Personal Finance News

American Capital Agency says earnings rose in 4Q
AP - American Capital Agency Corp. reported sharply higher earnings for the fourth quarter of 2009 Monday as the government-backed mortgage securities it holds gained value. (Mon, 08 Feb 2010 17:25:24 GMT)

Hanmi brings in financial adviser
AP - Hanmi Financial said Monday that it has retained Cappello Capital Corp. as a financial adviser while the company pursues strategic alternatives. (Mon, 08 Feb 2010 12:43:20 GMT)

Goldman's payment demands on AIG probed: report
Reuters - U.S. regulators are investigating whether the mortgage insurance market was improperly distressed in 2008 because of payment demands that Goldman Sachs Group Inc and other banks made on American International Group Inc , The New York Times reported on Sunday. (Sun, 07 Feb 2010 20:12:47 GMT)

Consumer credit down in Nov. for record 11th month
AP - Americans borrowed less for an 11th consecutive month in December, paying off credit cards while increasing borrowing for cars and other products. (Fri, 05 Feb 2010 22:47:28 GMT)

December consumer credit down for 11th straight month
Reuters - A weak job market and tight credit conditions caused consumer credit to fall $1.73 billion in December, the eleventh straight monthly decline, a report from the Federal Reserve showed on Friday. (Fri, 05 Feb 2010 20:24:00 GMT)

Visteon retirees appeal decision on benefits
AP - Attorneys for retired Visteon workers are appealing a bankruptcy judge's order allowing the auto parts supplier to terminate their health and life insurance benefits. (Fri, 05 Feb 2010 19:58:37 GMT)

Smart Choices, Dumb Moves
BusinessWeek - Financial planners can advise, books can inform, worksheets can approximate. But they'll never replace the advice you can get from folks who have ventured before you into that great unknown: retirement. To help you avoid dead ends and pitfalls, we asked retirees to look back over their time outside the working world and talk about their smartest financial moves, biggest surprises, and worst mistakes. (Fri, 05 Feb 2010 13:08:42 GMT)

Mortgage investors try to regroup after meltdown
AP - The financial wizards who concocted the complicated mortgage-linked investments that nearly brought down the world economy are trying to come back from the dead. (Thu, 04 Feb 2010 21:22:53 GMT)

Mortgage rates edge up slightly
AP - Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said Thursday. (Thu, 04 Feb 2010 16:54:25 GMT)

Keep Emotions Out of Your Portfolio
The Motley Fool - Stop over-thinking your portfolio. Take a mental "time out" and try some deep-breathing exercises. Do whatever it takes to rein in your caveman brain, because right now, your mind is one of your biggest liabilities -- emotionally and financially. (Thu, 04 Feb 2010 16:31:15 GMT)

How Much Life Insurance Do You Need?
The Motley Fool - To put it simply, life insurance protects those who depend on your paycheck. If you die prematurely, life insurance provides your dependents with ongoing income to replace yours, until (or unless) they can live comfortably without it. It can also provide a timely emergency fund for medical, legal, and funeral costs, should family savings not be adequate to cover them. (After all, that golf-inspired Fairway to Heaven casket ain't cheap.) (Thu, 04 Feb 2010 15:59:23 GMT)

Government-owned GMAC loses $5 billion in 4Q
AP - Home and auto lender GMAC Financial Services said Thursday it lost $5 billion in the last three months of 2009, as losses from its mortgage operations kept the company in the red for another quarter. (Thu, 04 Feb 2010 15:35:00 GMT)

GMAC posts $5 billion Q4 loss
Reuters - GMAC Financial Services, a lender that is majority-owned by the U.S. government after multiple bailouts, said it lost $5 billion in the fourth quarter after writing down bad mortgage assets. (Thu, 04 Feb 2010 14:08:56 GMT)

Juggling Your Financial Goals
The Motley Fool - I have a frequent and pleasant daydream in which the Virginia lottery board calls and says, "Congratulations! You've won the highest jackpot ever! Would you like to take that in a lump sum or divided up over 30 years?" This is truly the stuff of fantasy, though, particularly because I don't buy lottery tickets. Much more realistic for my family is what to do in the face of too many important financial goals and too little money to fund them all. (Wed, 03 Feb 2010 16:15:01 GMT)

