The author of the Credit Cardholder Bill of Rights tells us how the legislation will help, despite what the credit card industry has to say about it.
An ideal interest rate to help the US economy to cope with the recession would be a negative 5 percent, the Financial Times reported on its Web site, quoting an internal Federal Reserve analysis.
Global stocks were down Monday, after enjoying 7 weeks of gains, as concerns of the outbreak of swine flu spooked investors. But experts tell CNBC that stocks are still a good long-term bet.
The following is the full text of U.S. Federal Reserve Chairman Ben Bernanke's "Housing, Mortgage Markets and Foreclosures" speech issued in Washington Thursday and delivered before before the Fed conference on Housing and Mortgage Markets:
At least one of the 19 financial institutions that received a government stress test would require additional capital, based on the initial findings, according to a source.
A colleague of mine is doing a short sale today; she's the buyer. Today is closing day, and I knew this would be interesting, so I'm going to do my blog version of pseudo-Twittering it throughout the day, with emails coming in from my colleague.
"Most banks" are currently well capitalized but need to hold a "substantial" amount above regulatory requirements in case the recession worsens, the Fed said in its eagerly awaited report on bank stress tests.
Credit conditions are not improving and construction financing to build from the ground up is not available, says Ivanka Trump, executive vice president of development and acquisitions at the Trump Organization.
NOT SEEN ON T.V.: John Ulzheimer, with help from Carmen, acts out the phone call he made to his credit card company after having his credit limit lowered -- again.
Today the National Association of Realtors reported a 12.4 percent year-over-year drop in existing home prices in March. Yesterday the FHFA reported prices on homes with conventional loans fell 6.5 percent year-over-year and rose 0.7 percent from January to February. S&P Case-Shiller reports that home prices in the nation’s top twenty markets fell 19 percent in January, year-over-year. So why would anyone be confused, right?
Concessions must be made to boost the economy over the long-term, UK Minister of Trade and Investment, Mervyn Davies, UK Minister of Trade and Investment, told CNBC Thursday, one day after Labor announced a budget which was widely criticized.
We knew it was coming, and now it's here...the return of California's foreclosure crisis. DataQuick reports "lenders filed a record number of mortgage default notices against California during the first three months of this year, the result of the recession and of lenders playing catch-up after a temporary lull in foreclosure activity."
As the President prepares to sit down with top credit card execs, an industry representative tries to explain the motives behind the crackdown on interest rates and credit limits.
Are you surprised? We have got to get over the idea that we have real relationships with this business that we borrow from.
Federal regulators on Tuesday proposed some clarifications to sweeping new rules designed to shield consumers from unfair credit card practices.
The subprime mortgage crisis is for the most part over. Now the second housing crisis is upon us. Too much debt, too little income.
Despite the fact that the press representative in Senator Dick Durbin's (D-IL) office tells me "negotiations are still underway," several outlets are reporting that the Senate version of the so-called bankruptcy "cramdown" bill is imminent. The house passed legislation in March allowing bankruptcy judges to modify home loans, with a couple of caveats, the main one being that the borrower had to have exhausted all possibilities for modification with his/her lender.
Federal Reserve Chairman Ben Bernanke said on Friday that the U.S. recession had done lasting harm to household finances and that regulators must protect consumers from willfully confusing forms of credit.
The home builders are supposedly more upbeat this month than they have been in the better part of a year. At least that’s what the survey from the National Association of Home Builders says. The first-time home buyer tax credit, combined with lower mortgage interest rates, have potential contract signers out kicking the tires. Optimism is out there, if not actual signed papers.
After that surprising surge in February, housing starts went back to their usual freefall again last month. The nearly 11 percent drop was larger than expected, but inevitable given the huge supply of new and existing homes already on the market.