March 30, 2014 |
WASHINGTON - Can you be charged interest on your mortgage even after you've fully paid it off? Can the meter keep running when you owe the bank nothing - your principal balance is zero? Surprise! Much to the chagrin of large numbers of home sellers and refinancers, the answer for years has been yes. If your loan was insured by the Federal Housing Administration and you paid it off before maturity, at closing you'd be expected to cough up a full month's interest, no matter what day of the month you actually settled.
March 21, 2014 |
A week-long rally in the stock market carried the Standard & Poor's 500 index to an intraday record Friday morning, the latest indication that investors worry more about missing potential gains than suffering losses. Stocks have been buoyed this week by generally positive economic data that have eased concerns about the potential for interest rates to rise next year. Stocks also have overcome geopolitical tensions between the United States and Russia, brushing aside the brinkmanship over the future of Crimea and the Ukraine.
February 17, 2014 |
British authorities on Monday charged three former Barclays Bank employees with fraud for allegedly rigging a key interest rate in the run-up to the financial crisis. The country's Serious Fraud Office said it filed criminal charges against Peter Charles Johnson, Jonathan James Matthew and Stylianos Contogoulas in connection with the manipulation of the London interbank offered rate, known as Libor. The office, which investigates and prosecutes complex fraud cases, said the violations took place between June 2005 and August 2007.
February 13, 2014
Re "Payday lenders can't hide ugly rates," Column, Feb. 11 The payday loan industry can try and dress up its loans to look less abusive, but it's just putting lipstick on a pig. Californians pay $578 million in interest payments on payday loans every year, with interest rates ranging from 175% to 480%. It's no wonder the proposal to have the U.S. Postal Service provide low-interest loans is attracting so much attention. Even after accounting for jobs created by the industry, the Insight Center for Economic Development found that payday lenders are responsible for a net loss of $135 million in economic activity in California every year.
February 3, 2014 |
NEW YORK -- First it was worries over China and other developing countries. Now investors have another reason to question the U.S. economy's growth. The Dow Jones industrial average was down 224.64 points, or 1.4%, to 15,474.21 in mid-day trading in New York. The fall in stocks came after a report showed a slowdown in the U.S. manufacturing sector. The broader Standard & Poor's 500 index fell 29.78 points, or 1.7%, to 1,752.81. The technology-focused Nasdaq composite index lost 89.63 points, or 2.2%, to 4,014.25.
January 29, 2014 |
NEW YORK - Stocks slumped as worries over growth in the developing world continued to rattle investors ahead of an announcement Wednesday afternoon by the U.S. Federal Reserve. The Dow Jones industrial average was down 121.31 points, or 0.8%, to 15,807.25 in midday trading on Wall Street. The broader Standard & Poor's 500 index slid 8.48, or 0.5%, to 1,748.02. The technology-focused Nasdaq composite index fell 14.01, or 0.3%, to 4,083.96. Investors have become increasingly alarmed this year about the strength of economies in emerging markets as the Fed begins to scale back its massive monetary stimulus.