Make Finances a Family Affair
The Motley Fool - Many families delegate chores and other responsibilities by assigning them to particular family members. You might be responsible for mowing the lawn every week, while your partner takes care of making sure your cars get regular maintenance, your son cleans out the cat's litter box every few days, and your daughter puts the toys away every night. By giving everyone something to do, you not only make sure that important things get done, but also create an environment of teamwork. (Wed, 03 Feb 2010 16:14:11 GMT)

Pace of private sector job losses slows
Reuters - The pace of job losses in the private sector slowed in January as employers reported the smallest payroll decline in nearly two years while demand for home loans hit a six-week high last week, data showed on Wednesday. (Wed, 03 Feb 2010 13:50:59 GMT)

Mortgage demand at six-week highs on refinance wave
Reuters - Demand for home loans rose to a six-week high on a mini refinance wave, with borrowers pushing to lock in rates before they climb later this year, the Mortgage Bankers Association said on Wednesday, (Wed, 03 Feb 2010 12:26:59 GMT)

MetLife profit falls 70 percent on higher claims
AP - MetLife Inc., a leading life insurance company, says its profit tumbled 70 percent in the fourth quarter as it paid out more in claims and benefits. (Tue, 02 Feb 2010 22:00:04 GMT)

Cure Your Holiday Hangover
The Motley Fool - Went a little overboard during the holidays? Let's waste no time lamenting our overindulgences -- it's time to get those finances back in tip-top form. (Tue, 02 Feb 2010 18:37:09 GMT)

7 Saving Tips
The Motley Fool - Humans are programmed for self-preservation. Ironically, that doesn't mean we're instinctively inclined toward wealth preservation. (Tue, 02 Feb 2010 17:03:21 GMT)

Stocks climb as manufacturing, spending increase
AP - Stock indexes rose Monday as a flurry of reports bolstered hopes that the economy is recovering. (Mon, 01 Feb 2010 17:31:32 GMT)

ALL BUSINESS: Double standard in mortgage walkaway
AP - Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business. (Sat, 30 Jan 2010 05:00:32 GMT)

Calif. woman gets 3 years for huge mortgage fraud
AP - A former Beverly Hills real estate appraiser has been sentenced to three years in federal prison for her role in a massive mortgage fraud. (Fri, 29 Jan 2010 21:09:13 GMT)

Lloyds reopens U.S. RMBS market with $1 billion deal
Reuters - Lloyds TSB raised $1 billion via a residential mortgage-backed bond on Friday, reopening a U.S. market that had been shut since mid-2008 because of the credit crunch. (Fri, 29 Jan 2010 16:47:18 GMT)

UK house prices, consumer confidence rise in Jan
AP - U.K. house prices rose 1.2 percent during January to push them 8.6 percent higher from a year ago, a major mortgage lender said Friday, while a separate survey showed consumer confidence picked up after a three-month drop. (Fri, 29 Jan 2010 11:43:04 GMT)

Obama admin: Make more modified home loans permanent
Reuters - The Obama administration unveiled changes to its $75 billion home loan modification program on Thursday in an effort to boost the number of trial home loans that become permanent. (Thu, 28 Jan 2010 20:01:52 GMT)

Gov't eases paperwork for loan help program
AP - Homeowners seeking relief under the Obama administration's mortgage aid program must provide proof of their incomes upfront, the Treasury Department says. (Thu, 28 Jan 2010 18:30:10 GMT)

Mortgage rates nearly flat this week
AP - Rates on 30-year mortgages remained almost flat this week as the Federal Reserve said it would keep rates near record lows to help the economy recover. (Thu, 28 Jan 2010 17:10:14 GMT)

California default notices fall 24 percent in 4Q
AP - Mortgage default notices for California homeowners fell 24 percent during the fourth quarter, suggesting the worst might be over for foreclosures in entry-level markets while problems spread to pricier neighborhoods, a research firm said Wednesday. (Thu, 28 Jan 2010 01:07:04 GMT)

Countrywide scrapped Texas pact in December
AP - Bank of America canceled a jobs contract with Texas because the mortgage crisis and a complex merger were preventing its Countrywide Home Loans from adding the 7,500 jobs it promised to the state by late 2010, the company said Wednesday. (Wed, 27 Jan 2010 23:53:26 GMT)

