News Archive

Home > Personal Finance News

Personal Finance News 12/2011



Rate on 30-year fixed mortgage hovers at 4 pct. (AP)
AP - The average rate on the 30-year fixed mortgage hovered above its record low for a fifth straight week. Despite the great opportunity, few have the means or stomach to buy or refinance in the depressed housing market.

Mortgage rates for the past 52 weeks, at a glance (AP)
AP - Mortgage rates for the past 52 weeks, at a glance

H&R Block 2Q loss widens; mortgage claims spike (AP)
AP - A spike in claims related to bad loans written by its now-shuttered subprime mortgage unit shouldn't create any new liability for H&R Block Inc., company executives said Thursday after releasing results that showed a wider loss for its fiscal second-quarter.

GMAC ends most Mass. mortgage lending after suit (AP)
AP - One day after it was among five major banks sued by Massachusetts over deceptive foreclosure practices, GMAC Mortgage said Friday that it will stop purchasing new mortgage loans written by third parties in the state.

First Person: Student Loans Were the Right Choice for Me (ContributorNetwork)
ContributorNetwork - *Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

First Person: Will Smart Meters Raise or Lower My Utility Bill? (ContributorNetwork)
ContributorNetwork - *Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

First Person: The 4 Insurance Policies I Just Don’t Need (ContributorNetwork)
ContributorNetwork - *Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

First Person: I Lowered My Homeowners Insurance Rates by $350 (ContributorNetwork)
ContributorNetwork - *Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

First Person: A Merry Christmas on a Tight Budget (ContributorNetwork)
ContributorNetwork - *Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

Is There Holiday Cheer for This Retailer? (The Motley Fool)
The Motley Fool - Off-price apparel seller TJX (NYSE: TJX - News) recently posted impressive third-quarter profits and is hopeful about the holiday season ahead.

U.S. Economic Recovery Sees No Finish Line (ContributorNetwork)
ContributorNetwork - COMMENTARY | The U.S. Labor Department's November jobs report is the latest in a string of conflicting economic data in the past year. While the unemployment rate dropped from 9 percent to 8.6 percent, only 120,000 nonfarm jobs were created compared to the 150,000 to 200,000 needed to support population growth. This comes on the heels of the latest S&P/Case-Shiller Home Price Indices, which showed home prices continuing to decline despite mortgage rates at near historical lows.

BofA Merrill unit in $315 million mortgage settlement (Reuters)
Reuters - Bank of America Corp agreed to pay $315 million to settle claims by investors who said they were misled about mortgage securities offerings by its Merrill Lynch unit.

Bank of America settles mortgage suit for $315 mln (AP)
AP - Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.

How 3 Jewelry Companies Are Thriving During the Downturn (The Motley Fool)
The Motley Fool - Los Angeles has long been known as a place where fashion designers and stylists are born and bred, but the area outside the City of Angels has recently become a hotbed for several successful jewelry companies.

Krispy Kreme Delights Once Again (The Motley Fool)
The Motley Fool - Krispy Kreme Doughnuts (NYSE: KKD - News) seems to have done it again. The company posted an almost two-fold jump in third-quarter net income, which beat analysts' expectations, on the back of growth across all of its divisions. So let's take a closer look at Krispy Kreme's results.

First Person: A Merry Christmas on a Tight Budget (ContributorNetwork)
ContributorNetwork - *Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

Is There Trouble Brewing at Green Mountain? (The Motley Fool)
The Motley Fool - Green Mountain Coffee Roasters (Nasdaq: GMCR - News) recently posted robust revenue and earnings growth in its fourth quarter. However, investors had higher expectations, and reacted by eroding one-third of the stock's value in response. This comes at a time when hedge fund manager David Einhorn has damaged company's image.

Duke Energy Looks Powerful for Next Quarter (The Motley Fool)
The Motley Fool - Electric utility provider Duke Energy (NYSE: DUK - News) saw an uninspiring third quarter as sales were flat and income was sour with the heavy burden of increasing costs and emission charges. Additionally, mild weather conditions in the U.S. this year did not help the company's cause.

Chevron Hits a Roadblock (The Motley Fool)
The Motley Fool - Faced with higher demand and depleting resources, global oil and natural gas companies are increasing offshore drilling operations as these fields offer huge reserves. But with new avenues come new challenges, like the one Chevron (NYSE: CVX - News) is having to deal with at the Frade Field off the coast of Brazil.

