Mary Tomkins is a freelance writer located in Spartanburg, SC, with emphasis on economic news and research on the financial industry.
Sales of existing homes were strong in September, up 9.4% to a seasonally-adjusted annual pace of 5.57 million units, including single-family homes, townhomes, co-ops, and condominiums, according to a report released today by the National… Existing Home Sales Strong for September
Applications for mortgages in the week ending October 16 was sharply down again for the second week in a row, according to a report released today by the Mortgage Bankers Association (MBA). The Market Composite… Mortgage Applications Drop for Second Week
The twelve Districts of the Federal Reserve reported either “stabilization or modest improvements” since their last report, though often from depressed levels to begin with, according to the Fed’s most recent publication of the Beige… Fed Says Small Improvement in Economy
A money transfer company that allowed fraudulent telemarketers to rip off thousands of consumers has settled Federal Trade Commission (FTC) charges and has been ordered to pay $18 million in consumer redress. According to FTC… MoneyGram Settles FTC Charges for $18 Million
Retail sales in September declined by 1.5%, mostly due to the steep 10.4% drop in motor vehicle sales after the expiration of the Cash for Clunkers program, the Census Berueau reported today. Analysts had expected… Retail Sales Ex-Autos Up .4% for September
The credit card law that goes into effect in February, the CARD Act, will make it very difficult for many adults under the age of 21 to obtain a credit card without a parent co-signer… Bankers Say in February Credit Will be Difficult to Obtain for Consumers Under 21
The American Bankers Association testified on Friday on the impact of the recession on lending to small businesses. Testifying on behalf of ABA before the Senate Banking Committee, community banker Stephen Wilson, Chairman and CEO… ABA Testifies on Small Business Lending
The Treasury Department reported on Thursday that under the Making Home Affordable program, more than 500,000 trial loan modifications are in progress. Earlier this year in July, the Treasury and the U.S. Department of Housing… 500,000 Loan Modification Milestone Reached
The Federal Trade Commission (FTC) and Federal Communications Commission (FCC) issued a joint statement today encouraging consumers to protect their privacy when online. FCC Chairman Julius Genachowski said, “The American public increasingly relies on the… FTC and FCC Warn Consumers to Protect Themselves Online
Merchants and credit card issuers battled it out on Thursday as they testified to Congress on interchange fees. H.R. 2382, the Credit Card Interchange Fees Act of 2009, is a bill to amend the Truth… Banks Say Interchange Bill Will Hurt Consumers