October 2012 Archives

The Washington Post
By:  Danielle Douglas
October 24, 2012

Federal prosecutors on Wednesday accused Bank of America of selling Fannie Mae and Freddie Mac thousands of shoddy mortgages that caused more than $1 billion in losses, the latest in a string of government cases against big banks for sins of the housing crisis.

Student debt debacles

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The New York Times
Editorial
October 24, 2012

Students who finance their educations through private lenders often wrongly assume that private and federal loans work the same way. In fact, they do not.

The Huffington Post
By:  Kate Casas
October 25, 2012

To date, 33 states and the District of Columbia have been granted a waiver from the requirements of No Child Left Behind. According to Education Weekly, once given the flexibility to revise their accountability system all but eight states have taken the opportunity to alter their achievement goals. States are now telling the Department of Education (DOE) that it will take longer for low-income, minority, and/or disabled children to reach proficiency than it will for everyone else. For example, the District of Columbia has said that by 2017, 70 percent of African American students and 90 percent of white students will be reading on grade level. In Delaware, it's 75 percent reading proficiency for black students, 71 percent for English Language Learners and 87 percent for white students.

Huntington Herald Dispatch (Huntington, West Virginia)
The Associated Press
October 25, 2012

CHARLESTON, W.Va. (AP) -- An Internet payday lender has agreed to stop making such loans in West Virginia.

The New York Times
By:  Edward Wyatt
October 24, 2012

WASHINGTON -- Debt collection agencies, whose sometimes aggressive tactics have earned them scrutiny from consumer protection groups and state regulators, will come under federal supervision for the first time beginning Jan. 2, when the Consumer Financial Protection Bureau begins oversight.

The New York Times
By:  David Leonhardt
October 23, 2012

WASHINGTON -- Taxes and government spending. Health care. Immigration. Financial regulation.

The Los Angeles Times

By:  Jim Puzzanghera

October 24, 2012

WASHINGTON -- New home sales jumped 5.7% in September from the previous month to the highest rate in more than two years as the housing market resurgence continued to take hold, the Commerce Department said Wednesday.

Your fees, their bank

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The New York Times

By:  Nancy Folbre

October 22, 2012

Financial regulation is a never-ending saga. Restrict banks' opportunities to turn a profit in one area, and, not surprisingly, they redouble their efforts in another. New credit card rules that went into effect in 2010, as well as legal tussles over "swipe fees," have created pressure to find other sources of revenue.

Is the U.S. waging a war on savers?

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Time

By:  Michael Sivy

October 23, 2012

A recent consumer survey found that 41% of respondents had less than $500 in savings available on short notice. And the more comprehensive Survey of Consumer Finances released by the Federal Reserve in June calculated that only 52% of American families are earning more than they spend - that's the lowest figure in 20 years. Moreover, the Fed found that fewer than 40% of families save money on a regular basis (as opposed to putting away a year-end bonus, say). So one has to wonder, is there a reason so many people are failing to save? And more specifically, are there misguided government policies that actually discourage saving?

The San Francisco Chronicle

New consumer help with credit reports

By:  Kathleen Pender

October 22, 2012

Starting this week, consumers who have trouble getting mistakes in their credit reports corrected or have other problems with credit bureaus can file a complaint with the Consumer Financial Protection Bureau.

The Southeast Missourian

By:  Melissa miller

October 23, 2012

In one way or another, Terry Ludwig had been delivering packages to people for 28 years. Then a policy change last fall at the national delivery company where he worked as a subcontractor was about to leave him and many of his co-workers without a job.

Owning his own business was never in Ludwig's plans, but this situation, he said, gave him little choice.

The Washington Post

Associated Press

October 18, 2012

WASHINGTON -- Weekly applications for U.S. unemployment benefits jumped 46,000 last week to a seasonally adjusted 388,000, the highest in four months. The increase marks a rebound from the previous week's sharp drop. Both swings were largely due to technical factors.

