Nick Timiraos | The Wall Street Journal | November 5, 2009
Fannie Mae plans to allow homeowners facing foreclosure to stay in their homes and rent them for up to one year as part of the latest effort to help troubled borrowers while keeping a glut of foreclosed properties from hitting the housing market.
The Deed for Lea
By ERIC DASH
A year after accepting a bailout from Washington, a resurgent JPMorgan Chase reported a second consecutive quarter of surprisingly strong profit on Wednesday, solidifying its position at the pinnacle of American finance.
JPMorgan’s results — $3.6 billion in profit for the third quarter — fanned hopes on Wall Street that the
By CHRISTINE HAUGHNEY
During much of his tenure, Mayor Michael R. Bloomberg has taken credit for helping to create hundreds of thousands of jobs in New York City, from high-paying construction work to sales jobs at dozens of new big-box stores. Even as the city plods through the recession, the mayor has set a goal to “retain and create” an additio
The Dow Jones industrial average, one of the most-watched markers of the financial world, closed above 10,000 points on Wednesday, a milestone of the stock market’s recovery from the depths of the financial crisis.
At the close, the Dow was up 144.8 points or 1.5 percent at 10,015.86. It had not closed above 10,000 since Oct. 3, 2008.
“The last time we saw 10,000 we were
The dollar's position as the world's leading reserve currency faces increased pressure as the financial crisis allows emerging economies greater influence on the world stage, analysts said.
A report last week in The Independent claiming that China, Russia and Gulf States are among nations prepared to ditch the dollar for oil trades has heightened the uncertainty surrounding the US currency's future.
The dollar slumped against rivals last week in the wake of the British da
However, unlike other commodities it has relatively few uses other than as an ornament. Copper is used in wiring, iron is used to manufacture steel but gold's main uses are – and always have been – as a store of value and as a way to demonstrate personal wealth. Even if solid gold bathroom taps are not to your taste, they certainly make a point.
This means that gold really should b
Breaching this level is significant, said David Jones, chief market strategist at IG Index.
"This area had successfully capped any strength since the middle of September and today’s levels are the highest seen for more than a year, which should help banish any worries that the recovery was running out of steam," he said.
London's index of leading shares was up 57 - or 1.1pc - at 5221 by noon as a broad range of sectors showed gains.
Insurer Old Mutual was the biggest ris
WASHINGTON (Reuters) - The U.S. government spent a record $1.4 trillion (876.9 billion pounds) more than it collected in the fiscal year ended September 30, congressional analysts said on Wednesday, in their final estimate before the official numbers are issued.
Bank bailouts, stimulus spending and declining t
Gordon Brown today announced a major fire sale of government assets to raise £3billion to cut the national deficit.
The Prime Minister revealed he wants to offload the government’s one third share in URENCO, a nuclear company that enriches uranium in Britain, Germany and the Netherlands - but only after safeguarding national security.
And he confirmed that the Channel
Bank of America Scrambles to Modify Loans Ahead of Government Deadline
By Renae Merle
Washington Post
Monday, October 12, 2009
PLANO, Tex. -- Bank of America employees are reminded every day of how far they still have to go. Just outside the elevators of their vast third-floor command center, attache
Data That Point to Improving Economy Also Suggest Continued Pain for Many
By Annys Shin
Washington Post
Wednesday, August 12, 2009
The pile of economic data indicating that the worst of the recession is over just keeps growing. In the past few weeks, the government has reported that businesses last month sh
Economists predict that youth unemployment will reach 1 million this autumn as a new crop of school and college leavers flood into the jobs market. Photograph: Christopher Thomond
Unemployment in Britain jumped by 220,000 in the three months to June to 2.435 million, official data showed today, the highest level since 1995.
The Office
NEW YORK (Reuters) - U.S. mortgage applications fell last week, reflecting a drop in demand for home refinancing loans as interest rates soared to their highest levels since June, data from an industry group showed on Wednesday.
