News Archive

Home > Personal Finance News

Personal Finance News 09/2009



Judge rejects Schering-Plough tax refund request (AP)
AP - A federal court in Newark, N.J. has rejected Schering-Plough Corp.'s request for a $473 million tax refund related to the drugmaker's efforts to avoid paying taxes on $690 million in overseas profits it brought back to the U.S. from offshore subsidiaries.

U.S. mortgage applications slip, loan rates dip (Reuters)
Reuters - U.S. mortgage applications slid last week even as mortgage rates edged lower, with requests for loans to buy homes declining for the first time since early July, an industry group said on Wednesday.

Mortgage bankers group urges Fannie, Freddie changes (Reuters)
Reuters - The U.S. Mortgage Bankers Association said on Wednesday it will ask Congress to transform mortgage lenders Fannie Mae, Freddie Mac into several smaller, privately held companies that would issue mortgage securities with a government guarantee.

Industry group proposes replacing Fannie, Freddie (AP)
AP - A mortgage industry group wants Fannie Mae and Freddie Mac replaced with private companies that would be able to issue mortgage bonds formally backed by the federal government.

Schering-Plough loses $473 million tax dispute (AP)
AP - Drugmaker Schering-Plough Corp. has been denied a $473 million tax refund by a federal judge who ruled the company made two transactions just to avoid paying taxes on $690 million in profits from overseas subsidiaries.

Capmark in Berkshire asset deal, may go bankrupt (Reuters)
Reuters - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) and Leucadia National Corp agreed to buy Capmark Financial Group Inc's mortgage loan and servicing business for as much as $490 million, increasing exposure to a possible U.S. housing recovery.

Mortgage rates edge down, still above record lows (AP)
AP - Rates for 30-year home loans edged down this week, remaining close to record lows reached over the spring.

Outsider Ron Paul finds support for Fed audit (Reuters)
Reuters - After decades of pushing long-shot causes like abolishing the income tax and reinstating the gold standard, Republican Representative Ron Paul finds himself in an unaccustomed spot: on the cusp of legislative victory.

Fannie Mae meets price listing standard (AP)
AP - Fannie Mae, the government-backed mortgage company, said Friday it regained compliance with the New York Stock Exchange's minimum price standard for listing common stock.

401k contribution limits face potential fall (AP)
AP - You've probably heard it over and over again: contribute up to the maximum amount in your 401(k) plan to improve your chances of a comfortable retirement.

401k plan contributions limits may fall (AP)
AP - It's quite likely that the maximum contribution level for retirement accounts will fall next month unless the Internal Revenue Service or Congress chooses to freeze it at the current $16,500.

FHA says won't need congressional support (Reuters)
Reuters - The U.S. Federal Housing Administration said on Friday it would not need a congressional subsidy even if mortgage-related losses push its reserves below a level demanded by Congress.

Mortgage giants struggle a year after takeover (AP)
AP - A year after the near-collapse of Fannie Mae and Freddie Mac, the mortgage giants remain dependent on the government for survival and there is no end in sight.

MELTDOWN FLASHBACK: Sunday, Sept. 7, 2008 (AP)
AP - The U.S. government takes over mortgage giants Fannie Mae and Freddie Mac, ousts their chief executives and commits $100 billion to each in an extraordinary intervention aimed at reversing the housing slump that started in summer of 2006.

AIG interviewing banks on Alico IPO: sources (Reuters)
Reuters - American International Group Inc is interviewing banks this week to manage a planned initial public offering of life insurance unit American Life Insurance Co, sources familiar with the matter said.

July consumer credit falls a record $21.6 billion (Reuters)
Reuters - Total U.S. consumer credit fell by a record $21.6 billion in July, Federal Reserve data showed on Tuesday, the latest hint household spending would be too weak to drive the economy's recovery from recession.

US consumer credit in record plunge (AFP)
AFP - US consumer credit posted a record plunge in July, the sixth monthly decline, as Americans bridled spending amid rising unemployment and an ailing economy, Federal Reserve bank data showed Tuesday.

Fed: consumers cut debt by record $21.6B in July (AP)
AP - Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.

Home loan demand at 3-month high (Reuters)
Reuters - U.S. mortgage applications surged last week to their highest since late May as consumers sought to take advantage of the lowest interest rates in months, data from an industry group showed on Wednesday.

