January 10, 2007 |
Popular Inc., a San Juan, Puerto Rico-based bank holding company, said it would close its sub-prime lending unit, a move that would cost the bank $39 million in charges and about 627 people their jobs. The company, owner of Banco Popular de Puerto Rico, plans to exit its wholesale nonprime mortgage origination business early in the current quarter and close its wholesale broker, retail and call-center units, said a federal filing Tuesday.
October 11, 2006 |
U.S. housing sales are declining at a greater-than-expected pace that will shave 1 percentage point off economic growth in the second half of 2006, Freddie Mac said in a forecast Tuesday. Sales of new and existing homes probably will total 6.76 million this year, a drop of 9.4% from 2005's record 7.46 million homes sold, the McLean, Va.-based mortgage buyer said. Freddie Mac a month ago had predicted a sales slump of 7.9%.
December 18, 2004 |
U.S. consumer prices rose more slowly in November as a surge in energy costs a month earlier moderated, the government said Friday. The Labor Department said its consumer price index, used as a broad gauge of inflation, gained 0.2%, as Wall Street economists had forecast, after registering a 0.6% jump in October. Excluding volatile energy and food costs, the index was up 0.2% after a matching October gain. Overall energy prices edged up 0.2% after a 4.2% rise in October.
April 5, 2001 |
Rockwell International Corp. said Wednesday it will stop investing in the company's In-Flight Network joint venture with News Corp. because no airlines have signed up for the live television and Internet-access service. The maker of automated controls and aerospace equipment will take a $16-million charge in the fiscal second quarter to write off its investment, spokesman Don McGrath said. News Corp.
July 14, 2004 |
Bank of America Corp. said Tuesday it agreed to buy bank card transactions processor National Processing Inc. for $1.4 billion in cash, a combination that would create the nation's second-largest such company with nearly $250 billion in annual transaction volume. Charlotte-based Bank of America said it would merge its merchant-services unit into National Processing. The combined business would be based in Louisville, Ky., where National Processing is located.
September 6, 2006 |
Merrill Lynch & Co. said Tuesday that it agreed to buy National City Corp.'s First Franklin Financial Corp. unit for $1.3 billion to expand in sub-prime mortgage lending. The purchase is the latest of several mergers involving sub-prime lenders, which offer loans to less creditworthy borrowers, as volumes fall and margins are squeezed.
October 29, 2001 |
A slew of data due out this week will shed light on how severely the Sept. 11 attacks have damaged the U.S. economy. And analysts warn the picture these key reports will reveal is not going to be pretty. Eagerly awaited reports will be released on October unemployment and manufacturing and on economic growth in the third quarter, which ended Sept. 30. Analysts expect all to show sharp declines and to confirm the U.S. economy, which was weak before Sept.
April 5, 2007 |
Growth in the dominant U.S. service sector fell to a four-year low last month while the job market showed only modest improvement, according to reports Wednesday that reinforced views of a weakening economy. The Institute for Supply Management said its non-manufacturing index slid to 52.4 in March, down from February's 54.3 and confounding expectations for a rise.
May 24, 2006 |
Home builder Toll Bros. Inc.'s fiscal second-quarter earnings climbed at their slowest pace in three years as higher mortgage rates weakened the housing market. Net income for the quarter ended April 30 rose 2.8% to $174.9 million, or $1.06 a share, from $170.1 million, or $1, a year earlier, Horsham, Pa.-based Toll said Tuesday. Its stock rose 1.7% after the company, the largest U.S. luxury home builder, didn't cut its outlook as severely as analysts expected.
January 16, 2003 |
Bank of America Corp. and smaller banks posted higher fourth-quarter profits Wednesday, helped by growth in consumer businesses. Low interest rates encouraged people to take out and refinance mortgages and borrow on credit cards, even as the economy remained weak. Charlotte, N.C.-based Bank of America, the country's No. 3 banking company and California's largest retail bank, also benefited from a $488-million tax settlement.