Editorial Results (free)
1. Study: 1 in 5 Consumers had Error in Credit Report
- Tuesday, February 12, 2013
WASHINGTON (AP) – One in five consumers had an error in a credit report issued by a major agency, according to a government study released Monday.
The Federal Trade Commission study also said that 5 percent of the consumers identified errors in their reports that could lead to them paying more for mortgages, auto loans or other financial products.
2. US Sues Standard & Poor's Over Pre-Crisis Mortgage Ratings
- Wednesday, February 6, 2013
WASHINGTON (AP) – The U.S. government says Standard & Poor's knowingly inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis.
The credit rating agency gave high marks to mortgage-backed securities because it wanted to earn more business from the banks that issued the investments, the Justice Department alleges in charges filed in federal court in Los Angeles .
3. Report: States Force Jobless to Pay Needless Fees
- Wednesday, January 30, 2013
WASHINGTON (AP) – Jobless Americans are paying millions in unnecessary fees to collect unemployment benefits because of state policies encouraging them to get the money through bank-issued payment cards, according to a new report from a consumer group.
4. US Service Firms Grow by Most in 10 Months
- Monday, January 7, 2013
WASHINGTON (AP) – A gauge of U.S. service firms' activity expanded in December by the most in nearly a year, driven by a jump in new orders and hiring.
The Institute for Supply Management said Friday that its index of non-manufacturing activity rose to 56.1 in December from 54.7 in November. That's the highest level since February and above the 12-month average of 54.7. Any reading above 50 indicates expansion.
5. US Economy Could Handle Short Fall Over 'Cliff'
- Thursday, December 27, 2012
WASHINGTON (AP) – The economic threat that's kept many Americans on edge for months is nearing reality – unless the White House and Republicans cut a budget deal by New Year's Day.
6. Wells Fargo Earnings Rise as Loan Book Grows
- Monday, October 15, 2012
Wells Fargo posted record earnings in the third quarter as the bank increased mortgage lending and pocketed more fees.
Wells, the nation's biggest mortgage lender, expanded its loan portfolio by making new loans to consumers. It collected more interest on loans than in the same period a year earlier.
7. Feds Order Discover to Refund $200 Million to Cardholders
- Tuesday, September 25, 2012
WASHINGTON (AP) – Discover Bank will pay millions in fees to settle accusations by regulators that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring.
8. US Budget Deficit Hits $1.16 Trillion Through August
- Friday, September 14, 2012
WASHINGTON (AP) – The U.S. federal budget deficit increased by $191 billion in August and has topped $1 trillion for the fourth straight year.
The deficit for the first 11 months of the 2012 budget year totaled $1.16 trillion, the Treasury Department said Thursday. That's 6 percent less than the $1.23 trillion in the same period last year. The fiscal year ends Sept. 30.
9. AP IMPACT: Aggressive Start for Consumer Bureau
- Thursday, September 13, 2012
WASHINGTON (AP) – The new federal agency charged with enforcing consumer finance laws is emerging as an ambitious sheriff, taking on companies for deceptive fees and marketing and unmoved by protests that its tactics go too far.
10. Consumer Finance Agency Sets Mortgage Protections
- Monday, August 13, 2012
WASHINGTON (AP) – The government's consumer lending watchdog proposed new rules Friday aimed at protecting homeowners from unexpected costs and shoddy service by companies that collect their monthly mortgage payments.
11. Consumer Agency Probes Mortgage Insurance Deals
- Monday, August 6, 2012
WASHINGTON (AP) – The government's consumer finance watchdog is investigating mortgage insurance deals between banks and the insurers American International Group Inc., MGIC Investment Corp. and Genworth Financial Inc.
12. Report: Some Lose Homes Over as Little as $400
- Wednesday, July 11, 2012
WASHINGTON (AP) – The elderly and other vulnerable homeowners are losing their homes because they owe as little as a few hundred dollars in back taxes, according to a report from a consumer group.
