Democrats and Republicans are disagreeing on when the vote to decide whether or not to extend Bush era tax cuts should take place. Democrats in the House of Representatives feel the vote should take place after the November 2 election. However Republicans feel that the vote should happen first so American’s can take comfort in […]
Overall assets of mutual funds shed $10.63 billion to $2.803 trillion this week, Investment Company Institute said on Thursday. Meanwhile, assets of retail money market mutual funds dropped to $958.21 billion after losing $6.36 billion during the same period, while assets of taxable funds dropped by $4.63 billion to $753.97 billion, and tax-exempt assets declined […]
The interest rates on unsecured loans from banks are significantly higher now than the period prior to the economic downturn, despite the drop in official borrowing expenditure, according to a bulletin released today by the Bank of England. The bank reports that people getting unsecured loans now would pay up to 11% interest, event though […]
CNN reported that seventy-four percent of Americans believe the recession is still going. One out of three people characterize the recession as serious, while twenty-nine percent call it simply moderate. This was in response to the National Bureau of Economic Research report claiming that the economic indicators dictate that the recession ended during June of […]
Debt settlement companies that perform services over the phone will be subjected to stricter regulations come October 23. The FTC is imposing rules that include the following: 1. Full disclosure of how long the process will take. 2. Total costs related to the debt settlement process. 3. Any potential negative consequences that may result from […]
The Office of the Comptroller of the Currency and the Office of Thrift Supervision released a report on Friday that indicated that mortgage modifications initiated in 2010 “performed better than other modifications”. 30% of mortgage modifications performed in 2009 and almost 45% of the modifications performed in 2008 are in default. However, for modifications that […]
A report issued this week from the Office of the Comptroller of the Currency indicates that approximately 10% of borrowers with a 2010 loan modification were three months behind. This is about half the 20% of borrowers with a 2009 Loan Modification and one-third the percentage of borrowers with a 2008 loan modification. The Home […]
Ben S. Bernanke, the chairman of the Federal Reserve, said that the impact of the financial meltdown has caused the U.S. economy to recover more slowly than expected despite the reduced interest rates brought about by the $1 trillion in bond purchases. Speaking at a conference at Princeton University yesterday, Bernanke said that, “By buying […]
A measure that will exert more pressure on China to increase the yuan’s value will be voted upon by the House next week after it was endorsed by the House Ways and Means Committee, as both parties expressed disappointment over the Chinese currency’s slow appreciation. “We cannot wait any longer to level the playing field […]
Freddie Mac reported in its weekly survey that fixed-rate mortgages did not change in the latest week, as they have yet to signal September’s sell-off in US treasuries. Mortgage rates have been in a prolonged decline for months and have hit record-lows, as yields on treasuries dropped amid the poor prospects of the economy. However, […]
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