Finance Globe

Nine more U.S. banks failed on Friday - all subsidiaries of one company, the FBOP Corporation. The banks were located mostly in the West: Arizona, California, Illinois, and Texas.The FDIC entered into a purchase and assumption agreement with U.S. Bank, NA, of Minneapolis, Minnesota, a wholly-owned subsidiary of U.S. Bancorp, to assume all of the deposits and essentially all of the assets of nine failed banks. The nine banks were closed this evening by federal and...

The Department of Energy (DOE) announced on Thursday awards of $338 million in Recovery Act funding for the development domestic geothermal energy.The grants will be used to support 123 projects in 39 states for the exploration and development of new geothermal fields and research into advanced geothermal technologies. Also, the grants will support the deployment and creative financing approaches for ground source heat pump demonstration projects across the country.Grant recipients include private industry, academic institutions, tribal...

The Federal Deposit Insurance Corporation (FDIC) has issued a warning to consumers that fraudulent emails have been circulating, clearly in an attempt for identity thieves to obtain consumers' personal identifying information.The emails falsely inform consumers that their personal bank has failed and has been taken over by the FDIC, and instruct consumer to follow a fraudulent link that looks like it's the FDIC website.The FDIC has received numerous reports on these suspicious emails that look like...

New home sales slide unexpectedly in September as the deadline for the first-time homebuyer's credit draws near, according to a report released today by the Commerce Department.Sales of new single-family homes decreased 3.6% to a seasonally-adjusted annual pace of 402,000, down from the revised August rate of 417,000. Analysts had expected a rate of 440,000, according to a Bloomberg survey of 75 economists. The September rate of sales is 7.8% below the September 2008 estimate of...

While speaking on Tuesday at Florida Power and Light’s (FPL) DeSoto Next Generation Solar Energy Center, President Obama announced a $3.4 billion investment to spur transition to a smart energy grid.The president described what a clean energy future would look like. "We can imagine the day when you'll be able to charge the battery on your plug-in hybrid car at night, because your smart meter reminded you that nighttime electricity is cheapest. In the daytime, when...

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...