Obama's mortgage relief program gaining traction (AP)
AP - The Obama administration's mortgage relief program is finally gaining traction. Nearly one in five eligible homeowners have been offered help so far, a government report says.

Rep Frank to pursue mortgage bankruptcy bill (Reuters)
Reuters - The chairman of the House of Representatives Financial Services Committee said on Wednesday he expects to keep pursuing legislation to reduce mortgage loan amounts through bankruptcy proceedings, and lackluster efforts to modify mortgages increase the chances of that legislation passing.

Wells Fargo mortgage modifications jump 64 percent (AP)
AP - Wells Fargo & Co. on Wednesday said it completed 33,172 trial and final modifications under the Home Affordable Modification Program through the end of August.

Mortgage delinquency rates for commercial properties jump (AFP)
AFP - Mortgage delinquency on US commercial real estate jumped in the second quarter of the year as problems deepened in the nonresidential sector, a survey showed Wednesday.

U.S. foreclosures near record, peak in late '10: report (Reuters)
Reuters - U.S. mortgage foreclosure filings in August hovered near July's record high despite broad efforts to keep borrowers in their homes and will probably rise for another year, according to a report released on Thursday.

British home prices rise again in August: survey (AFP)
AFP - Home prices in Britain rose by 0.8 percent in August from the July level, highlighting a soft economic recovery taking hold in the country, a survey from home-loans provider Halifax showed on Thursday.

Fed's Lockhart: possible Fed could curtail buys (Reuters)
Reuters - Atlanta Federal Reserve Bank President Dennis Lockhart said on Thursday the U.S. economic recovery has started and the Fed could stop short of buying the full amount of mortgage-related securities it said it would buy to boost the economy.

Widow, 80, comes up cold in life insurance dispute (AP)
AP - The Meli family once ran a Flint warehouse that kept perishable goods from spoiling. Now it seems their money — nearly $200,000 — is stuck in storage.

Boost seen for Dems' student loan plan, House vote near (Reuters)
Reuters - Democratic lawmakers seeking a thorough overhaul of the $92 billion U.S. student loan market were expected to score a win in the days ahead from a favorable finding by the Congressional Budget Office.

Kiss Those Student Loans Goodbye (BusinessWeek)
BusinessWeek - Shawn Agyeman was down on his luck last fall, having just lost his job as a research assistant at the University of Pittsburgh, his alma mater. With looming monthly student loan payments of around $200 a month hanging over his head, the recent college graduate was starting to worry about how he'd meet his debt obligations, fearful that creditors would harass his parents -- who co-signed his loans -- if he couldn't come up with the money. Then he got a phone call from the director of a new grass-roots nonprofit that he says changed his life. ...

Ford announces plan to preserve tax assets (AP)
AP - Ford Motor Co. said Friday its board of directors has adopted a plan designed to deter shareholders who hold more than a 5 percent stake from increasing their ownership, in order to protect its tax assets.

FDIC urges mortgage help for unemployed (AP)
AP - The Federal Deposit Insurance Corp. is encouraging companies that buy failed banks with troubled home loans to extend temporary help to people who have lost their jobs and can't pay their mortgage bills.

Obama student loan plan may save more money (Reuters)
Reuters - The Congressional Budget Office said on Friday that a student loan reform plan backed by Sallie Mae and other lenders might save U.S. taxpayers $17 billion less than one backed by the Obama administration.

UK mortgage lending rises in July (AP)
AP - U.K. mortgage lending rose significantly in July for the second straight month but the market is likely to remain subdued for some time, the Council of Mortgage Lenders said Monday.

Are Britain's Scrooges Slowing Recovery? (BusinessWeek)
BusinessWeek - Paul Coletti is always on the lookout for a deal. In February the 39-year-old BBC producer took advantage of historically low interest rates to refinance the mortgage on his two-bedroom flat. The accelerated monthly payments are 30% higher than they were before, leaving him less spending money to buy the indie rock albums he collects. But Coletti doesn't mind. "Now is the time to be paying off capital," he says.

Intuit buying Mint.com for 170 mln dlrs (AFP)
AFP - Financial software company Intuit Inc. announced on Monday that it has agreed to purchase personal finance website Mint.com for 170 million dollars in cash.

