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.
President Obama held a town meeting on Thursday in Rio Rancho, New Mexico to discuss his plans for immediate reform of the credit card industry. “It’s time for strong and reliable protections for our consumers. It’s time for reform that is built on transparency, accountability, and mutual responsibility – values fundamental to the new foundation … Read more
Home sales in the first quarter of 2009 reflect that home buyers have been bargain hunting, according to a report released on Tuesday by the National Association of Realtors (NAR). First-time home buyers accounted for half of all home purchases, and distress sales – foreclosures and short sales – also accounted for nearly half of … Read more
The Federal Trade Commission reported on Monday that it is investigating a California-based mortgage lender for violating the Equal Credit Opportunity Act (ECOA) by pricing loans according to the applicant’s race or nationality. According to the FTC’s complaint, Golden Empire Mortgage charged Hispanic home buyers higher prices for mortgage loans than non-Hispanic white home buyers … Read more
American families continue to deal with the stress and pressures of job loss – and a total of 13.7 million unemployed workers. The Department of Labor report today that non-farm payroll employment continued to decline for April by 539,000 – bringing the unemployment rate up to 8.9%. 5.7 million jobs have been lost since the … Read more
Federal Reserve Chairman Ben Bernanke said Tuesday in prepared testimony that the economy is showing some signs of stabilizing and is likely to rebound later this year, and that the rate of inflation should stay low. But he also said that the road to recovery remains scattered with obstacles. Bernanke said that current labor market … Read more
President Obama outlined his $3.6 trillion budget for 2010 today and addressed that his administration has found 121 programs that can be reduced or eliminated to save American taxpayers nearly $17 billion next year alone. “All across this country, Americans are responding to difficult economic times by tightening their belts and making tough decisions about … Read more
Today President Obama and Treasury Secretary Timothy Geithner unveiled a plan to curb tax havens, and replace the tax advantages that encourage businesses to shift jobs overseas with incentives for creating those jobs here at home. The Treasury said that in 2004 – the most recent year for which data is available – U.S. multinational … Read more
The number of people who filed for unemployment insurance benefits for the first time dropped for the week ending April 25, according to a report released by the Labor Department on Thursday. Last week in the U.S., 631,000 initial jobless claims were filed, down 14,000 from a revised-up 645,000 from the week before. The four-week … Read more
Despite concerns over the swine-flu outbreak, the markets reacted positively to a report that signals the public’s pessimism about the economy may be easing. Consumer confidence had its biggest one-month jump in four years, from 26.9 in March to 39.2 in April, according to data released today from a survey. The expectations index rose from … Read more
Struggling auto giant General Motors announced a plan on Monday to exchange 225 shares of common stock for every $1000 of outstanding notes in an effort to reduce its debt costs – “a vital component of GM’s overall restructuring plan to achieve and sustain long-term viability,” as stated by the company. In addition to the … Read more
