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Relief effort fails many at risk of foreclosure (AP) (Jul-20, 21:24 EDT )-- AP - The Obama administration's effort to help those at risk of losing their homes is failing to aid many and could spur a rise in foreclosures that would further depress the housing industry.
Unemployment aid won't be enough to boost recovery (AP) (Jul-20, 20:29 EDT )-- AP - For jobless Americans struggling to pay their bills and keep their homes, the restoration of unemployment benefits could keep their crisis from getting worse.
Filibuster broken, jobless benefits may flow soon (AP) (Jul-20, 20:08 EDT )-- AP - Senate Democrats broke through a stubborn Republican filibuster Tuesday and pressed to restart jobless benefits for 2 1/2 million Americans still unable to find work in the frail national economic recovery. The Democrats were victorious by the...
US Senate clears hurdle to extend jobless help (AFP) (Jul-20, 19:33 EDT )-- AFP - The US Senate voted Tuesday to advance legislation restoring unemployment benefits to help some 2.5 million Americans ahead of November mid-term elections shaped by deep voter anger at high joblessness.
Judge approves $550 million Goldman settlement (AP) (Jul-20, 19:17 EDT )-- AP - A federal judge on Tuesday approved the deal calling for Goldman Sachs & Co. to pay $550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments.
Judge OKs Goldman's $550 million SEC settlement (Reuters) (Jul-20, 19:05 EDT )-- Reuters - A federal judge has approved a $550 million settlement between Goldman Sachs and the U.S. Securities and Exchange Commission related to civil fraud allegations in a subprime mortgage product.
Obama thanks senators for moving unemployment bill (AP) (Jul-20, 18:36 EDT )-- AP - President Barack Obama is thanking senators for acting to restore unemployment benefits to 2.5 million people who began losing their checks weeks ago.
MGIC Investment posts 2Q profit, 1st in 3 years (AP) (Jul-20, 17:03 EDT )-- AP - Private mortgage insurer MGIC Investment Corp. surprised Wall Street on Tuesday by posting its first quarterly profit in three years as its foreclosure-related losses dropped.
Summary Box: Relief plan fails many homeowners (AP) (Jul-20, 16:49 EDT )-- AP - MORTGAGE PLAN STRUGGLES: The Obama administration's effort to help those at risk of losing their homes is in trouble, with 40 percent of the 1.3 million homeowners who signed up falling out. That could cause more foreclosures.
Summary Box: Relief plan fails many homeowners (AP) (Jul-20, 16:49 EDT )-- AP - MORTGAGE PLAN STRUGGLES: The Obama administration's effort to help those at risk of losing their homes is in trouble, with 40 percent of the 1.3 million homeowners who signed up falling out. That could cause more foreclosures.
Countrywide VIP loans reached deep into Fannie Mae (AP) (Jul-20, 16:44 EDT )-- AP - The former Countrywide Financial Corp. gave preferential loans to more than three dozen employees of Fannie Mae while the two giant housing enterprises were locked in an expanding, multi-billion dollar business relationship in subprime mortgages,...
Wall Street rises on Goldman while Apple up late (Reuters) (Jul-20, 16:28 EDT )-- Reuters - U.S. stocks rose for a second consecutive day on Tuesday, led by gains in shares of Goldman Sachs and strength in beaten-down homebuilders and raw materials companies.
Two Fed banks still wanted discount rate hike in June (Reuters) (Jul-20, 16:06 EDT )-- Reuters - Two regional Federal Reserve banks, Kansas City and Dallas, last month continued to push for an increase in the rate the central bank charges banks for emergency loans, according to meeting minutes released on Tuesday.
Local official in California paid nearly $800,000 (Reuters) (Jul-20, 15:59 EDT )-- Reuters - While Bell, California, may be one of the poorest cities in Los Angeles County, it has lavished extraordinary salaries on top officials, and the county district attorney is curious as to why.
3 Ways Your Credit Score Impacts Retirement Readiness (U.S. News & World Report) (Jul-20, 15:58 EDT )-- U.S. News & World Report - Your credit score can be an important component of your financial planning. While it's possible to make it through life without ever taking out a loan, most people can't afford to buy a home or pay for college with cash. A...
Americans managing debt better as economy recovers (AP) (Jul-20, 15:55 EDT )-- AP - Americans are slowly regaining control of their household budgets.
Profits are so last quarter: Wall St. eyes revenue (AP) (Jul-20, 15:53 EDT )-- AP - Even in a tough economy, increasing profits can be easy: Just cut costs enough and the bottom line keeps improving. But companies can only do that for so long.
BP sells $7B in assets to raise cash to cover oil spill expenses (Jul-20, 15:53 EDT )-- BP has sold oil and gas reserves and prospects in the United States, Egypt and Canada to Houston-based Apache Corp. for $7 billion as part of the oil giant's effort to raise cash to cover oil spill expenses and bolster its financial position, the two...
