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Fed's Lockhart says world will feel U.S. slowdown (Reuters)

A pedestrian walks past the New York Stock Exchange in New York January 9, 2008. U.S. exports have been helped by a weaker dollar and this is providing a boost to an otherwise weak economy, Federal Reserve Bank of Atlanta President Dennis Lockhart said on Saturday. (Lucas Jackson/Reuters)Reuters - U.S. exports have been helped by a weaker dollar and this is providing a boost to an otherwise weak economy, Federal Reserve Bank of Atlanta President Dennis Lockhart said on Saturday.


Wall St ends flat as energy gains offset sentiment (Reuters)

Traders work on the floor of the New York Stock Exchange, April 29, 2008. (Brendan McDermid/Reuters)Reuters - Stocks finished little changed on Friday as surging oil prices lifted energy shares and offset data that showed consumer confidence sank to its lowest in 28 years.


Consumers' mood as grim as early-80s (Reuters)

Consumer sentiment plunged in May to the lowest since June 1980 thanks largely to soaring food and fuel prices, according to the latest (University of Michigan survey of consumers. REUTERS/Graphics/Reuters)Reuters - U.S. consumer confidence tumbled to a 28-year low this month as rising prices strained household finances, while another drop in single-family housing starts underscored problems still plaguing the economy.


AIG to set up services, data centers in Malaysia (Reuters)
Reuters - American International Group Inc plans to establish a global shared services and data centers in Malaysia through one of its subsidiaries, the insurance giant said on Saturday.
American Axle and UAW reach tentative agreement (Reuters)

United Auto Worker union members picket outside the American Axle Manufacturing plant as workers reject demands for steep wage cuts from the auto parts supplier in Hamtramck, Michigan February 26, 2008. he United Auto Workers and American Axle  and  Manufacturing Holdings Inc  (Rebecca Cook/Reuters)Reuters - The United Auto Workers and American Axle & Manufacturing Holdings Inc reached a tentative contract agreement late Friday aimed at ending an 11-week-long strike that had triggered thousands of layoffs and cost General Motors Corp at least $1 billion.


Treasury secretary says markets are calmer now (AP)

In this Feb. 17, 2007 file photo, bilingual signs are prominent in Chicago's first Wal-Mart.  Wal-Mart Stores, the world's largest retailer, posted a 6.9 percent increase in first-quarter profits, Tuesday, May 13, 2008, helped by improved customer service, better inventory control and strong international sales. The results beat Wall Street's projections by a penny, but the company issued a cautious outlook for the current quarter and warned that the economy will be a 'critical factor' in 2008. (AP Photo/Charles Rex Arbogast, file)AP - Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year.


SMFG posts big rebound, forecasts modest growth (Reuters)
Reuters - Sumitomo Mitsui Financial Group (8316.T) reported a threefold increase in fourth-quarter profit, rebounding from massive losses at its consumer finance unit a year earlier, and it forecast modest growth ahead.
Abercrombie profit edges up on sales increase (AP)
AP - Teen retailer Abercrombie & Fitch Co. said Friday that its first-quarter earnings rose 3 percent from a year ago on stronger sales.

Yahoo! News: Personal Finance News
AOL sheds its brand to draw specialty audiences (AP)

Bill Wilson, Executive Vice President of Programming for AOL, talks during an interview at his New York office on Monday, May 12, 2008. A company rooted in bringing the Internet to the masses, AOL is shifting its focus toward serving niche audiences with the launch of dozens of specialty Web sites. (AP Photo/Mark Lennihan)AP - Unless you're looking carefully, you'll likely miss the fact that the new Asylum Web site for young men is a creation of Time Warner Inc.'s AOL. Same for WalletPop on personal finance, Spinner on indie music and StyleList on fashion.


Summer may bring a turning point for stock market (AP)

In this photo released by the New York Stock Exchange Euronext, members of the 90's vocal group 'New Kids on the Block' ring the closing bell at the exchange Thursday, May 15, 2008 in New York. From left are Jordan Knight; Donnie Wahlberg; Jonathan Knight; Joey McIntyre and Danny Wood. (AP Photo/NYSE Euronext, Mel Nudelman)AP - After nine months of turmoil that started with the collapse of the subprime mortgage market, Wall Street appears to be at a turning point of sorts.


Fannie Mae relaxes loan down-payment requirements (Reuters)

The headquarters of mortgage lender Fannie Mae is shown in northwest Washington October 3, 2006. (Jason Reed/Reuters)Reuters - Fannie Mae, the largest U.S. home funding source, is setting a single national standard for down payments on mortgages it buys, including areas where home prices are falling, in an effort to stimulate the housing market.


Consumers' mood as grim as early-80s (Reuters)

Consumer sentiment plunged in May to the lowest since June 1980 thanks largely to soaring food and fuel prices, according to the latest (University of Michigan survey of consumers. REUTERS/Graphics/Reuters)Reuters - U.S. consumer confidence tumbled to a 28-year low this month as rising prices strained household finances, while another drop in single-family housing starts underscored problems still plaguing the economy.