Massachusetts calls for hearing into GMAC (AP)
AP - Massachusetts is calling for a congressional hearing on GMAC Mortgage, a division of Ally Financial, claiming that the taxpayer-owned bank is illegally foreclosing on people's homes in the state.

Another Huge Shale Discovery (The Motley Fool)
The Motley Fool - Oil firms keep discovering reserves, so why is another new shale oil and gas discovery such a big deal? In a market where most oil companies are finding it difficult to maintain their production levels because of depleting resources, Anadarko's (NYSE: APC - News) discovery of a huge reservoir in Colorado's Wattenberg is in fact a big deal not just for the company but also for the industry.

2012 Mortgage delinquencies seen dropping sharply (AP)
AP - If the U.S. economy does not suffer more setbacks, the rate of mortgage holders behind on their payments should decline significantly by the end of next year, according to credit reporting agency TransUnion.

Mortgage applications jumped last week: MBA (Reuters)
Reuters - Applications for home mortgages jumped last week, recouping last week's steep decline as interest rates continued to fall, an industry group said on Wednesday.

Building Boom Brightens Tyco's Earnings (The Motley Fool)
The Motley Fool - Security systems, valves, and fire protection equipment maker Tyco International (NYSE: TYC - News) recently posted a better-than-expected fourth quarter in the wake of a better-performing construction and architecture industry. The company has topped analysts' estimates for four consecutive quarters now.

Frank requests hearing on mortgage abuses at Ally (Reuters)
Reuters - Congressman Barney Frank on Wednesday asked his colleagues to hold a hearing on alleged mortgage abuses at Ally Financial, a day after the attorney general from his home state of Massachusetts requested that lawmakers investigate.

Gov't: JPMorgan must do more to help homeowners (AP)
AP - JPMorgan Chase & Co., one of the nation's largest mortgage lenders, is not doing enough to help Americans avoid foreclosures, the Obama administration said.

Consumers borrow more in Oct. as economy improves. (AP)
AP - Americans stepped up their borrowing in October to buy cars and attend college, and they also charged a little more to their credit cards. The second straight monthly gain in overall borrowing suggests consumers are growing more confident in the economy ahead of the crucial holiday buying season.

U.S. targets mortgage servicers for poor performance (Reuters)
Reuters - The Obama administration said on Wednesday it will keep the pressure on two big U.S. banks to help more troubled borrowers from losing their homes by withholding payments to the banks under a foreclosure-prevention program for the third straight quarter.

Fixed mortgage rates hover near lows for 6th week (AP)
AP - The average rate on the 30-year fixed mortgage hovered above its record low for a sixth straight week. But the super-low rates aren't providing a lift to the struggling housing market.

BofA lawyer says settlement challenger is Baupost (Reuters)
Reuters - Walnut Place, a group of undisclosed investors who oppose Bank of America Corp's $8.5 billion mortgage bond settlement, is the Baupost Group, a distressed debt fund, according to an attorney for the bank.

Correction: H&R Block-Tax Season (AP)
AP - In a story Dec. 8 about competition for tax preparation customers in the upcoming season, The Associated Press reported erroneously that TurboTax isn't charging a fee for deducting tax return preparation costs from federal refunds. The company charges $29.95 for customers who choose to delay their preparation fees, for both those who use direct deposit and those who use the company's refund card.

Will PacSun Finally Turn Around Its Operations? (The Motley Fool)
The Motley Fool - Pacific Sunwear of California (Nasdaq: PSUN - News), the specialty retailer, has been sailing through tumultuous times for the past three years. But the management seems to have finally woken up as they announced significant plans to overhaul the beleaguered company's operations. Besides this, the company also reported better-than-expected losses for the third quarter. Let's take a closer, Foolish look at what's cooking at PacSun.

First Person: I Repaid My Student Loans While Still in College (ContributorNetwork)
ContributorNetwork - *Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

NMSU to give each regular employee $950 on Dec. 15 (AP)
AP - Prudent financial planning is allowing New Mexico State University to fund a number of campus improvements with one-time funds, including student scholarships, classroom improvements and research support for the Las Cruces campus.