Senate votes, 60-40, to advance jobless benefits legislation (Jul-20, 15:34 EDT )-- The Senate voted Tuesday to advance legislation that would restore emergency jobless benefits to millions of people who have been out of work for more than six months, finally overcoming Republican objections that the measure would add to the nation's...
Wall Street rises on Goldman and materials shares (Reuters) (Jul-20, 15:27 EDT )-- Reuters - Stocks rose on Tuesday, led by gains in shares of Goldman Sachs and strength in beaten-down homebuilders and raw materials companies.
Senate breaks deadlock on jobless benefits (Reuters) (Jul-20, 15:14 EDT )-- Reuters - The Senate on Tuesday cleared the way to extend long-term unemployment benefits, breaking a partisan stalemate that has caused 2.5 million jobless Americans to lose the weekly checks that help them stay afloat.
Senate roll call on unemployment benefits (AP) (Jul-20, 15:09 EDT )-- AP - The 60-40 roll call Tuesday by which the Senate cleared the way for a vote on final passage of legislation to restore extended unemployment benefits to the long-term jobless.
Senate roll call vote on unemployment benefits (AP) (Jul-20, 15:07 EDT )-- AP - The 60-40 roll call Tuesday by which the Senate cleared the way for a vote on final passage of legislation to restore extended unemployment benefits to the long-term jobless.
Obama, British PM: Bomber release not BP's doing (AP) (Jul-20, 15:02 EDT )-- AP - British Prime Minister David Cameron on Tuesday turned aside U.S. calls for an investigation into the release of the Lockerbie bomber by Scotland and said there was no indication that oil giant BP had swayed the controversial decision.
Unemployment benefits extension clears hurdle (AP) (Jul-20, 15:02 EDT )-- AP - Legislation to restore unemployment benefits to millions who have been out of work for more than six months broke free of Senate Republican delaying tactics on Tuesday. Senators voted 60-40 to move ahead on the bill, clearing the way for a final...
Auto safety experts question makeup of panels studying runaway vehicles (Jul-20, 14:57 EDT )-- Auto safety experts are criticizing the makeup of two advisory panels that are charged with determining the role of electronics in the sudden unintended acceleration of vehicles. Automobile safety - Business - Toyota - National Highway Traffic...
US oil spill could destroy 100,000 jobs: experts (AFP) (Jul-20, 14:52 EDT )-- AFP - The impact of the Gulf of Mexico oil spill was thrown into sharp relief Tuesday, as US data showed rising unemployment in Louisiana and experts warned the disaster could cost up to 100,000 jobs.
Global advertising spending revised, up 3.5 pct (AP) (Jul-20, 14:46 EDT )-- AP - A key advertising forecaster raised its outlook for global ad spending for a third consecutive time as fears of economic stagnation sparked by the European debt crisis didn't seem to affect companies' marketing plans.
(AP) (Jul-20, 13:56 EDT )-- AP - Bill to restore unemployment benefits for the long-term jobless clears Senate GOP filibuster.
Summary Box: China's rapid rebound is slowing (AP) (Jul-20, 13:20 EDT )-- AP - SLOWER GROWTH: China's government says growth in factory output and state company revenue has fallen and exports will weaken in the second half of the year. Economic growth slowed to 10.3 percent in the second quarter, down from its blistering 11...
Two Fed banks wanted discount rate hike in June (Reuters) (Jul-20, 13:04 EDT )-- Reuters - Two regional Federal Reserve banks, Kansas City and Dallas, continued to push for a modest increase in the rate charged to banks for emergency loans, according to minutes from a June meeting.
A look at global economic developments (AP) (Jul-20, 12:50 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Tuesday:
Fed to push rates lower? Some traders betting on it (Reuters) (Jul-20, 12:49 EDT )-- Reuters - The big question ahead of U.S. Federal Reserve Chairman Ben Bernanke's Congressional testimony on Wednesday is whether a weaker economy could prompt the Fed to push already rock-bottom borrowing costs even lower.
Ezra Klein: The case against Elizabeth Warren (Jul-20, 11:42 EDT )-- My colleague Neil Irwin has a post this morning throwing some cold water on the heated advocacy for Elizabeth Warren to lead the Consumer Financial Protection Bureau. I'd group the objections into two buckets -- innovation and administration -- and...
More than 40 pct. leave Obama mortgage-aid program (AP) (Jul-20, 11:20 EDT )-- AP - More than 40 percent of homeowners seeking help from the Obama administration's flagship effort to rescue those at risk of foreclosure have dropped out of the program.
