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Personal_finance News provided by Yahoo!

  • Columbia Bancorp to close mortgage business, cut jobs (Reuters)
    Fri, 05 Sep 2008 10:56:52 GMT
    Reuters - Columbia Bancorp , the holding company for Columbia River Bank, said it plans to close its mortgage banking division, affecting about 39 jobs, as it strives to cut costs amid a difficult mortgage market.

  • Breeden details year of progress at H&R Block (AP)
    Thu, 04 Sep 2008 22:04:15 GMT
    AP - A year after orchestrating a takeover of H&R Block Inc.'s leadership, Richard Breeden gave shareholders an update Thursday on efforts to rejuvenate the tax preparation giant, saying some success has been made but the work is ongoing.

  • Lehman weighs real estate spinoff: report (Reuters)
    Thu, 04 Sep 2008 20:40:10 GMT

    The exterior of the world headquarters for Lehman Brothers is seen in New York, June 17, 2008. (Shannon Stapleton/Reuters)Reuters - Lehman Brothers Holdings Inc is considering a plan to put some $32 billion of its commercial real estate and mortgage assets in a new company and spin it off, Bloomberg reported on its website on Thursday.




  • 30-year mortgages dip slightly to 6.35 percent (AP)
    Thu, 04 Sep 2008 16:59:48 GMT

    A Toll Brothers development in an undated image courtesy of the company. The luxury home builder swung to a third-quarter net loss, hurt by write-downs and weakened demand in most markets amid the nation's housing slump, and forecast sequentially lower revenue in the fourth quarter on higher costs. (Handout/Reuters)AP - Rates on 30-year mortgages fell for a third straight week, dropping to the lowest level since mid-July.




  • GMAC to cut 5,000 jobs at ResCap mortgage unit (Reuters)
    Wed, 03 Sep 2008 22:40:11 GMT

    A view of a five-bedroom and two-bath home in Detroit, September 23, 2007. (Rebecca Cook/Reuters)Reuters - GMAC LLC, the auto finance and mortgage company, plans to eliminate about 5,000 jobs at its Residential Capital LLC unit and close all 200 GMAC Mortgage retail offices to combat weak housing and credit markets.






  • GMAC slashing work force, reduces mortgage lending (AP)
    Wed, 03 Sep 2008 22:33:38 GMT
    AP - Lender GMAC Financial Services said Wednesday it will close all of its 200 retail offices and lay off about 5,000 employees as part of plan to reduce its mortgage lending and servicing because of the housing market downturn.

  • H&R Block posts smaller loss (Reuters)
    Wed, 03 Sep 2008 20:50:22 GMT
    Reuters - H&R Block Inc , the largest U.S. tax preparer, reported a quarterly loss that was 56 percent smaller than a year earlier on Wednesday, after shedding its money-losing mortgage operations to focus on its tax business.

  • Merrill Lynch hires mortgage executives (Reuters)
    Tue, 02 Sep 2008 14:15:01 GMT
    Reuters - Merrill Lynch & Co , battered by more than $40 billion of write-downs tied largely to mortgages, said on Tuesday it hired Michael Nierenberg from JPMorgan Chase & Co to head its mortgage and securitization businesses.

  • Is It Time to Sell Your Foreign Stocks? (BusinessWeek Online)
    Tue, 02 Sep 2008 14:07:45 GMT
    BusinessWeek Online - The stock prices of mortgage giants Fannie Mae and Freddie Mac have cratered. The bottom of the worst housing slump since the Great Depression hasn't been reached. Fears of inflation are mounting.

  • US government 'bazooka' may save Fannie, Freddie (AFP)
    Sun, 31 Aug 2008 03:54:05 GMT

    People walk past a sign at the Freddie Mac headquarters in July in McLean, Virginia. Fannie Mae and Freddie Mac, two groups that underpin trillions of dollars in mortgages are facing a crisis that could force the US government to step in and possibly nationalize them, but some say the mere promise of massive aid may be enough to restore confidence.(AFP/File/Paul J. Richards)AFP - Can Treasury Secretary Henry Paulson's "bazooka" save mortgage finance titans Fannie Mae and Freddie Mac from a calamitous meltdown?




  • Stocks end lower on personal income data (AP)
    Fri, 29 Aug 2008 22:21:56 GMT

    Traders work on the floor of the New York Stock Exchange, June 24, 2008. (Brendan McDermid/Reuters)AP - Wall Street tumbled Friday after the government said personal incomes fell last month by the largest amount in nearly three years while consumer spending slowed. The Dow Jones industrial average fell more than 170 points, while a disappointing profit report from computer maker Dell Inc. weighed on the technology-heavy Nasdaq composite index.