Morgan Stanley settles with MBIA over mortgages (AP)
AP - Morgan Stanley said Tuesday it has reached a settlement with insurance company MBIA Inc. over disputes involving mortgage-backed investments.

Morgan Stanley settles with MBIA, sets $1.8 billion charge (Reuters)
Reuters - Morgan Stanley agreed to give up insurance claims against MBIA Inc in exchange for a $1.1 billion payment from the ailing insurer, ending a two-year legal fight over guarantees on mortgage bonds.

An Unusual Investor Safe Haven (The Motley Fool)
The Motley Fool - Between the financial crisis, the drawn-out economic malaise, and the stock market's often wild gyrations, the past few years have been rocky ones for investors. As a result, many have flocked to safe harbors like gold and government bonds in the hopes of riding out the storm unscathed.

Mortgage refinance demand jumped last week: MBA (Reuters)
Reuters - Applications for refinancing on home mortgages jumped last week, even as demand for new home purchases dried up, an industry group said on Wednesday.

Scheduled home auctions hit 9-month high in Nov. (AP)
AP - Fewer U.S. homes entered the foreclosure process or were taken back by banks in November, reflecting a seasonal pullback in foreclosure activity by lenders and mortgage servicers.

Average 30-year loan rate ties record: 3.94 pct. (AP)
AP - The average rate on the 30-year fixed mortgage has dropped to 3.94 percent, the record low set in October.

SEC sues former top executives at Fannie, Freddie (Reuters)
Reuters - Six former top executives at Fannie Mae and Freddie Mac were sued by regulators, who said they misled investors over the mortgage finance companies' exposure to risky home loans in the lead-up to the 2008 financial crisis.

SEC charges ex-Fannie, Freddie CEOs with fraud (AP)
AP - The Securities and Exchange Commission on Friday brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled investors about risky subprime loans the that mortgage giants held when the housing bubble bust.

Investors target JPMorgan over $95 billion of RMBS (Reuters)
Reuters - A law firm that led mortgage bondholders to extract a $8.5 billion settlement from Bank of America Corp is turning its sights on JPMorgan Chase & Co .

Summary Box: Ex-Fannie, Freddie execs charged (AP)
AP - EXECUTIVES CHARGED: Two former CEOs at mortgage giants Fannie Mae and Freddie Mac, and four other executives, were charged with civil fraud, the Securities and Exchange Commission said Friday. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis.

Subprime scandal: ex-Fannie Mae, Freddie Mac execs accused of fraud (The Christian Science Monitor)
The Christian Science Monitor - Six former top executives at the housing giants Fannie Mae and Freddie Mac misled investors about the subprime-loan risks they faced, the Securities and Exchange Commission alleged in a civil fraud lawsuit Friday.

Romney raises doubts about Gingrich in South Carolina (Reuters)
Reuters - Republican White House hopeful Mitt Romney sought to create doubts about rival Newt Gingrich among South Carolina conservatives on Saturday by criticizing his high-paid work for mortgage giant Freddie Mac.

Gingrich says Freddie money went to overhead, not him (Reuters)
Reuters - Republican presidential candidate Newt Gingrich fought back on Saturday against attacks over the more than $1.6 million in payments he received from mortgage giant Freddie Mac, insisting the money went to overhead for his firm and not to his wallet.

Freddie Mac Continues to Be Gingrich’s Albatross (ContributorNetwork)
ContributorNetwork - Reuters reports presidential candidate Newt Gingrich continues to defend his ties to mortgage giant Freddie Mac. The former Speaker of the House is taking his case directly to Iowans in a teleconference. He claims most of the $1.6 million given to him over six years went to overhead rather than Gingrich's income.

Why This Company Can't Stop Falling (The Motley Fool)
The Motley Fool - Best Buy (NYSE: BBY - News) disappointed analysts when it came out with third-quarter profits that were significantly lower than expected because of aggressive pricing and promotional activity. Can the company stay afloat as it tries to keep up with its competitors?

New IRS rules demand more info on foreign holdings (Reuters)
Reuters - Hundreds of thousands of U.S. taxpayers must reveal for the first time detailed information about foreign stock holdings, pensions and life insurance policies, under new U.S. Internal Revenue Service rules detailed on Monday.



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