Lawmakers trade partisan barbs over regulation of offshore drilling (Jul-20, 11:18 EDT )-- House lawmakers exchanged partisan barbs Tuesday as they looked back on how the current and former administrations have regulated offshore drilling over the past decade. Business - Energy - Oil and Gas - Service Companies - Field Services
BNY Mellon, State Street post higher earnings (Reuters) (Jul-20, 09:53 EDT )-- Reuters - Bank of New York Mellon Corp and State Street Corp , the largest U.S. custody banks, reported higher quarterly profits on Tuesday as a rise in stock prices helped them earn more from managing client funds, helping to offset low interest rates.
Democrats to give jobless benefits another vote (AP) (Jul-20, 09:53 EDT )-- AP - Millions of people stuck on the jobless rolls would receive an extension of unemployment benefits averaging $309 a week under a Senate bill that appears set to break free of a Republican filibuster.
Unemployment rate falls in 39 states in June (AP) (Jul-20, 09:50 EDT )-- AP - The unemployment rate fell in most states in June, mostly because many people gave up on their work searches and were no longer counted.
Things You Should Never Buy Used (U.S. News & World Report) (Jul-20, 09:24 EDT )-- U.S. News & World Report - There are some things that are so personal, so easily damaged, or so essential to safety that even the most frugal consumer should never purchase them used. The top items on this list, compiled by the personal finance site...
Wall Street drops 1 percent on earnings, housing data (Reuters) (Jul-20, 09:15 EDT )-- Reuters - Wall Street fell on Tuesday after disappointing revenues stood out in a flurry of quarterly corporate scorecards and housing data gave more evidence of a slowing economy.
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Federal jury subpoenas details on Toyota's steering relay rod defects (Jul-20, 09:12 EDT )-- Toyota Motor Corp. said Tuesday that a federal grand jury in New York has subpoenaed information relating to defects in its steering relay rods, potentially widening an investigation that began with reports of sudden unintended acceleration. ...
Home construction sinks to lowest level since Oct. (AP) (Jul-20, 09:09 EDT )-- AP - Home construction plunged last month to the lowest level since October as the economy remained weak and demand for housing plummeted.
Senator wants more credit card protection (AP) (Jul-20, 09:02 EDT )-- AP - A lawmaker in Congress is prodding the Federal Reserve to provide more protection so that credit card users don't get socked by exorbitant interest rates when they fall behind on their payments.
Do This to Make Your Money Last a Lifetime (The Motley Fool) (Jul-20, 08:56 EDT )-- The Motley Fool - The biggest concern that people nearing retirement age have is making sure they'll never run out of money. Although many people are right to worry about whether they've saved enough, you can take steps to make sure you won't be among...
US housing starts plunge 5.0 percent in June (AFP) (Jul-20, 08:47 EDT )-- AFP - US housing starts plunged 5.0 percent in June, official data showed Tuesday, declining far more than expected as the home building industry reels amid a fragile economic recovery.
US housing starts plunge 5.0 percent in June (AFP) (Jul-20, 08:47 EDT )-- AFP - US housing starts plunged 5.0 percent in June, official data showed Tuesday, declining far more than expected as the home building industry reels amid a fragile economic recovery.
Motorola Can't Give Nokia What It Needs (The Motley Fool) (Jul-20, 08:45 EDT )-- The Motley Fool - While some decent arguments can be made in favor of the decision by Nokia Siemens to acquire Motorola's (NYSE: MOT - News) wireless infrastructure assets, one thing looks clear to me: The Nokia (NYSE: NOK - News) of old wouldn't have...
Housing starts fall, permits offer ray of hope (Reuters) (Jul-20, 08:06 EDT )-- Reuters - Housing starts hit their lowest level in eight months in June, further evidence the economy lost momentum in the second quarter, but a rise in permits offered hope that homebuilding was poised to pick up.
Housing starts fall, permits offer ray of hope (Reuters) (Jul-20, 08:06 EDT )-- Reuters - Housing starts hit their lowest level in eight months in June, further evidence the economy lost momentum in the second quarter, but a rise in permits offered hope that homebuilding was poised to pick up.
Egypt projects budget deficit drop (AP) (Jul-20, 07:58 EDT )-- AP - Egypt's Finance Minster Youssef Boutros Ghali says the country's budget deficit is expected to decline even further this fiscal year.
BP stealing thunder from Cameron's US visit (AP) (Jul-20, 06:40 EDT )-- AP - On the way to Washington, British Prime Minister David Cameron said he wants to talk about Afghanistan, Middle East peace prospects and the global economy.
Official: China's slowdown helping restructuring (AP) (Jul-20, 06:31 EDT )-- AP - In new signs China's rapid rebound is slowing, the government said Tuesday growth in factory output and state company revenues has fallen and exports will weaken in the second half of the year.
