Finance Globe

Sales of existing homes were strong in September, up 9.4% to a seasonally-adjusted annual pace of 5.57 million units, including single-family homes, townhomes, co-ops, and condominiums, according to a report released today by the National Association of Realtors (NAR).The September rate of sales was 9.2% higher than from a year ago, and sales activity is at the highest level in over two years, the NAR said. According to early reports from a consumer study that won't...

Applications for mortgages in the week ending October 16 was sharply down again for the second week in a row, according to a report released today by the Mortgage Bankers Association (MBA).The Market Composite Index, a measure of mortgage loan application volume, decreased 13.7% on a seasonally-adjusted basis from the previous week. This includes an adjustment for the Columbus Day holiday. Unadjusted, the index decreased by 22.4% from the previous week's reading.The MBA said that the...

The twelve Districts of the Federal Reserve reported either "stabilization or modest improvements" since their last report, though often from depressed levels to begin with, according to the Fed's most recent publication of the Beige Book.Residential real estate and manufacturing lead the more positive sector reports, both showing a pattern of improvement since the summer. Consumer spending and non-financial services were reported as mixed.Commercial real estate was reported to be one of the weakest sectors, reported...

A money transfer company that allowed fraudulent telemarketers to rip off thousands of consumers has settled Federal Trade Commission (FTC) charges and has been ordered to pay $18 million in consumer redress. According to FTC charges, MoneyGram International, Inc., the second-largest money transfer company in the U.S., knew that their service was being utilized to defraud consumers and did very little to stop it, and in some cases, its agents in Canada even participated in these...

Retail sales in September declined by 1.5%, mostly due to the steep 10.4% drop in motor vehicle sales after the expiration of the Cash for Clunkers program, the Census Berueau reported today. Analysts had expected a decline of 2.1% in total sales for September.“Retail sales in the third quarter saw its strongest gain in almost two years, due to the successful ‘Cash for Clunkers’ program,” U.S. Commerce Secretary Gary Locke said. “The healthy increase in sales...

The credit card law that goes into effect in February, the CARD Act, will make it very difficult for many adults under the age of 21 to obtain a credit card without a parent co-signer or proof of their own income, the American Bankers Association (ABA) said in a statement on Tuesday.“The new credit restrictions will only be effective if education bridges the gap. Otherwise, first-time credit users will be older, but not necessarily wiser,” explains...

The American Bankers Association testified on Friday on the impact of the recession on lending to small businesses.Testifying on behalf of ABA before the Senate Banking Committee, community banker Stephen Wilson, Chairman and CEO of LCNB National Bank in Lebanon, Ohio, said that this is not the first recession faced by the banking industry, and that despite the current challenges banks are working hard to ensure that the credit needs of their communities are met.Wilson said...

The Treasury Department reported on Thursday that under the Making Home Affordable program, more than 500,000 trial loan modifications are in progress.Earlier this year in July, the Treasury and the U.S. Department of Housing and Urban Devolopment (HUD) set the 500,000 benchmark for November 1. This goal pushed servicers to ramp up program implementation and sustain a faster pace of modifications; trial modifications are now being issued at a faster rate than new homeowners are becoming...

The Federal Trade Commission (FTC) and Federal Communications Commission (FCC) issued a joint statement today encouraging consumers to protect their privacy when online.FCC Chairman Julius Genachowski said, “The American public increasingly relies on the Internet to create, exchange and receive information, news, education, and entertainment and it is critical that all consumers take precautions to protect their privacy and ensure their well-being online. Consumers should stay alert, recognize the potential risks associated with cyber crimes and...

Merchants and credit card issuers battled it out on Thursday as they testified to Congress on interchange fees. H.R. 2382, the Credit Card Interchange Fees Act of 2009, is a bill to amend the Truth in Lending Act, introduced in May by Representatives Peter Welch (D-VT) and Bill Shuster (R-Pa). The American Bankers Association (ABA) in a statement submitted to the House Financial Services Committee urged Members of Congress to oppose H.R. 2382, saying that the...