More Economy Articles

  • Bank of America settlement likely to benefit few

    WASHINGTON (AP) — Bank of America's record $16.65 billion settlement for its role in selling shoddy mortgage bonds — $7 billion of it geared for consumer relief — offers a glint of hope for desperate homeowners. The settlement requires the second-largest U.S. bank to reduce some homeowners'...

  • US housing recovery appears to be back on track

    WASHINGTON (AP) — A fourth straight monthly increase in sales of existing homes provided the latest evidence Thursday that the U.S. housing market is rebounding from a weak start to the year. Housing has been a drag on an otherwise strengthening economy, in part because a harsh winter delayed...

  • S&P 500 closes at a record; Hewlett-Packard gains

    NEW YORK (AP) — Another round of buying on the stock market is sending the Standard & Poor's 500 index to its latest record high. Traders were encouraged by earnings gains and a decline last week in the number of people applying for unemployment benefits. The S&P 500 rose five points, or 0.3...

  • Gauge of US economy rises 0.9 percent in July

    WASHINGTON (AP) — A gauge designed to predict the economy's future health posted the sharpest advance in four months in July, indicating the economy is gaining traction headed into the last half of the year. The Conference Board said Thursday that its index of leading indicators rose 0.9...

  • Average US 30-year mortgage rate at 4.10 pct

    WASHINGTON (AP) — Average long-term U.S. mortgage rates declined this week, with the 30-year loan rate hitting its 52-week low. Mortgage company Freddie Mac said Thursday the nationwide average for a 30-year mortgage fell to 4.10 percent from 4.12 percent last week. The average for a 15-year...

  • Family Dollar rejects Dollar General offer

    Family Dollar has rejected a takeover bid from dollar-store competitor Dollar General, saying it would be too hard for the deal to pass antitrust regulators. Family Dollar's board said it supports its existing deal to be acquired by Dollar Tree. Family Dollar Stores Inc. Chairman and CEO Howard...

  • VIDEO: Justice Department, Bank of America reach $17 billion settlement

    The Department of Justice on Thursday announced that Bank of America will pay a $16.65 billion fine to settle allegations it sold risky mortgage-backed securities before the 2008 financial crisis.

  • Stocks move higher; S&P 500 heading for a record

    NEW YORK (AP) — U.S. stocks are moving mostly higher, pushing the Standard & Poor's 500 index closer toward another record close. Traders were encouraged by the latest encouraging sign in the U.S. job market, a decline last week in the number of people applying for unemployment benefits. The...

  • Correction: Economic Growth-New England story

    HARTFORD, Conn. (AP) — In a story Aug. 20 about economic growth in New England states, The Associated Press reported erroneously the size of the economies. State economies cited in the millions of dollars are actually in the billions of dollars. A corrected version of the story is below: Data:...

  • Treasury looks to stop 'corporate deserters' on its own

    President Obama may not be able to stop "corporate deserters" from taking up legal residency in low-tax countries. But it appears that his Treasury Department will try to make the prospect of leaving the U.S. as unattractive as possible.

  • Bank of America settles for record $17 billion in mortgage inquiry

    The Department of Justice said that it would be the single largest settlement with a U.S. business in history. The agreement includes $9.65 billion in cash paid out to federal and state agencies, and nearly $7 billion in consumer relief to borrowers hurt by the mortgage crisis.

  • Applications for US unemployment aid fall to 298K

    WASHINGTON (AP) — Fewer people applied for U.S. unemployment benefits last week, another sign the job market is improving. The Labor Department said Thursday that weekly claims for jobless aid fell 14,000 last week to a seasonally adjusted 298,000. The prior week's figures were revised up...

  • Sears 2Q loss widens on sluggish sales

    HOFFMAN ESTATES, Ill. (AP) — Sears Holdings Inc. recorded a hefty second-quarter loss Thursday on another sales slump, raising more concerns about the future of a company that once was a staple of American shopping. The company, which operates Sears and Kmart, said it plans to do more...

  • B ofA reaches $17B settlement with US

    WASHINGTON (AP) — Bank of America has reached a record settlement of nearly $17 billion to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly familiar with the matter said Wednesday. One of the officials, who...

  • Why Bank of America deal might not cost it $17B

    WASHINGTON (AP) — How much will Bank of America's expected $17 billion mortgage settlement cost the company? The answer is, almost certainly not that much. In mega-settlements negotiated with the government, a dollar is rarely worth an actual dollar. Inflated figures make sensational headlines...



From the Weekly Standard

  • ‘We Don’t Have a Strategy Yet’

    "Rooting out a cancer like ISIL won’t be easy and it won’t be quick,” President Obama told the American Legion’s annual convention in Charlotte on Tuesday, August 26. He repeated the thought in...

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  • No Mo’ Cuomo?

    Queens, N.Y. Peter Tu is thrilled about meeting with Rob Astorino, the Republican candidate for governor of New York. Tu is the executive director of the Flushing Chinese Business Association...

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  • Scotland the Brave

    If at first you don’t secede, try, try again. This might be the motto of Alex Salmond’s Scottish National party, which since 1934 has been advocating the proposition that Scotland should be an...

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