H&R Block, Yodlee team to create tax prep app
AP - Tax preparation company H&R Block Inc. and personal finance management application developer Yodlee Inc. on Wednesday said they are teaming up to make it easier to use online data to prepare taxes. (Wed, 27 Jan 2010 22:14:20 GMT)

Lenders start sign up on 'piggyback' mortgage plan
AP - Mortgage companies are finally starting to sign up for a long-delayed piece of the Obama administration's $75 billion foreclosure-prevention program. (Wed, 27 Jan 2010 00:45:48 GMT)

Judge grants ratings agencies a dismissal
Reuters - In a victory for ratings agencies, a U.S. judge on Tuesday dismissed claims against Moody's Corp and McGraw-Hill's Standard & Poor's in litigation over nearly $100 billion of Lehman Brothers Holdings Inc mortgage-backed securities. (Wed, 27 Jan 2010 00:17:06 GMT)

What Records Can You Really Throw Away?
The Motley Fool - Stashes of old, paid bills, expired life insurance policies, receipts for broken gadgets, and canceled checks for haircuts you got in college -- sound like your filing system? (Tue, 26 Jan 2010 21:09:39 GMT)

Rep. Frank: Abolish Fannie Mae, Freddie Mac
AP - A top lawmaker on Capitol Hill is calling for the elimination of mortgage finance companies Fannie Mae and Freddie Mac and the establishment of a new system to provide money for U.S. home loans. (Fri, 22 Jan 2010 22:12:30 GMT)

10 Things You Shouldn't Go Without
The Motley Fool - Odds are, there's an important document or two that you know you should have, but you just haven't gotten around to getting it yet. It might be your will, or a living will. See how many of the following 10 must-have documents are in your possession, and take action on the ones you haven't yet set up. (Fri, 22 Jan 2010 20:57:58 GMT)

Make Your Tax Return IRS-Proof
The Motley Fool - Is there really such a thing as an audit-proof tax return? A way of preparing your return to guarantee that you won't be subject to an audit? Of course not. But there certainly are ways to minimize your risk. (Fri, 22 Jan 2010 20:45:23 GMT)

Treasury seeks dealer input on MBS purchases
Reuters - The Treasury Department said on Friday it will be seeking comments from bond dealers on the impact its purchases of mortgage-backed securities will have on fixed income markets. (Fri, 22 Jan 2010 18:32:02 GMT)

Cities, not just banks, are pursuing foreclosures, too
The Christian Science Monitor - Michael Rady worked at the docks for 15 years to pay off the mortgage on his Cleveland home. (Fri, 22 Jan 2010 18:20:32 GMT)

Va. House GOP forces Dems vote on income tax bill
AP - Republicans in the Virginia House of Delegates forced a unanimous vote Thursday that killed former Democratic Gov. Tim Kaine's proposed income tax increase and the two-year budget it was intended to support. (Thu, 21 Jan 2010 21:59:20 GMT)

These Money Moves Will Keep Taxes at Bay
The Motley Fool - No matter the time of year, taxes are an important topic for investors. There are quite a few investment strategies you can use to lower your tax bill, retain as much of your pretax profit as possible, and give your after-tax bottom line a money-in-the-bank boost. (Thu, 21 Jan 2010 18:39:36 GMT)

6 Smart Ways to Plan Your Estate
The Motley Fool - Despite what you may think, estate planning isn't all about what happens after you die. Besides death, there are plenty of other unpleasantries -- accident, injury, or other maladies that make you unable to manage your own affairs for a while -- that can go much more smoothly for you and your loved ones if you've prepared for them ahead of time. (Thu, 21 Jan 2010 18:17:03 GMT)

Rates on 30-year home loans fall to 4.99 pct
AP - Rates for 30-year home loans fell to a shade below 5 percent this week but remained above last month's record lows. (Thu, 21 Jan 2010 17:00:48 GMT)

Democratic Utah lawmaker wants income tax increase
AP - Anyone in Utah who earns more than $250,000 a year would pay higher income taxes under a proposal being sponsored by a Democratic state lawmaker. (Thu, 21 Jan 2010 15:22:59 GMT)

Sallie Mae posts 4Q profit, misses expectations
AP - The student lender best known as Sallie Mae reversed its year-ago loss and posted a fourth-quarter profit Wednesday, partly as a result of higher revenue from interest and fees. (Wed, 20 Jan 2010 23:05:19 GMT)