Applications for loans to buy homes, an early indicator of sales, rose slightly. Tepid interest in purchase lo
The world economy still risks a double-dip recession if oil prices rise toward $100 per barrel and if huge U.S. government debts frighten investors, Nouriel Roubini, professor of economics and chairman of RGE Monitor, told CNBC.
"There is a risk, a low probability for a double dip," Roubini said on "Squawk Box."
Although the risk of a depression has been virtually eliminated by the massive monetary stimulus, "we are in the middle of the worst recession in 60 years" and th
Federal Reserve policymakers kicked off the two-day meeting to determine the U.S. interest rate policy. John Lekas, CEO and portfolio manager of Leader Capital, and Michelle Girard, senior economist at RBS, weighed in on what investors should expect from this week’s decision.
“We’re most focused on the Treasury-buying program,” Girard told CNBC.
“There’s not going to be any meaningful expansion of the program. The Fed is moving toward winding down the b
'Bad Bank' Would Wipe the Slate Clean for Fannie Mae, Freddie Mac by Taking Their Toxic Loans
Written by Zachary A. Goldfarb and David Cho for The Washington Post, Thursday, August 6, 2009.
The Obama administration is considering an overhaul of Fannie Mae and Freddie Mac that would strip the mortgage finance giants of hundreds of billions of doll
The rate at which jobs are being lost in the American economy appears to be slowing despite potentially conflicting evidence showing planned redundancies are increasing and that the slight recovery in the US service industry has reversed.
Ahead of Friday’s all-important non-farm payroll data, which will show how many jobs were lost in July across the US economy, yesterday’s ADP private sector jobs survey showed that 371,000 jobs were lost last month, compared with 4
UK house prices had their first three-month rise since October 2007 in a sign that the market may have found a bottom, according to the latest survey from Halifax.
Prices rose 0.8pc in the three months to July, compared with the previous three months, according to mortgage lender Halifax's monthly survey. That is the first time prices have climbed on this quarterly basis since October 2007 and is "an indicator of the underlying trend," Halifax sai
By JON HILSENRATH and SUDEEP REDDY
Federal Reserve Chairman Ben Bernanke helped steer the economy away from what he calls "Depression 2.0." Now he's trying to defend the Fed itself.
As Mr. Bernanke heads to Capitol Hill today for two days of testimony on the economy, the central bank is fending off attacks on many fronts from critics who want to rein in its power and autonomy.
Rallying one charge is Ron Paul, an iconoclastic Texas Republican who wants to abolish the cent
LONDON (Reuters) - There is a good chance that the U.S. and other leading economies will start growing again over the next two quarters, but there are still significant risks to the outlook, U.S. Treasury Secretary Timothy Geithner said.
"In my view there are still significant risks and challenges ahead," Geithner said when asked on Monday if he was concerned
The Dow Jones industrial average, one of the most-watched markers of the financial world, closed above 10,000 points on Wednesday, a milestone of the stock market’s recovery from the depths of the financial crisis.
At the close, the Dow was up 144.8 points or 1.5 percent at 10,015.86. It had not closed above 10,000 since Oct. 3, 2008.
“The last time we saw 10,000 we were
However, unlike other commodities it has relatively few uses other than as an ornament. Copper is used in wiring, iron is used to manufacture steel but gold's main uses are – and always have been – as a store of value and as a way to demonstrate personal wealth. Even if solid gold bathroom taps are not to your taste, they certainly make a point.
This means that gold really should b
Gordon Brown today announced a major fire sale of government assets to raise £3billion to cut the national deficit.
The Prime Minister revealed he wants to offload the government’s one third share in URENCO, a nuclear company that enriches uranium in Britain, Germany and the Netherlands - but only after safeguarding national security.
And he confirmed that the Channel
Economists predict that youth unemployment will reach 1 million this autumn as a new crop of school and college leavers flood into the jobs market. Photograph: Christopher Thomond
Unemployment in Britain jumped by 220,000 in the three months to June to 2.435 million, official data showed today, the highest level since 1995.
The Office
