Finance Globe

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...

The number of people filing for unemployment benefits for the first time decreased last week from the previous week, according to a report released today by the Labor Department.In the week ending October 3, the advance figure for seasonally-adjusted initial claims was 521,000, down 33,000 from the previous week's revised figure of 554,000. Economists had expected a decrease in initial claims of 11,000. The four-week moving average, which smooths out fluctuations, was 539,750 - a decrease...

The job outlook remains poor as employment continued to decline for the month of September, according to a report released by the U.S. Labor Department on Friday. The largest losses were in construction, manufacturing, retail trade, and government positions.Non-farm payroll employment decreased by 263,000 last month and the unemployment rate was 9.8%. Since the start of the recession in December 2007, the unemployment rate has doubled as the number of unemployed persons reaches 15.1 million -...

Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to a report released on Thursday by the National Association of Realtors.The pending home sales index - a forward-looking indicator based on contracts signed in August - rose 6.4% to 103.8 from a reading of 97.6 in July. The index is 12.4% above its level in August 2008 when it was 92.4, and is...

Consumer delinquencies are hitting record levels as continued job losses, shorter work weeks, and falling incomes take their toll on consumer's ability to pay their debts on time, according to a report released Thursday by the American Bankers Association.ABA's Consumer Credit Delinquency Bulletin showed record-high quarterly delinquency rates in three key loan categories: home equity loans, home equity lines-of-credit, and bank cards.The composite ratio, which tracks eight closed-end installment loans, also hit a record high at...

Ken Lewis, chief executive officer and president of Bank of America, announced today that he plans to retire effective December 31, 2009 after forty years of service to one of the world's largest financial institutions.Lewis began his career with North Carolina National Bank (NCNB) - the predecessor to NationsBank and Bank of America - in 1969 as a credit analyst. He served in a variety of leadership roles within the company before being named CEO and...

While the average consumer may gripe about the interest charges on a typical credit card balance, it appears we're getting a pretty good deal on other banking services. According to a recent survey by the American Bankers Association, the majority of bank customers continue to pay nothing in bank fees. The ABA reports that 70% of consumers pay $3 or less each month for services such as checking account maintenance and ATM access, but that 56%...

Consumers' confidence in the present economic situation dipped in September after some improvement in August, according to a report released today by the Conference Board.The Conference Board Consumer Confidence Index stands at 53.1, down from 54.5 in August. The Present Situation Index decreased from last month's 25.4 down to 22.7 for September. The Expectations Index dipped to 73.3 this month from 73.8 in August. (The index was 100 in 1985.)Those claiming business conditions are "bad" increased...