Time

By:  Christopher Matthews

October 18, 2012

There was more good news coming out of the housing market yesterday, with the Commerce Department announcing that new residential construction projects, called housing starts, increased by 15% in September compared to the prior month and an even more impressive 34.8% compared to last year's pace, reaching the highest level in four years. Housing starts are a key indicator for the real estate market and the broader economy going forward, as sustained increases in housing starts indicate that homebuilders anticipate a healthy real estate market in the near future.

The New York Times

By:  Richard Pérez-Peña

October 17, 2012

In campaign stops across college campuses, and again in the debate on Tuesday, President Obama has promoted his efforts to make college more affordable. His record, more activist than any recent predecessor's, includes greatly expanding the federal government's role in granting college loans, increasing aid to community colleges, and even taking steps to try to stem soaring tuition.

Business Wire

Press Release

October 17, 2012

Today, PolicyMap and Citi Community Development launched My District Data , an interactive, web-based tool that offers a simple yet powerful way to examine the state of every Congressional district in the country through a series of on-demand reports based on economic, employment, financial, educational and housing conditions. Developed for legislators and their advisers, as well as community organizations and local residents, the free tool aggregates a range of granular data -- for the first time broken down to match the irregular borders of Congressional districts -- to present a district snapshot intended to inform smart policy-making.

Business Insider

By:  Jill Krasny

October 17, 2012

Income inequality has hit a crescendo, soaring past levels seen in the Great Depression.

Citing Jonathan D. Ostry of the International Monetary Fund, Anne Lowrey writes in the Times that "growth becomes more fragile" when we see such glaring disparities. 

The Huffington Post

By:  Kelli B. Grant

October 17, 2012

Stashing allowance money and birthday cash in a porcelain pig as a kid is like hiding money under the mattress as an adult, if new money-management websites for youngsters are to be believed.

The New York Times

By:  Annie Lowrey

October 17, 2012

 

WASHINGTON -- Income inequality has soared to the highest levels since the Great Depression, and the recession has done little to reverse the trend, with the top 1 percent of earners taking 93 percent of the income gains in the first full year of the recovery.

The Los Angeles Time

By:  Steve Lopez

October 16, 2012

 

Telana Starks was watching her niece play in a sandbox Monday afternoon in Lafayette Park when I asked if she was following the presidential campaign. She said she hadn't really been paying any attention, which was interesting because the candidates haven't been paying any attention to her either.

The Washington Post

By:  Neil Irwin

October 17, 2012

 

Some blockbuster housing numbers released Wednesday mean it is finally time to start grappling with a happy possibility: What would a housing recovery look like in this economy, anyway?

The Washington Post

By:  Michelle Singletary

October 16, 2012

 

I've always liked the idea of an ombudsman, a person who can look at a situation and praise or criticize it, but most important, bring attention to a problem.

 

That's what Rohit Chopra, ombudsman for the Consumer Financial Protection Bureau, has done. Chopra said that on the basis of the complaints the CFPB has received, he is concerned that we face a student-loan-servicing sequel that will rival the home-mortgage crisis that helped lead to the financial collapse of 2008.

The Washington Post

By:  Danielle Douglas

October 8, 2012

 

Wal-Mart pressed further into the financial business Monday, announcing a new type of prepaid American Express card that the world's biggest retailer said would enable consumers to cut ties with their banks.

The Fowler Tribune (Fowler, CO)

By:  Candace Krebs

October 9, 2012

 

ATWOOD, Kan. -- An entrepreneurship fair held at her local high school encouraged Miranda Simminger to start thinking like a businesswoman. She sketched out plans for a local touring company, and then built an enterprise around raising rabbits that continues today. She markets a variety of rabbit meats as well as rabbit hair items like purses and keychains and rabbit manure for fertilizer through the High Plains Food Co-op, mostly to customers on Colorado's Front Range.

