The recession has reminded Americans that they need to be saving for their retirement future. Average 401(k) balances are now hitting a 10 year high as the recession is winding down and allowing Americans to contribute more. As 2010 came to a close the average balance had reached $71,500. That is a jump of 11.5% […]

February is proving to be possibly one of the best months of 2011 for balance transfers. This is because Discover is offering two limited time promotions for the month of February. The first offer, which is a no balance transfer fee card, is 0% interest for 12 months on balance transfers and purchases. This is […]

The announcement that the average rate on a 30-year fixed-rate mortgage (FRM) fell from the recent high last week of 5.05 percent to 5 percent this week was welcome news for potential home buyers who have been on the sidelines recently. Last week’s average rate on a 30-year FRM was the highest since April 2010 […]

The Obama administration offered three long-term overhauling options to the housing finance system in United States on Friday. The alternatives were written in the 31-page “white paper” that aims to unwind the dominance of Fannie Mae and Freddie Mac in the mortgage market. The paper also consists of short-term propositions to gradually lessen the role […]

Bank of America Corp. said on Thursday that it is separating its mortgage business into two divisions, with a new unit created particularly to manage and handle foreclosures, as well as discontinued loan products. The new Legacy Asset unit will be in charge of resolving issues that involve faulty paperwork causing Bank of America to […]

France and Germany have reached an agreement to make further steps to enhance economic organization within the euro zone as part of a comprehensive anti-crisis package.  the package will also ascertain that Europe’s bailout fund is now strengthened. Officials in Germany said on Wednesday that Chancellor Angela Merkel and French President Nicolas Sarkozy will give […]

The Federal Reserve informed on Monday that banks modestly loosened their lending standards for particular business loans over the past three months, but they still kept tight standards for consumer loans. The Fed said that 12 percent of banks that responded to their recent survey had eased their standards to some extend on industrial and […]

The euro wandered back from two-month highs in opposition to dollar on Monday as traders reported recent profits amid the evidence that the eurozone economy has commenced the year at a moderate pace towards recovery. Stocks changed narrowly in front of a new batch of earnings, particularly out of the United States despite the expectations […]

Following a mid-week quiver, the much awaited pullback is finally on its way. However, the market is still showing signs of some power left if incomes will come in at higher expectations. Some huge energy companies like Chevron Corp, as well as ConocPhillips will be reporting their outcomes next week. Outlooks have been all over […]

AIG selected Bank of America Corp, Golden Sachs Group Inc, Deutsche Bank AG and JPMorgan Chase & Co to manage the sale of the government’s 92 percent stake in the insurer, two people knowledgeable with the circumstance said on Tuesday. American International Group Inc and the government conducted a “bake off” in New York on […]