recovery (AFP) (Jul-30, 20:50 EDT )-- AFP - US economic growth slowed dramatically in the second quarter, the government has said, stoking fears that the recovery is losing steam and fueling a fierce political debate over how to respond.
House approves bill on drilling, oil spills (AP) (Jul-30, 18:38 EDT )-- AP - The House approved a bill Friday to boost safety standards for offshore drilling, remove a federal cap on economic liability for oil spills and impose new fees on oil and gas production.
Bernanke financial disclosure shows no-frills plan (AP) (Jul-30, 17:29 EDT )-- AP - Bernanke's 2009 financial disclosure shows that he mostly left his money where it has been: in no-frills annuities, U.S. Treasury securities and mutual funds.
FAA downgrades Mexico's air safety rating (AP) (Jul-30, 17:14 EDT )-- AP - Mexico's aviation safety rating was downgraded Friday due to concerns about the country's safety oversight, the Federal Aviation Administration said.
Bernanke recouped personal losses in 2009 (Reuters) (Jul-30, 16:25 EDT )-- Reuters - Federal Reserve Chairman Ben Bernanke's personal finances recovered in 2009, disclosure forms released by the central bank on Friday showed.
Bernanke recouped personal losses in 2009 (Reuters) (Jul-30, 16:25 EDT )-- Reuters - Federal Reserve Chairman Ben Bernanke's personal finances recovered in 2009, disclosure forms released by the central bank on Friday showed.
Chicago exploring lease options for Midway Airport (Reuters) (Jul-30, 16:14 EDT )-- Reuters - Fifteen months after a deal to lease Midway Airport to private operators fizzled out in a poor economy, the city of Chicago continues to keep its options for a future lease deal open.
Imports slow Q2 growth as business spending surges (Reuters) (Jul-30, 16:06 EDT )-- Reuters - U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.
Obama defends economy, takes wheel of electric car (AFP) (Jul-30, 15:56 EDT )-- AFP - President Barack Obama took to the wheel of a new electric car Friday on a Detroit-area tour of the revitalized auto industry, touting his economic policies but urging the need to do more.
FAA to downgrade Mexico's air safety rating (AP) (Jul-30, 15:54 EDT )-- AP - U.S. aviation officials are downgrading Mexico's aviation safety rating, a move that could have economic consequences for some airlines.
Bleak outlook for economy as growth slows (AP) (Jul-30, 15:53 EDT )-- AP - The economy is still growing, just not by much. And until that changes, don't look for the jobs to come back.
Obama hails news economy growing, wants more (Reuters) (Jul-30, 15:50 EDT )-- Reuters - President Barack Obama said on Friday he welcomed news that the U.S. economy grew by 2.4 percent in the second quarter, but said more work was needed to increase that growth rate and generate jobs.
Imports slow second-quarter growth (Reuters) (Jul-30, 15:49 EDT )-- Reuters - Economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.
Dollar sinks to 8-month low vs yen as growth slows (AP) (Jul-30, 15:34 EDT )-- AP - Weakening U.S. economic growth and worried comments from Federal Reserve officials drove the dollar to an 8-month low Friday against the Japanese yen.
Economy is expanding, but at slow pace, data show (Jul-30, 15:19 EDT )-- The economy continued to expand in the second quarter but at a slower rate than in the previous three months, according to new government data, as Americans remained reluctant to consume and imports soared. Economic growth - United States -...
Oil prices settle near $79 (AP) (Jul-30, 14:31 EDT )-- AP - Energy prices settled higher on a day of uneven trading after the government said the economic recovery slowed during the second quarter as consumers conserved their money.
Summary Box: Recovery loses traction in the spring (AP) (Jul-30, 14:13 EDT )-- AP - RECOVERY LOSES SPEED: The economy grew at a 2.4 percent pace this spring, its most sluggish showing in nearly a year. Growth is probably even slower now, economists said.
The government's revisions to GDP, at a glance (AP) (Jul-30, 14:08 EDT )-- AP - A look at the government's revisions to gross domestic product on a quarterly basis. GDP measures the value of all goods and services made in the United States. It is the best gauge of the nation's economic health. The first number is the new...
House takes up oil spill legislation (AP) (Jul-30, 13:54 EDT )-- AP - The House has begun debate on a bill to boost safety standards for offshore drilling and remove a $75 million cap on economic liability for oil spills.
Obama hails auto bailout as good news in Michigan (AP) (Jul-30, 13:53 EDT )-- AP - President Barack Obama on Friday heralded the recent turnaround for U.S. automakers, arguing that thousands of jobs and increased production vindicate his unpopular decision to bailout the industry.
US economic growth 'welcome sign' but more needed: Obama (AFP) (Jul-30, 13:52 EDT )-- AFP - President Barack Obama said Friday that four consecutive quarters of US economic growth was a "welcome sign" of recovery, as he touted the benefits of a government bailout for US automakers.