The Omaha World Herald (Omaha, NE)

By:  Joe Duggan

October 9, 2012

 

LINCOLN -- Steve Renker knows mobile homes are popular punch lines for comedians and country singers.

 

Even though he lives in one, he couldn't resist when asked about trailers and tornadoes.

 

"These things got a big target on them," the retired railroad worker said with a smile. "I don't know if God is mad at us or what."

Economy fuels layaway revival

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The Courier Journal (Louisville; CFED)

By:  Jere Downs

October 5, 2012

 

Lisa Woosley hauled a Dell desktop computer and flat-screen monitor to the layaway counter at the Walmart in Valley Station on Wednesday - kicking off her Christmas shopping season.

Grants might put a house in reach

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The Washington Post

By:  St. John Barned-Smith

October 8, 2012

 

More than 1,300 would-be home buyers descended on the Walter E. Washington Convention Center over the weekend hoping to secure a $20,000 down-payment assistance grant from Wells Fargo Wells Fargo  -Search using: News, Most Recent 60 Daysto buy a house in either the District or Prince George's County.

USA Today

By:  David Person

October 7, 2012

 

Last week's first presidential debate was largely about the economy, but I didn't hear either President Obama or Mitt Romney say how they would help the poor.

The New York Times

By:  Shaila Dewan

October 5, 2012

 

The nation's unemployment rate dropped below 8 percent in September to its lowest rate since the month President Obama took office, the Labor Department said Friday.

 

While employers added only a modest 114,000 jobs last month, the jobless rate declined to 7.8 percent from 8.1 percent, even though more people entered the labor force.

 

Squirreling away your savings

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The Washington Post

By:  Michelle Singletary

October 4, 2012

 

There was a time when the American savings rate was pitifully low. Then the recession hit. People realized they needed a cushion, and they started saving again, pouring $6.9 trillion into savings accounts even though interest rates are at historic lows, according to recent Federal Reserve data.

The San Francisco Examiner

By:  Joshua Sabatini

October 4, 2012

 

Mayor Ed Lee's answer to the pressing need for more housing in San Francisco is November's Proposition C, which would establish a housing trust fund.

D.C. Street Blog

By:  Angie Schmitt

October 3, 2012

 

Earlier this week, Denver's B-Cycle bike-share system came under fire for allegedly side-stepping low-income neighborhoods. The accuser was City Council Member Paul Lopez, and his complaint was not something that system operators necessarily deny: There aren't many stations in low-income neighborhoods.

Obama's New Normal

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The New York Times

By:  Ross Douthat

September 29, 2012

 

Last winter, I had lunch with a junior White House official who works on economic issues. The unemployment rate had just dipped to 8.3 percent, and I asked if he was encouraged by the figure, and hopeful that it might be down another point by Election Day.

The Washington Post

By:  Danielle Douglas

October 1, 2012

 

Americans have poured record amounts of money into savings accounts even though interest rates are at historic lows, new federal data show, a sign that average people may be missing out on a booming stock market and recovering real estate sector.

Winston-Salem Journal (North Carolina; IDA)

By:  Scott F. Wierman

September 30, 2012

 

Imagine you are an 18-year-old freshman moving onto one of the college campuses in our community. You're excited to begin life on your own. Your parents have provided you with a strong foundation built on life lessons and you know they are there if you need them.

The Toxic Toll of Child Poverty

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The Huffington Post

By:  Elaine Weiss

October 1, 2012

 

Opponents of a Broader Bolder Approach to Education have often argued that lack of parental income, in itself, cannot represent a major impediment to a child's educational attainment. While there is ample evidence that lack of money can indeed pose multiple barriers -- and logically, it makes sense that not having enough money for books in the home, educational toys, or high-quality child care creates real impediments -- a growing literature points, too, to the very physical toll that poverty takes.

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This page is an archive of entries from October 2012 listed from newest to oldest.

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