New York (CNNMoney) - The job market ended 2012 with more growth, as moderate hiring continued at the end of the year.
The economy added 155,000 jobs in December, bringing the total number of jobs added in 2012 to 1.84 million, the Labor Department said Friday. The unemployment rate was unchanged at 7.8%.FULL STORY
New York (CNNMoney) – If you lose your job in Florida, chances are you won't find another one any time soon.
The Sunshine State has the highest rate of long-term unemployment in the nation. Some 53% of jobless Floridians were out of work for more than six months in 2011, according to Brookings' Hamilton Project, which crunched Census data.FULL STORY
New York (CNNMoney) - The president's efforts to revive the housing market have largely failed. But is that entirely Obama's fault?
"I don't think anyone could have done anything to stabilize the housing market," said Ed Jacob, executive director of NHS Chicago, which provides homeownership and foreclosure prevention services. "This housing market was in far worse shape than anyone knew."FULL STORY
New York (CNNMoney) - Texas Governor Rick Perry says he would kick start economic growth by unleashing the energy industry.
His plan, unveiled Friday, calls for creating 1.2 million jobs by tapping unexplored supplies and loosening regulations on oil and gas producers.FULL STORY
New York (CNNMoney) - Don't you dare withhold our Social Security payments!
That's the message senior citizens and the disabled are sending to President Obama and Republican lawmakers. They are making it very clear that they don't want to suffer the fallout of the debt ceiling squabbles in Washington, D.C.FULL STORY
NEW YORK (CNNMoney.com) – Mortgage servicers have placed 12% of eligible troubled borrowers into trial modifications under President Obama's foreclosure prevention plan, the Treasury Department said Wednesday.
The progress report, the second issued by the government, says that 360,165 homeowners who were at least two months behind in payments received relief through August. A month ago, just 9%, or 235,247 borrowers, were in trial modifications.
The Obama administration has come under fire for the program's rocky start. Officials, who met with servicers in Washington in late July, said they are on track to hit their goal of 500,000 loan modifications under way by Nov. 1.
"Our progress in implementing these programs to date has been substantial, but we recognize that much more has to be done to help
homeowners," said Michael Barr, an assistant Treasury secretary, in prepared testimony before a House Financial Services Committee panel.
NEW YORK (CNNMoney.com) - What do you call a federal program that's pumping billions into the economy and creating more than a million jobs?
Though its not technically a stimulus operation, the upcoming decennial population count is helping boost the economy by putting 1.4 million people to work. The Census Bureau is also funneling money into local communities by renting office space and furniture and by buying equipment and supplies. And it is spending $212 million in advertising - mainly in 2010 - to urge people to return their forms.
Projected to cost $14 billion, Census 2010 is the most expensive ever in the nearly 220-year history of the population count. The bureau is also getting $1 billion from the federal stimulus package to augment operations, including increasing outreach efforts to minority communities and hard-to-reach groups.
The effort comes at an opportune time. With millions of Americans out of work and countless others suffering from reduced overtime and commissions, people are eager to land a government job, even if it's only for a few weeks.
NEW YORK (CNNMoney.com) – Mortgage modifications have a bad rap, yet President Obama is depending on them to stop the foreclosure crisis.
Modifications continue to be pushed as the best way to get struggling borrowers back on their feet. The jury is out on whether modifications work long-term. One recent study showed about half of borrowers with modified loans fell behind within six months.
Still, Obama is giving modifications a central role in his $75 billion foreclosure prevention program.
The program, which starts on Wednesday, calls for loan servicers to lower struggling borrowers' interest rates to 31% of their gross income. The government will subsidize part of the reduction, as well as kick in incentives for the servicers, borrowers and mortgage investors to participate in the modifications.
NEW YORK (CNNMoney.com) - President Obama unveiled a $75 billion multi-pronged plan Wednesday that seeks to help up to 9 million borrowers suffering from falling home prices and unaffordable monthly payments.
Watch: Obama unveils housing plan
The long-awaited foreclosure fix marks a sharp departure from the Bush administration, which relied mainly on having servicers voluntarily modify troubled mortgages.
Obama, on the other hand, will make it easier homeowners to afford their monthly payments either by refinancing the mortgages or having their loans modified. The president is vastly broadening the scope of the government rescue by focusing on homeowners who are still current in their payments but at risk of default. And he puts billions of federal funds into enticing servicers to modify the loans of those who've already stopped paying.
Updated 12:58 p.m.
NEW YORK (CNNMoney.com) – A day after Treasury Secretary Tim Geithner said it would be a few weeks before he unveils a solution for the housing crisis, regulators and lawmakers pressed financial institutions to suspend foreclosures until the plan comes out.
Geithner, who laid out a broad overview of the Obama's administration's plan to attack the financial meltdown, said Tuesday that the federal government would commit $50 billion to preventing foreclosures by reducing monthly payments. Details would be forthcoming, he said.
Until that loan modification plan is released, foreclosures should be halted, some say.
"I would ask all of you now to please make sure that we have a moratorium in effect," Rep. Barney Frank, D-Mass., told top bank executives at a hearing Wednesday. "It would be until we get that program, and until you know if people can qualify. Having someone suffer foreclosure because two weeks hadn't gone by for this program would be unacceptable."