Small businesses can avoid a tax time train wreck
AP - For some small business owners, income tax filing season feels like a slow-motion train wreck. (Wed, 20 Jan 2010 22:58:26 GMT)

FHA increases premiums, tightens loan standards
The Christian Science Monitor - Ever since home mortgage lenders tightened their standards, home buyers without much money for a down payment have turned to the Federal Housing Administration (FHA), which was far more lenient. (Wed, 20 Jan 2010 21:13:59 GMT)

Mortgage pain persists for BofA, other big banks
Reuters - In a sign that the U.S. banking sector's problems are far from over, lenders including Bank of America Corp reported falling bond trading revenue and mortgage lending weakness in the fourth quarter. (Wed, 20 Jan 2010 18:35:09 GMT)

Housing starts fall, but permits at 14-month high
Reuters - U.S. home starts unexpectedly fell last month as unusually cold weather hampered construction, but a jump in building permits to a 14-month high indicated the housing market recovery was intact. (Wed, 20 Jan 2010 17:52:15 GMT)

How to Prevent a Tax Disaster
The Motley Fool - Around the first week of April, kitchen tables nationwide will be taken out of commission by piles of tax records. The clutter is more than a mealtime inconvenience -- it could cost you some big bucks come tax time. (Wed, 20 Jan 2010 17:40:22 GMT)

Tax Tips for Small Businesses
The Motley Fool - Starting a small business involves a host of little details -- some more complicated than others. One of the most complex involves how your business will be taxed. (Wed, 20 Jan 2010 17:29:37 GMT)

US Bancorp profit rises, but so do charge-offs
AP - U.S. Bancorp said on Wednesday that its fourth-quarter profit more than doubled from a year ago, as mortgage banking revenue grew. (Wed, 20 Jan 2010 17:27:16 GMT)

BofA loses $5.2B in 4Q as it repays bailout
AP - Bank of America Corp. said Wednesday it lost $5.2 billion during the final three months of 2009 as consumers struggled to make mortgage and credit card payments and the bank repaid its government bailout money. (Wed, 20 Jan 2010 16:18:31 GMT)

Va. House panel sends income tax bill to floor
AP - A procedural move by Virginia House Republicans on Tuesday forces House Democrats to vote this week to either approve former Gov. Tim Kaine's $2 billion income tax increase or spurn the budget their national party chairman advocated. (Wed, 20 Jan 2010 15:28:58 GMT)

Home construction dips; permit applications surge
AP - Construction of new homes dipped unexpectedly last month as bad weather hit much of the country. Applications for future projects, however, soared in a sign the industry is ramping up after a debilitating bust. (Wed, 20 Jan 2010 14:09:17 GMT)

U.S. mortgage demand up for third week as rates drop
Reuters - Demand for U.S. home loans rose last week for the third straight week as mortgage rates fell to a one-month low and stoked refinancing, an industry group said on Wednesday. (Wed, 20 Jan 2010 12:04:30 GMT)

Ahead of the Bell: Housing Starts
AP - Housing construction likely grew for the second-straight month in December, but applications for building permits are expected to show a decline — a pair of mixed signals about the shaky housing market. (Wed, 20 Jan 2010 11:56:52 GMT)

Six Republican senators take aim at Fannie, Freddie
Reuters - Six Republican senators took aim at the Obama administration's Christmas eve decision to give mortgage companies Fannie Mae and Freddie Mac unlimited access to a Treasury credit line. (Tue, 19 Jan 2010 22:27:31 GMT)

Find the Right Tax Pro Pronto!
The Motley Fool - The best $59.99 I ever spent to save my sanity was on a standard two-drawer vertical filing cabinet. Without it, I -- like the average taxpayer -- would probably spend close to 33 hours preparing my itemized return every year, including 14.6 hours slogging through tax records. Ooof. (Tue, 19 Jan 2010 21:38:39 GMT)

5 Reasons Your Taxes Might Change
The Motley Fool - No matter what stage of life you're in, there's always something going on with your taxes that you need to know about. And you can learn more about taking care of your taxes no matter what's going on in your life. (Tue, 19 Jan 2010 20:57:47 GMT)