13. Criminal Probe led Gov't to Change Release of Data
- Wednesday, July 11, 2012
WASHINGTON (AP) – Federal criminal and civil investigators looked into possible leaks of economic data that the government provides early to news organizations, according to a report released Tuesday by the Labor Department.
14. High Court Ruling Benefits Most Health Care Firms
- Friday, June 29, 2012
TRENTON, N.J. (AP) – The Supreme Court's decision Thursday to uphold President Barack Obama's historic overhaul is expected to be a boon to most of the health care industry by making coverage more affordable for millions of uninsured Americans.
15. US Employers Still Waiting for Sales to Pick Up
- Monday, June 4, 2012
WASHINGTON (AP) – The U.S. economy suddenly looks a lot weaker.
Only 69,000 jobs were added in May, the fewest in a year, and the unemployment rate rose from 8.1 percent to 8.2 percent.
16. Colleges' Bank Deals Saddle Students With Big Fees
- Thursday, May 31, 2012
WASHINGTON (AP) – As many as 900 colleges are pushing students into using payment cards that carry hefty costs, sometimes even to get to their financial aid money, according to a report released Wednesday by a public interest group.
17. JPMorgan Loss Sets Off Call for Heavier Regulation
- Monday, May 14, 2012
WASHINGTON (AP) – A surprise $2 billion trading loss by a division of JPMorgan Chase triggered calls Friday for tougher regulation of banks three years after their near-death experience in the financial crisis.
18. Goldman Manifesto Echoes Past Questions About Bank
- Monday, March 19, 2012
The young banker whose dramatic public resignation stung Goldman Sachs this week joins officials from every corner of the government in questioning whether the august investment house deals honestly with all its clients.
19. Consumer Agency Takes Student Loan Complaints
- Tuesday, March 6, 2012
WASHINGTON (AP) – The government's new consumer protection agency started accepting complaints Monday about student loans.
The Consumer Financial Protection Bureau said it expects complaints about billing, confusing advertising and collection by private student lenders. It will relay complaints about federal student loans, such as Stafford and PLUS loans, to the Department of Education.
20. Consumer Finance Chief Touts Enforcement Powers
- Wednesday, January 25, 2012
WASHINGTON (AP) – The government's new consumer finance watchdog agency is prepared to sue companies that offer unfair or deceptive mortgages and credit cards, its director said Tuesday.
21. Economists: Obama's Policies 'Fair' or 'Poor'
- Thursday, December 29, 2011
WASHINGTON (AP) – President Barack Obama gets mediocre marks for his handling of the U.S. economy, and Mitt Romney easily outpolls his Republican rivals in an Associated Press survey of economists.
22. Factory Output Rises on Truck, Airplane Demand
- Tuesday, October 18, 2011
WASHINGTON (AP) – U.S. factories produced more goods in September for a third straight month, the latest signal that the economy is rebounding from its summer slump.
They made more airplanes, trucks and home electronics last month to meet rising demand, the Federal Reserve said Monday.
23. FDIC Backs Ban on Banks Trading for Own Profit
- Wednesday, October 12, 2011
WASHINGTON (AP) – Banks would be barred from trading for their own profit instead of their clients under a rule federal regulators proposed Tuesday.
The Federal Deposit Insurance Corp. backed the draft rule on a 3-0 vote. The ban on so-called proprietary trading was required under the financial overhaul law.
24. Many Cities Imposing Broad Cuts as Revenue Shrinks
- Wednesday, September 28, 2011
WASHINGTON (AP) – More than half of U.S. cities have cut staff, canceled construction projects or raised fees this year, according to a report from the National League of Cities that catalogs the vast damage from shrunken property- and income-tax revenue.
25. Inflation Squeezing Consumers in Weak Economy
- Friday, September 16, 2011
WASHINGTON (AP) – Consumers are spending more to fill their tanks, feed their families and pay the rent. At the same time, the number of people applying for unemployment benefits has reached the highest level in three months.
26. Bernanke Proposes no New Steps to Boost Economy
- Monday, August 29, 2011
JACKSON HOLE, Wyo. (AP) — Federal Reserve Chairman Ben Bernanke leaned on Congress on Friday to do more to promote hiring and growth, or risk delaying the economy's return to full health.