  • Consumer spending flags, but confidence rises (Reuters)
    Fri, 29 Aug 2008 19:00:13 GMT

    A shopper walks past a store display in New York July 1, 2008. (Lucas Jackson/Reuters)Reuters - Personal income tumbled unexpectedly in July and inflation-adjusted spending shrank as government economic stimulus waned, but consumer spirits rose this month, a hint the economy may muddle through its woes.




  • Consumer spending weakens as stimulus fades (Reuters)
    Fri, 29 Aug 2008 14:03:15 GMT

    A shopper walks past a store display in New York July 1, 2008. (Lucas Jackson/Reuters)Reuters - Personal income tumbled unexpectedly in July and inflation-adjusted spending shrank at sharpest rate in four years as the lift from government stimulus checks waned, a government report on Friday showed.




  • Stocks tumble as Dell warns on tech spending (Reuters)
    Fri, 29 Aug 2008 20:23:22 GMT

    Traders work on the floor of the New York Stock Exchange, June 11, 2008. (Brendan Mcdermid/Reuters)Reuters - U.S. stocks tumbled on Friday, led lower by tech shares after computer maker Dell warned that companies worldwide are cutting back on technology spending.




  • Strapped US consumers curb spending as inflation bites (AFP)
    Fri, 29 Aug 2008 15:43:48 GMT

    A cashier rings up purchases at a Target store in Daly City, California earlier this month. US consumers snapped shut wallets as a boost from tax rebates wore off and inflation soared in July, government figures have shown in what could be a bad omen for an economy dependent on consumer spending.(AFP/Getty Images/File/Justin Sullivan)AFP - US consumers snapped shut wallets as a boost from tax rebates wore off and inflation soared in July, government data showed Friday in what could be a bad omen for an economy dependent on consumer spending.




  • Bradford & Bingley bank says suffers first-half loss (AFP)
    Fri, 29 Aug 2008 08:35:07 GMT

    A branch of British mortgage lender Bradford & Bingley pictured in London, June 2008. Bradford & Bingley has said it endured a net loss of 17.2 million pounds in the first half of 2008.(AFP/File/Leon Neal)AFP - British mortgage lender Bradford & Bingley said on Friday that it had endured a net loss of 17.2 million pounds (21.3 million euros, 31.4 million dollars) in the first half of 2008.




  • Die, Student Loan, Die! (The Motley Fool)
    Thu, 28 Aug 2008 16:22:28 GMT
    The Motley Fool - Make fun of the so-called "professional students" all you want. You know, the ones who, unlike the TAs, remember the original Dukes of Hazzard TV show. But would you be in a huge hurry to check out of the ivory tower and into debtors' prison?

  • Fannie's capital better than market perceptions: Lehman (Reuters)
    Thu, 28 Aug 2008 14:30:45 GMT

    The headquarters of mortgage lender Fannie Mae is shown in northwest Washington October 3, 2006. (Jason Reed/Reuters)Reuters - Fannie Mae's capital and reserves positions are better than market expectations, and the biggest U.S. mortgage finance company may not need any more externally raised capital, according to an analyst at Lehman Brothers.




  • French bank profits hit by economic slowdown (AFP)
    Thu, 28 Aug 2008 13:20:23 GMT

    The president of France's biggest retail bank Credit Agricole Rene Carron presents the bank results for 2008's first semester in Paris. France's biggest retail bank Credit Agricole reported second-quarter net profits of just 76 million euros (112 million dollars), saying its financial and investment services suffered from the depreciation of assets.(AFP/Bertrand Guay)AFP - Weak second-half earnings reported by major French banks on Thursday showed them now suffering from an economic slowdown in addition to further losses from the US subprime mortgage crisis.




  • Fannie Mae shakes up management team (AP)
    Thu, 28 Aug 2008 06:59:32 GMT

    In this Dec. 3, 2007 file photo, Fannie Mae President and Chief Executive Officer Daniel Mudd, makes his remarks during a forum on housing at the National Press Club in Washington. Amid a shakeup of the mortgage finance giant's executive ranks, Fannie Chairman Stephen B. Ashley said in a statement Wednesday, Aug. 27, 2008, that board members remain 'firmly committed' to Mudd. (AP Photo/Manuel Balce Ceneta, file)AP - Mortgage finance giant Fannie Mae shook up its executive ranks Wednesday, after shares in it and sibling company Freddie Mac rose for a third straight day as investors appeared less certain a government bailout of the two troubled companies is imminent.
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