OTTAWA, May 27- The Bank of Canada held its key interest rate at 0.75 percent on Wednesday, shrugging off a weak U.S. economy in the first quarter and saying solid U.S. growth this quarter should help Canadian exports and business investment. The market had widely expected bank Governor Stephen Poloz to keep the benchmark rate steady, but some analysts had begun to...» Read More
NOT SEEN ON T.V.: Most bank fees are completely avoidable, says Bankrate's Greg McBride.
A surprising housing starts number sent the markets churning and the analysts buzzing, and when it all shook out the takeaway was less than promising.
President Barack Obama is again asking Congress to pass his $3.6 trillion budget, saying it will "spark the transformation" the country needs to remain economically competitive.
Call it what you will: an act of rebellion; blind myopia; a cry for help … but I'm actually starting to believe in the global recovery story.
The Federal Reserve has no option but to start buying Treasurys as the government's needs for financing are huge, but the government bond market is a disaster in the making, Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, told CNBC.
I was equally surprised and pleased to see that in the just-released guidelines for the refinance part of the Obama housing plan, second homes and small rental properties are eligible.
Federal Reserve policymakers are weighing whether to launch new programs or expand existing ones to spur lending, get Americans spending again and lift the country out of recession.
Thursday: Confessed mega-swindler Bernie Madoff pleaded guilty to fraud. Warren Buffett slipped from the "World's Richest Billionaire" slot. Apple flew in the face of grim retail prognostication and said it'd preview new iPhone software next week. It was reported that U.S. mortgage rates slipped last week; and Standard & Poor's downgraded General Electric* from its triple-A rating to AA-plus -- but GE's shares soared on a better-than-expected outlook. CNBC heard from experts who warned that AIG is a "boil" that "needs to be lanced" and called a market bottom — of sorts.
On the heels of a new report that foreclosures are not in fact abating, as some banking on moratoria and modifications might have expected, I sat down this morning for an interview with the president of Mortgage, Home Equity & Insurance Services at Bank of America.
The average contract interest rate for the 30-year fix fell to its second lowest on record last week, hitting 4.96% from 5.14% the week before. Why?
Tuesday: Rep. Barney Frank (D-Mass.) said the uptick rule will soon be reinstated but the SEC said that mark-to-market regulations would remain in place. Citigroup shares skyrocketed nearly 40 percent and many other financials followed suit — lifting the market with them. General Electric* shares enjoyed an assurance from Citi and AT&T said it'd add — yes, add — 3,000 jobs and invest up to $18 billion. CNBC heard from experts who said that investors are nearly ready to get out of cash — and gave a prescription for bear repellant.
So, the folks who made all those bad loans are supposedly now keeping watch over the appraisal business, making sure independent appraisers are not inflating or deflating values due to pressure from lenders???
Monday: Warren Buffett told CNBC the U.S. economy has "fallen off a cliff." Prof. Nouriel Roubini, who predicted the current crisis, said the U.S. recession could last up to 36 months. But some M&A activity was seen: Dow Chemical and Rohm & Haas announced a deal; and Roche and Genentech are reportedly close to their own agreement. CNBC heard from experts who said steady growth companies are the way to invest now; and that the government rescue plan is going to create the first signs of recovery.
Just when you thought it was impossible to find any good news for anyone in the real estate business, deep inside the FY09 omnibus appropriations bill lies a little golden nugget for the Realtors.
Even as the economy sheds jobs at an alarming rate, there are early signs consumers are over the shock of recession and opening their wallets again. "There's pent up demand," says one economist. "Whether it is long lasting is another story.”
Eliot Spitzer is investing in DC commercial real estate. What’s wrong with this picture?
Even as the economy sheds jobs at an alarming rate, there are early signs consumers are getting over the shock of recession and opening their wallets again. "There's pent up demand," says one economist. "Whether it is long lasting is another story.”
Stocks tumbled 4 percent Thursday as investors were rattled by doubts about the survival of General Motors and Citigroup broke below $1.
The U.S. economy looks "dismal" in the short term but should return to growth by year-end as housing markets finally reach "some sort of equilibrium," said Richmond Federal Reserve Bank President Jeffrey Lacker.
Stocks opened lower Thursday, pressured by doubts about whether General Motors can survive and ahead of a hearing with Treasury Secretary Timothy Geithner.