New Rules for a Darwinian Economy
U.S. News & World Report - Scott Cohen spent 28 profitable years in the mortgage business, eventually starting his own firm just as the Southern California housing bubble was beginning to inflate in 2001. By 2007, the small company employed 15 people and provided enough income for Cohen, his wife, Merced, and their two kids to enjoy an affluent life in a tony Los Angeles suburb. But when the housing bubble burst, Cohen sold his business at a fire-sale price and watched in panic as the only industry he had ever worked in collapsed. His wife worked at the firm, too, and her job disappeared. ... (Tue, 19 Jan 2010 19:35:04 GMT)

Swiss Re gets $1.27B in Warren Buffett deal
AP - Swiss Reinsurance Co. said Monday it transferred part of its U.S. life insurance business to American investor Warren Buffett's Berkshire Hathaway Inc. for 1.3 billion Swiss francs ($1.27 billion) to free up capital and invest it more profitably. (Mon, 18 Jan 2010 16:39:40 GMT)

Northern Rock renews Newcastle sponsorship
AP - Nationalized mortgage lender Northern Rock PLC said Monday it has signed a new four-year sponsorship deal with Newcastle United football club, worth up to 10 million pounds ($16 million). (Mon, 18 Jan 2010 11:57:13 GMT)

Federal mortgage modification plan disappointing so far
The Christian Science Monitor - The Obama administration announced Friday that its much-lauded mortgage modification plan has had a disappointing start, helping far fewer Americans stay in their homes than originally hoped. (Sat, 16 Jan 2010 16:28:00 GMT)

Pomeroy mentioned for head of insurance group
AP - U.S. Rep. Earl Pomeroy is not seeking the presidency of a Washington lobbying group for life insurers, a spokeswoman said Friday, although an industry representative called the North Dakota Democrat a "natural" candidate for the job. (Sat, 16 Jan 2010 02:00:53 GMT)

Senate talks could dilute proposed consumer agency
AP - Senate banking negotiators are discussing plans that could significantly weaken — or even jettison — President Barack Obama's proposed independent consumer finance agency. (Fri, 15 Jan 2010 23:54:31 GMT)

Mutual Funds and Your Taxes
The Motley Fool - You might be thinking: "Goodness -- mutual funds buy and sell shares of stock each day. Do I have to account for each of these transactions?" The answer is no, you don't. (Fri, 15 Jan 2010 21:37:45 GMT)

Do You Need a Living Trust?
The Motley Fool - There are several ways to handle your estate. Intestacy -- dying without a will -- is an option for some people with relatively simple finances. For others, a will can be a useful tool to take care of giving away your goodies -- but it can also open up the can of worms known as probate. (Fri, 15 Jan 2010 21:15:50 GMT)

Congressman mentioned to head life insurance group
AP - A spokeswoman for North Dakota Rep. Earl Pomeroy says he's not seeking the presidency of a Washington lobbying group for the life insurance industry. (Fri, 15 Jan 2010 20:32:31 GMT)

Illinois Gov. Quinn still wants tax increase
AP - Illinois Gov. Pat Quinn says he's committed to raising the state income tax to come up with more money, even though he never used the phrase "tax increase" during his recent State of the State speech. (Fri, 15 Jan 2010 19:28:15 GMT)

Wall Street falls as JPMorgan results pressure banks
Reuters - U.S. stocks slid on Friday after JPMorgan Chase & Co reported deep fourth-quarter loan losses that raised concerns about earnings for the banking industry. (Fri, 15 Jan 2010 18:30:30 GMT)

IRS: Online tax filers can get refunds in 10 days
AP - Want a quick tax refund? File your federal return online and have the refund deposited directly into your bank account. (Fri, 15 Jan 2010 17:05:42 GMT)

Gov't mortgage plan aids 7 percent of borrowers
AP - The Obama administration's mortgage relief plan provided help to only 7 percent of borrowers who signed up last year, another black mark for the struggling program. (Fri, 15 Jan 2010 16:54:34 GMT)

JPMorgan loan losses overshadow higher profit
Reuters - JPMorgan Chase & Co reported deep losses on mortgage and credit card loans in the fourth quarter, dashing hopes that consumer credit is on the mend and sending the bank's shares down 2.1 percent. (Fri, 15 Jan 2010 16:08:18 GMT)

Ky. House speaker favors rollback of sales tax
AP - House Speaker Greg Stumbo said he'd like to see a rollback of Kentucky's sales tax to 5 percent and the elimination of the state's corporate income tax. (Fri, 15 Jan 2010 14:39:58 GMT)