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Friday, Jul 30, 2010 |
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Weather Forecast |
| Cities / State |
°C |
°F |
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Atlanta
(Georgia) |
24.6 |
76.2 |
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Charleston
(South Carolina) |
27.6 |
81.7 |
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Charlotte
(North Carolina) |
24.5 |
76.1 |
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Columbia
(South Carolina) |
26.6 |
79.8 |
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Dallas
(Texas) |
26.2 |
79.2 |
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Miami
(Florida) |
27.4 |
81.3 |
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Nashville
(Tennessee) |
24.2 |
75.5 |
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News » Home
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| Mortgage brokers to be fingerprinted and registered |
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Date: 29-07-2010
Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to final rules issued on Wednesday by the Federal Reserve and other regulators.
The rules are part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, also called the S.A.F.E. Act.
They were issued by the Fed, Comptroller of the Currency, Federal Deposit Insurance Corp, Office of Thrift Supervision, Farm Credit Administration and National Credit Union Administration.
Mortgage brokers came under tough scrutiny in the wake of the 2007-09 financial crisis, with some lawmakers and regulators sharply critical of underwriting standards and practices that were seen as so loose they helped foster a housing price bubble.
The S.A.F.E. Act specifies that mortgage brokers who are employees of agency-regulated institutions must register with the Nationwide Mortgage Licensing System and Registry,
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| Obama calls on Senate to pass campaign money bill |
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Date: 27-07-2010
President Barack Obama is imploring Republican senators to allow a vote on new campaign finance disclosure requirements, warning them not to resort to political delaying tactics that would block the legislation.
Speaking in the Rose Garden on Monday, Obama said that by standing in the way of the bill, Republicans would be giving special interest groups increased sway in Washington.
"Corporate lobbyists will be able to tell members of Congress, if they don't vote the right way, they will face an onslaught of negative ads in their next campaign," Obama said. "And all too often, no one will actually know who's behind those ads."
The bill would impose new donor and contribution disclosure requirements on nearly all organizations that air political ads independently of candidates or the political parties. The legislation would require the sponsor of the ad to appear in it and take responsibility for it. Obama argued that the bill would also reduce foreign influence over American elections.
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| No new recession, let tax cuts die: Geithner |
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Date: 26-07-2010
The economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said on Sunday.
In appearances on several Sunday talk shows, Geithner said only 2 to 3 percent of Americans -- those making $250,000 or more a year -- will be affected when tax cuts enacted under former President George W. Bush end on schedule this year.
Republicans want to extend the tax cuts and Democrats are divided but Geithner said reductions for top earners should end.
"We think that's the responsible thing to do because we need to make sure we can show the world that (we're) willing as a country now to start to make some progress bringing down our long-term deficits," he said on ABC's "This Week" program.
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| Mortgage rates at lowest point since mid-1950s |
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Date: 25-06-2010
Mortgages are cheaper today than they've been in a half-century. If only most people had the job security, the credit score and the cash to qualify.
The average rate for a 30-year fixed loan sank to 4.69 percent this week, beating the low set in December and down from 4.75 percent last week, Freddie Mac said Thursday. Rates for 15-year and five-year mortgages also hit lows.
Rates are at their lowest since the mortgage company began keeping records in 1971. The last time they were any cheaper was the 1950s, when most long-term home loans lasted just 20 or 25 years.
Almost no one expects falling rates to energize the economy, though. Sales of new homes collapsed in May after an enticing tax credit expired.
"As long as prospective homebuyers are still concerned about their jobs and financial well-being, many will be reluctant to take the plunge, even though affordability has never been better," said Greg McBride, senior financial analyst with Bankrate.com.
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| Fed adopts rules to protect credit card customers |
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Date: 15-06-2010
The Federal Reserve adopted new rules Tuesday aimed at protecting credit card customers from getting socked by lofty late payment charges and other penalty fees.
The rules respond to public and congressional outrage over practices by credit card companies.
They bar credit card companies from charging a penalty fee of more than $25 for paying a bill late. They prohibit credit card companies from charging penalty fees that are higher than the dollar amount associated with the customer's violation. They also ban so-called "inactivity" fees when customers don't use the account to make new purchases and they prevent multiple penalty fees on a single late payment.
The rules take effect on Aug. 22.
"Consumers will finally be protected from the worst credit card issuer abuses," said Rep. Carolyn Maloney, D-N.Y., a major advocate for the changes.
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| More factory jobs ease economic pain |
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Date: 08-06-2010
Manufacturing job gains in the Midwest helped lower the nation's economic stress in April to its lowest point in five months, according to The Associated Press' monthly analysis of conditions around the country.
Contributing to the improvement were lower foreclosure rates in two states with beaten-down housing markets: California and Florida.
Economic stress levels dipped in every state except Louisiana and Nevada in April. They also declined in more than 90 percent of the nation's 3,141 counties, according to AP's Economic Stress Index.
Only 42 percent of counties were deemed stressed in April, compared with half in March. The AP's index found the average county's Stress score in April was 10.6, down from 11.5 in March. It was the lowest score since November's rating of 10.2.
The index calculates a score for each county and state from 1 to 100 based on unemployment, foreclosure and bankruptcy rates. A higher score indicates more stress. Under a rough rule of thumb, a county is considered stressed when its score exceeds 11.
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| NYC exits recession faster than expected |
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Date: 03-06-2010
New York City is putting the recession in the rear view mirror faster and stronger than expected, but its finances still face substantial risks, including the possible loss of state and federal funds, according to a report released on Thursday.
For example, the city might have to issue more short-term debt than planned if the recession-stricken state, which is dealing with its own cash crunch, delays paying billions of dollars of school aid, State Comptroller Thomas DiNapoli's report said.
New York City did not have to borrow short-term notes from fiscal 2005 to 2009. But the current budget ends on June 30, and independent Mayor Michael Bloomberg penciled in a $2.4 billion offering in next year's $63 billion budget plan.
New York state missed its April 1 budget deadline. And consequently Governor David Paterson, a Democrat, has delayed paying counties, cities and towns, schools and nonprofits -- for the third time since December.
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| Economy benefiting from building and manufacturing |
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Date: 02-06-2010
The economic recovery is gaining strength from the biggest rise in construction spending in nearly a decade and the 10th straight month of expansion for manufacturers.
The two positive reports eased some fears that the debt crisis in Europe might be starting to stunt the U.S. economic rebound.
"The recovery is still on track," said Brian Bethune, a senior economist at IHS Global Insight. While Europe's troubles will put a drag on profits at U.S. companies that do business overseas, Bethune said, "it's not going to be a show-stopper."
The burst in April construction spending reported Tuesday by the Commerce Department sent a promising signal for an industry that was among the hardest hit during the recession. The 2.7 percent increase was spread across all major sectors. But temporary government incentives fueled gains in two of three major categories. The economy will eventually have to manage with less government support.
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