27. Small Spending Cuts to Have Little Economic Impact
- Tuesday, August 2, 2011
WASHINGTON (AP) – The first phase of a deal to raise the government's borrowing limit would pose little threat to the economy in the short term because almost none of the spending cuts would occur before 2014.
28. Consumers Feel the Pinch of Pricier Gas and Food
- Monday, April 18, 2011
WASHINGTON (AP) – Americans are paying more for food and gas, a trend that threatens to slow the economy at a crucial time.
So far, the spike in such necessities hasn't stopped businesses from stepping up hiring or slowed factory production, which rose in March for the ninth straight month. Still, higher gas prices have led some economists to lower their forecasts for growth for the January-March quarter.
29. Tab for Fannie, Freddie Could Soar to $259B
- Friday, October 22, 2010
WASHINGTON (AP) — The government spelled out Thursday just how much the most expensive rescue of the financial crisis will end up costing taxpayers — as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac.
30. Pending Home Sales Rise 5.2 Percent in July
- Friday, September 3, 2010
WASHINGTON (AP) – The number of buyers who signed contracts to purchase previously occupied homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak.
31. Auto Dealers, Local Banks Avoid Consumer Oversight
- Thursday, July 8, 2010
WASHINGTON (AP) – The financial overhaul bill awaiting final action in the Senate includes a new regulator whose aim is to make sure mortgages, credit cards and other products from big banks don’t abuse or confuse you. But if you want your auto dealer to arrange a car loan or get a community bank to extend you a credit line, be sure to read the fine print.
32. Bank of America to Pay Borrowers $108 Million
- Tuesday, June 8, 2010
WASHINGTON (AP) — Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure.
33. Carlisle Corp. Files Building Permit For Downtown Corporate Headquarters
- Tuesday, April 27, 2010
263 Wagner Place
Memphis, TN 38103
Permit Amount: $1.5 Million
Project Cost: $2.7 million
Permit Date: Applied April 2010
Owner: Carlisle Corp.
Tenant: Carlisle Corp.
34. US Lawmaker: Suit Should Affect Republicans
- Tuesday, April 20, 2010
WASHINGTON (AP) - The chairman of the Senate Banking Committee said Monday that the U.S. government's fraud lawsuit against Goldman Sachs should dissuade Republicans from attempting to block financial regulations pending before the Senate.
35. AIG Sells Alico Unit to MetLife for $15.5 Billion
- Tuesday, March 9, 2010
CHARLOTTE, North Carolina (AP) - American International Group Inc. said Monday it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal, AIG's second big asset sale in two weeks, will give the insurer more cash to repay the billions of bailout dollars it still owes the government.
36. Obama Pitches Aid for Struggling Small Businesses
- Wednesday, February 3, 2010
NASHUA, N.H. (AP) - President Barack Obama unleashed bare-knuckled criticism against opposition Republicans on Tuesday, using some of his toughest language yet to paint them as electoral opportunists willing to switch positions at will to score points with voters.
37. Brian Moynihan to Succeed Ken Lewis as BofA CEO
- Friday, December 18, 2009
CHARLOTTE, North Carolina (AP) - Bank of America's new CEO says he doesn't expect to lead a major shift in strategy at America's largest bank when he takes over from Ken Lewis on Jan. 1. But with loan losses continuing to mount amid double-digit unemployment rates, it remains to be seen whether investors will embrace staying the course.
38. Only 10K Permanent Loan Modifications as of Oct.
- Friday, December 11, 2009
WASHINGTON (AP) - Only about 10,000 homeowners received permanent loan modifications this fall under the Obama administration's mortgage relief plan, more evidence of serious failings in the government's effort to stem the foreclosure crisis.
39. Administration Extends $700B Bailout Until Oct.
- Thursday, December 10, 2009
WASHINGTON (AP) - The Obama administration has extended the $700 billion financial bailout program until October, setting up a struggle between Democrats who favor using some of the leftover money to help generate jobs and Republicans who say it should be used to shrink soaring budget deficits.
