Finance Globe

Consumer delinquencies are hitting record levels as continued job losses, shorter work weeks, and falling incomes take their toll on consumer's ability to pay their debts on time, according to a report released Thursday by the American Bankers Association.ABA's Consumer Credit Delinquency Bulletin showed record-high quarterly delinquency rates in three key loan categories: home equity loans, home equity lines-of-credit, and bank cards.The composite ratio, which tracks eight closed-end installment loans, also hit a record high at...

Ken Lewis, chief executive officer and president of Bank of America, announced today that he plans to retire effective December 31, 2009 after forty years of service to one of the world's largest financial institutions.Lewis began his career with North Carolina National Bank (NCNB) - the predecessor to NationsBank and Bank of America - in 1969 as a credit analyst. He served in a variety of leadership roles within the company before being named CEO and...

While the average consumer may gripe about the interest charges on a typical credit card balance, it appears we're getting a pretty good deal on other banking services. According to a recent survey by the American Bankers Association, the majority of bank customers continue to pay nothing in bank fees. The ABA reports that 70% of consumers pay $3 or less each month for services such as checking account maintenance and ATM access, but that 56%...

Consumers' confidence in the present economic situation dipped in September after some improvement in August, according to a report released today by the Conference Board.The Conference Board Consumer Confidence Index stands at 53.1, down from 54.5 in August. The Present Situation Index decreased from last month's 25.4 down to 22.7 for September. The Expectations Index dipped to 73.3 this month from 73.8 in August. (The index was 100 in 1985.)Those claiming business conditions are "bad" increased...

Initial claims for unemployment benefits for the week ending September 19 both decreased and increased, depending on whether we are comparing "seasonally-adjusted" or "unadjusted data," according to a report released Friday by the U.S. Labor Department.New claims that week were a seasonally-adjusted 530,000, down 21,000 from the previous week's revised figure of 551,000. The four-week moving average - which smooths out volatility - was 553,500, down 11,000 from the previous week's revised average of 564,500.For the...

The pace of existing-home sales declined last month after four months of strong gains but still remained above what it was a year ago, according to a report released Thursday by the National Association of Realtors.August sales - including existing single-family, townhomes, condominiums, and co-ops - declined 2.7% to a seasonally-adjusted annual rate of 5.10 million units, down from a pace of 5.24 million units in July. The number is still 3.4% above the 4.93 million...

The American Bankers Association testified on Thursday about the impact that the economic situation and current regulatory environment are having on small business lending.Austin Roberts, III, president and CEO of Bank of Lancaster in Kilmarnock, VA, testified before the House Small Business Committee. He said that it is now a critical time for banks - especially for the smaller banks that depend on having good business relationships with their local communities.“Every bank in this country is...

The Federal Trade Commission issued a warning to consumers on Friday not to be duped by the latest scam - sweepstakes scammers posing as government officials.Here's how the scam works: The crooks call the consumer to tell them they've won a sweepstakes prize. The con artist tells the consumer that they must pay the taxes or a service charge on the bogus "prize" before they can claim their winnings. But after paying the money, the winnings...

Ford Motor Company closed last week on its Department of Energy loan of $5.9 billion, according a statement released on Thursday by Department Secretary Steven Chu. The loan to Ford is the first to be finalized since the program was appropriated in the fall of 2008.The funds will be used to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce vehicles that are more fuel efficient.The loan is part of the Energy Department’s Advanced...

Builder confidence in the market for newly built, single-family homes edged higher for a third consecutive month in September, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released on Wednesday. The HMI rose one point to 19 this month, its highest level since May of 2008. The HMI survey gauges and categorizes builders' sales expectations for single-family homes for the next six months as “good,” “fair” or “poor.” The survey...