Credit: Lonnie Tague for the U.S. Department of Justice.

DOJ, Conn. slap S&P with $1.4B

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Updated at 7:27 p.m. Connecticut will collect $36 million of a nearly $1.4 billion settlement by Standard & Poor’s Financial Services, which the U.S. Department of Justice and nearly 20 other states accused of misleading investors in rating securities prior to the 2008 financial collapse. Connecticut was the first state to sue S&P, in 2010 […] [Read More]
Categories: Credit markets, General

Charging into a better economy? Credit card borrowing rising

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Americans reduced credit card debt in the first quarter of 2013 at a slower pace than the previous year, prompting concerns that the nation is about to punch the accelerator on debt this year. CardHub.com released its quarterly report on credit card debt and found Americans had more revolving debt than a year ago, despite […] [Read More]

Going up: Mortgage rates hit highest levels in a year

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The Mortgage Bankers Association said rates climbed to their highest levels in a year on expectations that the Fed is going to start tapering its asset buying program. The MBA noted that the economy is showing more strength as rates for 30-year fixed conforming loans rose to 3.9 percent, the highest level since May 2012. […] [Read More]

Mortgage rates, chickens and eggs

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The Mortgage Bankers Association reported this week that applications for home loans fell 7.3 percent last week on weaker refi and new purchase activity. At the same time, banks upped the interest rate for conforming loans to 3.67 percent, a rise of just 0.41 percent from the previous week. Is there a correlation between the […] [Read More]

Return of the debt crisis? Yale sues former students

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Bloomberg is reporting that Yale University joined other institutions of higher learning going after former students who default on loans. But Yale’s not the only school that’s struggling with debt. Statistics show that schools across the state, including nursing, community college and vocationals have people defaulting on debts. According to the U.S. Department of Education, […] [Read More]
Categories: Credit markets
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Harrisburg a cautionary tale for bond investors and mayors

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The SEC slapped Harrisburg, PA, with a cease and desist order Monday, saying the city’s government for allegedly violating securities law. Regulators found that city officials failed to come clean about the dire debt trouble at its Resource Recovery Facility and its general financial health while issuing bonds. This all happened in 2009 and since […] [Read More]

March home sales flat as prices flirt with income threshold

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The National Association of Realtors reported Monday that sales of existing homes were slightly down in March, compared to February, but up more than 10 percent from a year ago. NAR said there has been a 25 percent increase in people out shopping for homes, but a decrease in the number of homes on the […] [Read More]

New buyers push mortgage applications to three year high

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Buyers drove the Mortgage Bankers Associations‘ weekly index of purchase activity to its highest level in nearly three years. The MBA’s national report said total activity was up 4.8 percent last week, the highest level since January. There was a 5 percent increase in purchasing activity, raising the total amount of loan applications for new […] [Read More]