40. US Banks Prepaying $45B in Insurance Fees
- Friday, November 13, 2009
WASHINGTON (AP) - U.S. banks will prepay about $45 billion in premiums to replenish a federal deposit insurance fund now in the red, under a plan adopted Thursday by federal regulators.
The Federal Deposit Insurance Corp. board voted to mandate the early payments of premiums for 2010 through 2012. Amid the struggling economy and rising loan defaults, 120 banks have failed so far this year, costing the insurance fund more than $28 billion.
41. CIT Group's Biggest Hurdle: Keeping Customers
- Tuesday, November 3, 2009
NEW YORK (AP) - A Chapter 11 filing usually means the end of the road for financial companies since they rely so heavily on customer trust. CIT Group Inc. is hoping that its case will be different.
42. Where Will Banks Make Up Lost Overdraft Fees?
- Thursday, September 24, 2009
NEW YORK (AP) — Banks are backing off harsh overdraft fees and policies. That's the good news. The bad news is they'll probably look to make up that lost profit elsewhere.
It's a worrisome prospect for the vast majority of customers who never overdraw their funds and have grown accustomed to perks like free checking accounts.
43. Fed Slows $1.45T Program to Aid Housing Market
- Thursday, September 24, 2009
WASHINGTON (AP) — With the U.S. economy on the mend, the Federal Reserve on Wednesday said it is slowing the pace of a program to lower mortgage rates and prop up the housing market.
The Fed decided to stretch out its goal of buying $1.45 trillion in mortgage-backed securities and debt issued by Fannie Mae, Freddie Mac and Ginnie Mae until the end of the first quarter of 2010. Originally, the central bank intended to complete buying those securities by the end of this year.
44. Judge Sets Hearing on BofA-SEC Settlement
- Friday, August 7, 2009
CHARLOTTE, N.C. (AP) - A judge has ordered a hearing on a $33 million proposed settlement between the U.S. Securities and Exchange Commission and Bank of America Corp. over executive bonuses.
45. Three Banks Take Steps Toward Repaying Government
- Wednesday, June 3, 2009
NEW YORK (AP) - Morgan Stanley, JPMorgan Chase & Co. and American Express Co. moved closer to repaying government bailout money, announcing a series of new stock sales.
46. US Banks Post First Quarterly Loss Since 1990
- Monday, March 2, 2009
WASHINGTON (AP) - The nation's banks lost $26.2 billion in the last three months of 2008, the first quarterly deficit in 18 years, as the housing and credit crises escalated.
The Federal Deposit Insurance Corp. said Thursday that U.S. banks and thrifts also more than doubled the amount they set aside to cover potential loan losses, to $69.3 billion in the fourth quarter from $32.1 billion a year earlier.
47. Red Flags Abounded During SEC Probe Of Stanford Cos.
- Tuesday, February 24, 2009
WASHINGTON (AP) – As with the Bernard Madoff case, the scandal surrounding billionaire R. Allen Stanford now seems clear and obvious in hindsight. Yet Stanford managed to run his alleged scheme even while the U.S. Securities and Exchange Commission and other regulators investigated his businesses.
48. 3 Private Investors Seek to Buy IndyMac
- Wednesday, December 31, 2008
A trio of private investors – J.C. Flowers & Co., Dune Capital Management and Paulson & Co. – have teamed up in an effort to buy failed thrift IndyMac, a person familiar with the deal said Monday.
49. Where’d the Bailout Money Go? Shhhh, It’s a Secret
- Tuesday, December 23, 2008
WASHINGTON (AP) – Think you could borrow money from a bank without saying what you were going to do with it? Well, apparently when banks borrow from you, they don’t feel the same need to say how the money will be spent.
50. Archived Article: Law Briefs
- Thursday, September 12, 1996
The Memphis Legal Secretaries Association will meet today at 6:15 p The Memphis Legal Secretaries Association will meet today at 6:15 p.m. at Landrys restaurant, 263 Wagner Place. The guest speaker will be Cathy Reinhart Underwood, the recipient of ...