The Great Recession has proven especially troublesome to baby boomers, many of whom have depleted their retirement accounts and, unlike previous generations, are unsure they will be able to live comfortably into their Golden Years. The AARP Policy Institute recently released a … [Read more...]
Government Reports Indicate Rebounding Economy
The Federal Reserve announced Friday August consumer borrowing increased $18.1 billion over July, its highest amount in three months. The figure rebounded from July’s $2.5 billion borrowing drop—the first in almost a year. Not only did borrowing gain in areas of auto loans, credit … [Read more...]
QE3 Already Boosting Housing Market
Reports indicate the Federal Reserve’s newest round of quantitative easing is working as planned. Freddie Mac’s weekly Primary Mortgage Market Survey indicates average fixed mortgage rates have fallen to record lows for the second consecutive week. Fed-purchased mortgage securities … [Read more...]
Supreme Court Hears Case of U.S. Violation of Credit Reporting Law
In what could be a landmark case against the U.S. government, the U.S. Supreme Court heard arguments Oct. 2 concerning whether the federal government could be held financially liable for actions not in accordance with the Fair Credit Reporting Act. … [Read more...]
JPMorgan Sued for Bear Stearns Fraud
New York Attorney General Eric Schneiderman, in conjunction with the newly-formed Residential Mortgage-Backed Securities Working Group—created by President Obama to hold Wall Street agencies accountable for misconduct related to the nation’s financial crisis—has filed a civil lawsuit … [Read more...]
Reports of Aporkalypse Largely Hogwash
They are everywhere you look. Reports of rising costs and shrinking salaries. Making ends meet becomes tougher for families each year. Education costs go up. Gas prices skyrocket. Can things get any worse? Well, next year many will have to make some difficult budget decisions … [Read more...]
Discover Ordered to Refund $200 Million to Customers for Selling Products with Deceit
Discover Card may have been voted No. 2 in overall customer satisfaction in the most recent J.D. Power credit card survey, but that didn’t exempt it from penalties enforced by the Consumer Financial Protection Bureau for deceiving customers when marketing card protection products. The … [Read more...]
More Student Loans Default Between Years Two and Three
More college graduates are defaulting on their student loans, according to a report issued Sept. 28 by the U.S. Department of Education. In its first three-year report of federal student loan cohort default rates, the department found 13.4 percent of graduates defaulted—missed at … [Read more...]
Census Reports U.S. Poor Getting Poorer
The poor in the U.S. could use their own Robin Hood as U.S. Census data shows income inequality in on the rise in 20 states. The U.S. Census Bureau released its 2011 American Community Survey today, which includes demographic information on U.S. residents in 40 different topics. The … [Read more...]
Bank of America Settles With Investors for $2.43 Billion
Bank of America Corp. agreed today to a $2.43 billion settlement to end a class-action suit filed by its own shareholders. The suit stemmed from claims the company did not warn shareholders of overwhelming losses Merrill Lynch & Co. was suffering before they voted to purchase the firm … [Read more...]