Obama touts auto bailout during Michigan trip (Jul-30, 13:34 EDT )-- DETROIT -- The government's bailout of the American auto industry last year sparked political hand-wringing about the end of capitalism and allegations that President Obama aspired to be CEO of what critics dubbed "Government Motors." Michigan -...
Cuomo widens insurer probe with 6 more subpoenas (Reuters) (Jul-30, 13:32 EDT )-- Reuters - New York Attorney General Andrew Cuomo has subpoenaed six more insurers as the state widens a probe into whether life insurance companies have defrauded families of deceased members of the military.
US growth slows fueling recovery fears (AFP) (Jul-30, 12:55 EDT )-- AFP - US economic growth slowed dramatically to 2.4 percent in the second quarter of this year, the Commerce Department said Friday, stoking fears that the recovery is losing steam.
ALL BUSINESS: A bright spot in a tough economy (AP) (Jul-30, 10:56 EDT )-- AP - FedEx Corp. is reversing one of the uglier corporate trends of the recession: Starting in January, it will restore matching contributions to its employees' 401(k) plans. For some workers, that means retiring with tens of thousands more dollars...
Reverse Mortgages Aren't Catching On (U.S. News & World Report) (Jul-30, 10:51 EDT )-- U.S. News & World Report - The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved,...
On the Call: AEP Chairman-CEO Michael Morris (AP) (Jul-30, 10:27 EDT )-- AP - Power companies have struggled since the recession with soft demand, particularly from the industrial sector, where they have some of their biggest customers. American Electric Power Inc.'s chairman and CEO, Michael Morris, said demand from those...
Oil prices slip on US growth slowdown (AFP) (Jul-30, 10:03 EDT )-- AFP - World oil prices fell Friday as traders digested news of a sharp economic slowdown in leading energy consumer the United States.
Recovery loses speed as consumers turn cautious (AP) (Jul-30, 09:44 EDT )-- AP - The recovery lost momentum in the spring as growth slowed to a 2.4 percent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment.
Fannie Mae portfolio grows, delinquencies decline (Reuters) (Jul-30, 09:22 EDT )-- Reuters - Fannie Mae expanded its mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May to the lowest level this year, the largest U.S. home loan purchaser said on Friday.
Consumer sentiment sags to lowest since November (Reuters) (Jul-30, 09:06 EDT )-- Reuters - Consumer sentiment plunged in July to its lowest level in 9 months on bleak prospects for jobs and income a year since the economic recovery began, a private survey released on Friday showed.
Obama to sell auto bailout good news in Michigan (AP) (Jul-30, 08:55 EDT )-- AP - President Barack Obama is going to the heart of the U.S. auto industry to push an important election-year claim: his administration's unpopular auto industry bailout has turned into an economic good-news story.
US growth slows fueling recovery fears (AFP) (Jul-30, 08:49 EDT )-- AFP - US economic growth slowed dramatically to 2.4 percent in the second quarter of this year, the Commerce Department said Friday, prompting fears the recovery is losing steam.
China overtakes Japan as No.2 economy: FX chief (Reuters) (Jul-30, 08:40 EDT )-- Reuters - China has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty.
Obama to tout auto bailout during Michigan trip (Jul-30, 08:38 EDT )-- DETROIT -- The government's bailout of the American auto industry last year sparked political hand-wringing about the end of capitalism and allegations that President Obama aspired to be CEO of what critics dubbed "Government Motors." Michigan -...
Imports slow second-quarter growth (Reuters) (Jul-30, 08:32 EDT )-- Reuters - Economic growth slowed in the second quarter as a capital investment drive by businesses sucked in imports at the fastest pace since the first quarter of 1984.
Economic growth slows to 2.4 percent pace in second quarter (Jul-30, 08:13 EDT )-- The pace of economic growth slowed this spring, according to new government data, as Americans remained reluctant to consume and imports soared. Economic growth - United States - Economic - Gross domestic product - Thomson Reuters
Recession was deeper than gov't previously thought (AP) (Jul-30, 07:34 EDT )-- AP - The recession was deeper than the government previously thought.
(AP) (Jul-30, 07:31 EDT )-- AP - Economic growth slows to 2.4 percent pace in second quarter, weakest pace in nearly a year.
Fed's Bullard: Fed would act if recovery fails (Reuters) (Jul-30, 06:56 EDT )-- Reuters - St. Louis Federal Reserve Bank President James Bullard on Friday said there is unanimity among officials on the central bank's policy-setting panel over providing more support to the economy if the recovery suffers a serious setback.
Oil prices slip before US GDP release (AFP) (Jul-30, 06:51 EDT )-- AFP - World oil prices fell Friday as traders awaited news of an expected economic slowdown in top energy consumer the United States.