Fannie Mae scraps higher downpayment requirements (AP)
AP - Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping.
Stocks pare losses to finish mixed after oil spikes (AP)

A pedestrian walks past the New York Stock Exchange in New York January 9, 2008. U.S. exports have been helped by a weaker dollar and this is providing a boost to an otherwise weak economy, Federal Reserve Bank of Atlanta President Dennis Lockhart said on Saturday. (Lucas Jackson/Reuters)AP - Wall Street capped a week of big gains with modest moves Friday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction.


Wall St ends flat as energy gains offset sentiment (Reuters)

Traders work on the floor of the New York Stock Exchange, April 29, 2008. (Brendan McDermid/Reuters)Reuters - Stocks finished little changed on Friday as surging oil prices lifted energy shares and offset data that showed consumer confidence sank to its lowest in 28 years.


US homebuilding jumps more than expected (AFP)

The padlocked gate of a forclosed house in California. US homebuilding showed a surprisingly strong jump in April, signaling a ray of hope amid the rubble of the worst housing slump in decades, according to government data released Friday.(AFP/Getty Images/File)AFP - US homebuilding showed a surprisingly strong jump in April, signaling a ray of hope amid the rubble of the worst housing slump in decades, according to government data released Friday.


Small Business, Big Disaster (BusinessWeek Online)
BusinessWeek Online - Lisa and Robert McIlwain are living a business owner's nightmare. It started when a tornado with 157 mph winds ripped through Fun Zone, their Montgomery (Ala.) skating rink and family entertainment center on Nov. 15, 2006. Although the 31 children and 11 staff members trapped inside the center survived, the 50-employee, $2.5 million business was wiped out. Fun Zone was the only source of income for the couple, who have six children. Their insurance payment went to pay off the mortgage on the damaged property.
SMFG posts big rebound, forecasts modest growth (Reuters)
Reuters - Sumitomo Mitsui Financial Group (8316.T) reported a threefold increase in fourth-quarter profit, rebounding from massive losses at its consumer finance unit a year earlier, and it forecast modest growth ahead.
Senators reach deal on housing rescue: sources (Reuters)

Democratic presidential hopeful Senator Christopher Dodd (D-CT) speaks to supporters during a campaign rally stop at the Pella town hall in Pella, Iowa December 5, 2007. (Carlos Barria/Reuters)Reuters - Leaders of the Senate Banking Committee on Thursday reached a deal on a broad housing rescue plan in which Fannie Mae and Freddie Mac would support a federal mortgage insurance fund, two industry sources said.


IRS says up to 350,000 didn't get child credit (AP)
AP - As many as 350,000 households are not getting the $300 per child refund owed as part of economic stimulus rebate payments, the Internal Revenue Service said Thursday.
Rates on 30-year mortgages fall to lowest point in a month (AP)

Inez Figueroa, of the New York City Comptrollers Office, left, speaks during a workshop called 'The Housing Crisis: How it Affects You, How it Affects our Neighborhood' Sunday, April 20, 2008 in a church gymnasium in the Queens borough of New York.  The program, sponsored by the Roman Catholic Diocese of Brooklyn, which includes the boroughs of Brooklyn and Queens, helps teach people how to spot predatory lenders and how to refinance sub-prime mortgages that are in danger of foreclosure. (AP Photo/Tina Fineberg)AP - Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be home buyers.


Bernanke: Banks must get better at foreseeing risk (AP)
AP - Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday.
Judge: Countrywide shareholders' suit can proceed (AP)

A Countrywide branch location is seen in Burlington, Massachusetts May 5, 2008. (Brian Snyder/Reuters)AP - A federal judge has ruled that a shareholder lawsuit against Countrywide Financial Corp. executives and directors should go to trial, rejecting several arguments by the troubled mortgage lender to dismiss the case.


Judge rejects Countrywide's arguments: report (Reuters)

A Countrywide branch location is seen in Burlington, Massachusetts May 5, 2008. (Brian Snyder/Reuters)Reuters - Directors and officers of mortgage lender Countrywide Financial must answer shareholder accusations of insider trading and failure to monitor lending practices that led to the company's collapse, a federal judge in California has ruled, the New York Times reported.


Accounting changes help Freddie Mac 1Q beat views (AP)

In this Nov. 29, 2007 file photo, Richard Syron, chairman and CEO of Freddie Mac, talks about the sub-prime lending crisis and its effect on the housing market in Boston. Mortgage finance company Freddie Mac's first quarter loss widened to $151 million Wednesday, May 14, 2008, as the U.S. housing market worsened, though the results were not as poor as expected. (AP Photo/Stephan Savoia, file)AP - Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust.


Ohio attorney general resigns in wake of scandal (Reuters)
Reuters - Ohio Attorney General Marc Dann, who led investigations into companies blamed for the state's subprime mortgage mess, resigned under a cloud on Wednesday after admitting to an affair with a female staff member.
US foreclosure filings surge 65 percent in April (AP)

A foreclosure sign stands outside an existing home on the market in Denver on Friday, May 9, 2008. More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent Wednesday, May 14, 2008, versus the same month last year and contributing to a deepening slide in home values. (AP Photo/David Zalubowski)AP - More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday.


Mortgage applications rise in latest week: MBA (Reuters)
Reuters - Mortgage applications rose for a second consecutive week, fueled by a jump in demand for home refinancing loans as interest rates dropped, an industry group said on Wednesday.


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