Euro rises above 1.30 dollars (AFP) (Jul-20, 06:15 EDT )-- AFP - The euro briefly topped 1.30 dollars on Tuesday, nearing a 10-week high point as the US currency was plagued by renewed concerns over the US economic outlook.
China optimism lifts jittery Asian markets (AFP) (Jul-20, 05:53 EDT )-- AFP - US economic worries held back Japanese stocks on Tuesday but cautious optimism about China gave a lift to other markets around Asia-Pacific.
In Fla., resentment washes ashore along with oil (AP) (Jul-20, 04:07 EDT )-- AP - For decades, billions poured into Gulf Coast states that allowed oil drilling off their shores. Economies grew, jobs were created and millionaires were born all along the waterfront. Everywhere, that is, except Florida.
China downcast on exports as EU debt woes bite (Reuters) (Jul-19, 23:29 EDT )-- Reuters - China sounded a gloomy note on Tuesday about its export prospects, warning in particular that belt-tightening by deeply indebted European Union governments would dampen demand for the country's goods.
Goldman's Tourre asks court to dismiss lawsuit (Jul-19, 23:00 EDT )-- Fabrice Tourre -- also known as "Fabulous Fab," the Goldman Sachs vice president accused of committing fraud by the Securities and Exchange Commission -- asked a federal court Monday to dismiss a government lawsuit alleging that he sold to investors a...
Battle looms over new job heading financial watchdog (Jul-19, 23:00 EDT )-- President Obama has yet to sign the bill that will overhaul financial regulations, and already a tug of war is unfolding over whom he will tap for the highest-profile position created by the landmark legislation. History - United States -...
Nominee to direct national intelligence likely to address expanding secret agencies (Jul-19, 23:00 EDT )-- The Obama administration's nominee to be the next director of national intelligence is expected to face questions from Congress on Tuesday about the expansion of top-secret agencies and contracts, after reports in The Washington Post showing that these...
N2Care debuts MedCottage, a portable dwelling for elder relatives (Jul-19, 23:00 EDT )-- A small Virginia firm hoping to revolutionize the way Americans care for aging family members has unveiled its first prototype of a portable, high-tech dwelling that would provide temporary shelter for a sick or elderly relative in their family's back...
Amazon says Kindle books are outselling hardcovers (Jul-19, 23:00 EDT )-- Amazon.com said Monday that growth in sales of its Kindle digital reader accelerated every month in the second quarter and that it's selling more electronic books than hardcover editions. Amazon.com - E-book - Book - Amazon - Kindle
Saudi women among world's biggest consumers of beauty products (Jul-19, 23:00 EDT )-- RIYADH, SAUDI ARABIA -- When they leave their homes, the women of Saudi Arabia put on veils and shroud themselves from head to toe in shapeless black cloaks. Saudi Arabia - Middle East - Business and Economy - United States - Shopping
Concern over near-collisions (Jul-19, 23:00 EDT )-- Just as the Southwest Airlines Boeing 737 bound for Baltimore lifted off from a Houston runway in April, a helicopter abruptly buzzed into its path, skimming 50 feet above it as the plane's pilot hugged the ground to avoid a collision. Dog -...
Reforms urged in federal funding for phone lines (Jul-19, 23:00 EDT )-- Americans are turning away from home phone lines and toward mobile, but a federal program continues to pour $8 billion a year into phone service for rural homes and businesses. Last year in Chelan, Wash., for instance, the fund paid an average of $17...
Altered BP photo comes into question (Jul-19, 23:00 EDT )-- Apparently BP is no more adept at doctoring photos than it is at plugging deep-sea oil leaks. Shopping - Photography - History - Recreation - Services
SRA International buys clean-energy contractor Sentech (Jul-19, 23:00 EDT )-- Defense contractor SRA International said Monday that it has acquired Sentech, expanding its expertise in environmental and energy issues. Energy - Technology - Conservation - SRA International - Organizations
Despite a government standoff, people of China and Taiwan increasingly mingle (Jul-19, 23:00 EDT )-- SHANGHAI - China considers Taiwan a renegade province and keeps more than 1,000 missiles pointed at the island. Taiwan stockpiles American weapons to defend itself. And the standoff remains the longest-running irritant in Washington's relations with...
Carlyle Group acquires health-care firms in Australia and Brazil (Jul-19, 23:00 EDT )-- The Carlyle Group continued its flurry of dealmaking with two globe-spanning, health-related investments Monday, one in Australia and the second in Brazil, as the District-based private equity firm continues to be one of the most active in the buyout...
Novice lawmaker's vote for stimulus stirs anger in conservative Pa. district (Jul-19, 23:00 EDT )-- BUTLER, PA. -- Two years ago, Kathy Dahlkemper, a mother of five from Erie, Pa., won a seat in Congress on a pledge to do something about the national debt. Then she went to Washington -- and immediately voted to increase borrowing by nearly $1...
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