Dollar plumbs 2010 low against yen (AFP) (Jul-30, 06:07 EDT )-- AFP - The dollar sank to a 2010 low against the yen on Friday but firmed against the euro amid concern over the prospects for the world's top economy as investors await key US growth data.
European stocks falter before US output data (AFP) (Jul-30, 05:49 EDT )-- AFP - Europe's main stock markets fell on Friday as investors looked ahead to key economic growth figures from the United States, after dissecting news of a major takeover, company earnings and eurozone data.
Airbus to boost output as outlook brightens (Reuters) (Jul-30, 04:14 EDT )-- Reuters - Airbus parent EADS made sweeping increases in its financial forecasts on Thursday and pledged to increase jetliner production after a spate of new orders raised hopes of an end to a steep industry recession.
More Japan workers lose jobs, factory output falls (AP) (Jul-30, 04:04 EDT )-- AP - Japan received a sobering reminder Friday of its fragile recovery: The jobless rate rose, deflation deepened, and factories made fewer cars and mobile phones.
IMF backs more stimulus to help slow US recovery (AFP) (Jul-29, 23:48 EDT )-- AFP - The International Monetary Fund on Friday said more stimulus spending might be needed to aid a slow US economic recovery, wading into a toughly-fought political debate in Washington.
Gates Says Pentagon to Help Death-Benefits Inquiry (Jul-29, 23:00 EDT )-- July 29 (Bloomberg) -- Defense Secretary Robert Gates pledged to help the U.S. Department of Veterans Affairs probe how insurers reap profits from death benefits retained for the families of deceased military personnel. Pentagon - United States...
Toyota to recall 412,000 cars in the United States (Jul-29, 23:00 EDT )-- Toyota said Thursday that it is recalling 412,000 Avalons and Lexuses for steering problems, bringing the number of cars recalled around the world since October to nearly 9 million. United States - Toyota - auto - Toyota Avalon - Automobile
Federal Reserve's James Bullard: Long-term deflation is a possibility (Jul-29, 23:00 EDT )-- A top Federal Reserve official warned Thursday that the nation faces the risk of an extended period of falling prices known as deflation, such as that experienced by Japan over the past two decades. Federal Reserve System - Central bank - James...
Small, midsize U.S. banks need to raise more capital, IMF financial study finds (Jul-29, 23:00 EDT )-- The U.S. financial system remains under stress, with small and midsize banks in particular potentially needing to raise more capital, according to a new report from the International Monetary Fund that shows the continuing strains facing the U.S....
Republicans continue Senate filibuster of small-business bill, stymie Democrats (Jul-29, 23:00 EDT )-- In a fresh blow to President Obama's jobs agenda, the Senate on Thursday shelved a plan to create a $30 billion loan fund for cash-strapped small businesses, delaying final passage of a top administration priority until September at the earliest. ...
Commonwealth Fund analysis highlights benefits for women in health-care overhaul (Jul-29, 23:00 EDT )-- The law Congress adopted this spring to reshape the nation's health-care system will be especially beneficial to women, because they traditionally have relied on health care more than men, faced more insurance problems and had greater difficulty paying...
China allows IMF to share results of economic report (Jul-29, 23:00 EDT )-- The International Monetary Fund on Thursday released its first detailed assessment of the Chinese economy in four years, a document less interesting in its details than for the fact that it was made public at all. China - Asia - United States -...
Few in U.S. move for new jobs, fueling fear the economy might get stuck, too (Jul-29, 23:00 EDT )-- PALM COAST, FLA. -- The recession is claiming yet another victim: Americans' near-constitutional right to pick up and move to a better job. Business - Recreation - Employment - Health - Travel
Foreclosure activity rises in most major metropolitan areas (Jul-29, 23:00 EDT )-- Foreclosure activity climbed in three-quarters of the largest U.S. metropolitan areas in the first half of 2010, compared with the same period a year ago, but declined in some of the nation's hardest-hit regions, according to data released Thursday. ...
SEC charges billionaire Texas brothers who donate to GOP with fraud (Jul-29, 23:00 EDT )-- Sam and Charles Wyly, billionaire Texas brothers who gained prominence spending millions of dollars on conservative political causes, committed fraud by using secret overseas accounts to generate more than $550 million in profit through illegal stock...
Citigroup agrees to $75 million SEC settlement on subprime mortgage investments (Jul-29, 23:00 EDT )-- Citigroup, one of the nation's largest banks, agreed Thursday to pay $75 million to settle a Securities and Exchange Commission complaint that it misled investors about $40 billion of its holdings in subprime mortgage investments. Citigroup -...
Featured Advertiser (Jul-29, 23:00 EDT )
FTC rules take aim at debt-relief industry (Jul-29, 23:00 EDT )-- The Federal Trade Commission issued stringent new rules cracking down on the burgeoning debt-relief industry on Thursday, saying it too often charges consumers hefty upfront fees but fails to reduce the amount of money they owe creditors. ...
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