In Buying Mint, Intuit Looks to Revitalize (BusinessWeek)
BusinessWeek - Last year, Intuit's legal department sent a threatening letter to Mint.com demanding that the upstart rival in personal finance software explain its breakneck pace of growth. The correspondence was leaked and Intuit was upbraided in the blogosphere for what looked like bullying behavior. Even Intuit CEO Brad Smith later professed dismay. "It looked like Goliath picking on David," Smith said in an April interview with BusinessWeek. At the same sitting, Smith praised Mint's "brilliant" approach to helping consumers manage their money on the Web.

IRS issues rules to ease mortgage refinancing (AP)
AP - The IRS issued new rules Tuesday designed to make it easier to refinance some commercial real estate loans in an effort to curb the number of defaults.

In Buying Mint, Intuit Looks to Revitalize (BusinessWeek)
BusinessWeek - Last year, Intuit's legal department sent a threatening letter to Mint.com demanding that the upstart rival in personal finance software explain its breakneck pace of growth. The correspondence was leaked and Intuit was upbraided in the blogosphere for what looked like bullying behavior. Even Intuit CEO Brad Smith later professed dismay. "It looked like Goliath picking on David," Smith said in an April interview with BusinessWeek. At the same sitting, Smith praised Mint's "brilliant" approach to helping consumers manage their money on the Web.

U.S. mortgage demand drops, supply caps improvement (Reuters)
Reuters - Demand for U.S. home loans fell by more than 8 percent as fixed mortgage rates rose last week in a banking period shortened by the Labor Day holiday, the Mortgage Bankers Association said on Wednesday.

FDIC names first winner in toxic asset program (AP)
AP - The Federal Deposit Insurance Corp. on Wednesday named the first winning bidder under a test of the government's program to back private purchases of toxic mortgage assets and get them off banks' balance sheets.

White House economic team evaluating home tax credit (Reuters)
Reuters - White House economic advisers are looking at the $8,000 tax credit for first-time home buyers and will make a recommendation to President Barack Obama as he decides whether to extend it, White House spokesman Robert Gibbs said on Wednesday.

In Buying Mint, Intuit Looks to Revitalize (BusinessWeek)
BusinessWeek - Last year, Intuit's legal department sent a threatening letter to Mint.com demanding that the upstart rival in personal finance software explain its breakneck pace of growth. The correspondence was leaked and Intuit was upbraided in the blogosphere for what looked like bullying behavior. Even Intuit CEO Brad Smith later professed dismay. "It looked like Goliath picking on David," Smith said in an April interview with BusinessWeek. At the same sitting, Smith praised Mint's "brilliant" approach to helping consumers manage their money on the Web.

U.S. housing starts, permits rise in August (Reuters)
Reuters - New U.S. housing starts and permits rose in August to their highest level since November, lifted by a rebound in multifamily homes, a government report showed on Thursday.

Authorities crack down on 2 mortgage aid firms (AP)
AP - Federal authorities are cracking down on two companies that promised homeowners help with their mortgages, accusing them of posing them as government agencies.

U.S. housing starts, permits touch 9 month high (Reuters)
Reuters - Groundbreaking for U.S. homes and permits for future building scaled a nine-month high in August, and the number of people filing new claims for jobless benefits fell last week, boosting chances of a robust economic recovery.

House bill would kill subsidized student loans (AP)
AP - The House is poised to vote to push private lenders out of the federal college loan business and massively expand the government's own lending program.

Stocks zigzag after rally as jobless claims dip (AP)
AP - Stocks seesawed in a narrow range Thursday after the government said weekly unemployment claims dipped unexpectedly and that housing starts rose again last month.

U.S. stocks fall, led lower by financials (Reuters)
Reuters - U.S. stocks hit session lows in choppy trading on Thursday, weighed down by materials and financial shares as investors paused following a three-day runup.

Fed bought $25.45 billion net in agency MBS: report (Reuters)
Reuters - The Federal Reserve bought $25.45 billion net of agency mortgage-backed securities in the latest week, the New York Fed said on its website on Thursday.

U.S. Fed balance sheet grows to biggest since May (Reuters)
Reuters - The U.S. Federal Reserve's balance sheet grew to its largest since May on a hefty increase in its holding of mortgage-backed securities, Fed data showed on Thursday.



About Us | Links | Sitemap
© Copyright 1ClickMoney.com. All rights reserved.