Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
The Treasury Department announced on Monday that $268 million in American Recovery and Reinvestment Act funds will be released to create jobs and provide low-income families with affordable housing units in Indiana, Missouri, Tennessee, and Washington D.C. “Today’s announcement of housing funds demonstrates how President Obama’s Recovery Act is putting our nation on the path … Read more
The unemployment rate continued to climb in nearly all states and regions for May, according to a report released today by the government. The national unemployment rate rose from 8.9% in April to 9.4% in May, and is now 3.9% higher than it was a year ago. Vermont was the only state to show no … Read more
A payment processor that took millions of dollars – without authorization – from consumers’ bank accounts has been ordered by a federal court to pay nearly $1.8 million in consumer redress and to end the illegal practice, according to a statement released today by the Federal Trade Commission. The FTC filed a complaint on Nevada-based … Read more
Ten of the nation’s leading banks won approval from the U.S. Treasury to repay about $68 billion in TARP funds, the government said Tuesday. “These repayments are an encouraging sign of financial repair, but we still have work to do,” said Secretary Tim Geithner. Combined with repayments received to date from other institutions, Treasury will … Read more
The unemployment rate rose to 9.4% in May from 8.9% in April, according to a report released today by the Department of Labor. The pace of job cuts is slowing and the month of May lost 345,000 jobs – about half as many jobs as in each of the previous six months. Still, the job … Read more
Delinquencies in commercial and multi-family residential mortgages continued to rise during the first quarter of 2009 due to the weak economy and an ongoing credit crunch, according to a report released on Tuesday by the Mortgage Bankers Association (MBA). Jamie Woodwell, Vice President of Commercial Real Estate Research at the Mortgage Bankers Association, said, “Delinquency … Read more
Pending home sales rose for the third month in a row in April, boosted by low interest rates, affordable home prices, and the $8000 first-time homebuyer’s credit. According to a report released today by the National Association of Realtors, the Pending Homes Sales Index rose 6.7% to 90.3 from 84.6 in March. The index is … Read more
The volume of mortgage applications rose slightly last week, according to a report released Wednesday by the Mortgage Bankers Association. Last week’s mortgage loan application volume, as measured by the Market Composite Index, was 915.9, up 2.3% from 895.6 the previous week, seasonally adjusted. On an unadjusted basis, the index increased 2% compared with the … Read more
Continuing job losses remain severe, according to a report release by the Labor Department on Thursday. While the number of initial jobless claims dipped slightly last week, this is mostly because it is being compared with the prior week in which Chrysler layoffs bumped that week’s number much higher. The advance number for seasonally adjusted … Read more
In these difficult times, fraudsters are working under the guise of the federal government to trick struggling homeowners. President Obama announced the Making Home Affordable program earlier this year as part of the effort to help homeowners who are having financial difficulty in making their house payments. At makinghomeaffordable.gov, homeowners can receive free help on … Read more
