Financial
Deals with banks stacking fees on students
WASHINGTON -- It took Mario Parker-Milligan less than a semester to decide that he was paying too many fees to Higher One, the company hired by his college to pay out students' financial aid on debit cards.
Date: 05/30/2012 | Business
Free credit report websites deliver worthless results
Question: I recently went to one of those free credit report websites and paid for a copy of my FICO credit scores. The report said my FICO score is 722 and my husband's is 720, which are both considered to be "excellent" credit.
Date: 05/27/2012 | Business
Buffett says his firm likely to buy more papers
OMAHA, Neb. -- Warren Buffett says his company is likely to buy more newspapers in the next few years, and Berkshire Hathaway will not try to influence the editorial policies of any of them.
Date: 05/25/2012 | Business
30-year mortgage rate falls to record 3.78 pct.
WASHINGTON -- The average U.S. rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year.
Date: 05/24/2012 | Business
Track health, oversight of banks
Last week's financial news included reports of a monster investment loss at JPMorgan and new rules for salvaging failed banks. Here are some sites for tracking banks' health and oversight.Who's in charge?
Date: 05/20/2012 | Business
Questions and answers on blockbuster Facebook IPO
NEW YORK -- Taking a company public isn't as simple as collecting Facebook friends.Even if the company is Facebook.
Date: 05/18/2012 | Business
30-year mortgage rate falls to record 3.79%
WASHINGTON -- Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week. The steady decline has made home-buying and refinancing more affordable than ever for those who can qualify.
Date: 05/18/2012 | Business
Fewer U.S. homes foreclosed on in April
LOS ANGELES -- National foreclosure trends took a positive turn in April, as the number of homes seized by banks declined and fewer properties entered into the foreclosure process.
Date: 05/18/2012 | Business
Even with a hedge investment, there’s a risk of loss
"A billion here, a billion there, pretty soon, you're talking real money." That quotation is usually attributed to the late U.S. Sen. Everett Dirksen even though researchers have not found a record of his ever having said it.
Date: 05/18/2012 | Business
U.S. economy perks up after early spring slump
WASHINGTON -- Maybe the U.S. economy's strength this winter wasn't just weather-related after all.Home construction is near a three-year high. And factory output has risen in three of the year's first four months.
Date: 05/16/2012 | Business
JPMorgan CEO survives votes on pay, board post
TAMPA, Fla. -- The CEO of JPMorgan Chase offered a quick but blunt apology to shareholders Tuesday for a $2 billion trading loss that "should never have happened" and survived a push to strip him of the title of chairman of the board.
Date: 05/15/2012 | Business
Congress votes to reauthorize Export-Import Bank
WASHINGTON -- The government's vehicle for promoting U.S. export sales, and of specific importance to Boeing, survived a challenge from conservatives Tuesday with a Senate vote to renew the charter of the Export-Import Bank for three years. The vote, coming after the Senate rejected amendments to...
Date: 05/15/2012 | Business
Shareholders confront JPMorgan Chase CEO
TAMPA, Fla. — The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.
Date: 05/15/2012 | Business
Agency wants to make home loan fees easier to grasp
If you're as busy as I am, asking you to weigh in on yet another request for comment from the Consumer Financial Protection Bureau is likely to be greeted with a well-understood “humph.”
Date: 05/13/2012 | Business
Everett mail facility still on track for closure
An Everett postal facility that serves communities from Lynnwood north to the Canadian border is still planned for closure. Just when that closure might happen isn't clear.
Date: 05/09/2012 | Inside Everett
Fed approves Chinese bank purchase of U.S. bank
WASHINGTON — The Federal Reserve has for the first time given approval for a large Chinese bank to purchase a U.S. bank. It also gave approval to two other large Chinese banks to expand their operations in the United States.
Date: 05/09/2012 | Business
U.S. consumers stepped up borrowing in March
WASHINGTON — Americans swiped their credit cards more often in March and took out more loans to attend school. That drove the biggest one-month increase in U.S. consumer borrowing in a decade.
Date: 05/07/2012 | Business
Mortgage investors rebuffed in WaMu bankruptcy
WILMINGTON, Del. -- The judge in Washington Mutual's bankruptcy case ruled Monday that a group of investors who are plaintiffs in a federal mortgage-backed securities lawsuit against WaMu cannot file a claim in the company's bankruptcy case until distributions are made to a group of low-ranking...
Date: 05/07/2012 | Business
Berkshire holders trust Buffett on health outlook
OMAHA, Neb. -- Warren Buffett worked to reassure shareholders that he's feeling good after his recent prostate cancer diagnosis, and that Berkshire Hathaway is ready to replace the revered 81-year-old investor when the need arises.
Date: 05/05/2012 | Business
Economy in ‘virtuous,’ if slow, cycle, analysts say
WASHINGTON -- The U.S. economy's recovery looks enduring. It's just not very strong.
Date: 05/04/2012 | Business
Everett banking veteran Carol Nelson leaves Opus
Carol Nelson, the president of Opus Bank's Washington region, is no longer with the company, which bought Everett-based Cascade Bank less than a year ago.
Date: 05/04/2012 | Business
County’s economy gets mixed report
EVERETT -- Snohomish County's economy is showing signs of recovering from the 2008 recession, but economist Bill Conerly says the region may never return to the go-go days before the economy collapsed.
Date: 05/02/2012 | Business
Fidelity: 401(k) balances grew average 8% in 1Q
BOSTON -- Employee 401(k) accounts grew nearly 8 percent last quarter as a surging stock market boosted investment returns and worker contributions increased.
Date: 05/01/2012 | Business
Forecast for slow but steady economic growth
WASHINGTON -- The U.S. economy grew more slowly in the first three months of this year. Governments spent less, and businesses cut back on investment. But consumers spent at the fastest pace in more than a year.
Date: 04/27/2012 | Business
Rate on 30-year mortgage dips to 3.88 percent
WASHINGTON -- The average rate on the 30-year fixed mortgage has dipped to near its record low, keeping home-buying and refinancing affordable.
Date: 04/27/2012 | Business
Help for military families hit by illegal foreclosures
By Tom PhilpottSo far, several hundred military members who lost homes to illegal foreclosure actions by big banks and mortgage servicers have received settlements of $116,785 each for economic loss and emotional distress. They also have been paid any equity lost plus interest.
Date: 04/23/2012 | Business
Minority neighborhoods neglected by banks
We know from numerous reports that the housing crisis hit minority families pretty hard. Minority homebuyers by the tens of thousands were trapped in predatory mortgage loans and, as a result, their communities disproportionately felt the impact of foreclosures.
Date: 04/22/2012 | Business
Optimism grows for U.S. housing market
WASHINGTON -- It's been a long time since the market for new homes has looked this good.Rising rents and a healthier job market are inspiring more people to consider buying.
Date: 04/17/2012 | Business
Bank reports boost optimism for housing market
NEW YORK -- Earnings reports from two major banks Friday painted a picture of a healing housing market, with more Americans taking out mortgages, paying them on time and taking advantage of low interest rates to refinance.
Date: 04/14/2012 | Business
Fed survey shows U.S. growth, hiring improves
WASHINGTON -- A Federal Reserve survey of business conditions across the United States suggests last month's pullback in hiring may prove to be temporary.
Date: 04/11/2012 | Business
Student loan debt is not ‘good' debt
Come graduation time next month, there will be many grandparents -- many with student loans themselves -- sitting at the ceremonies for their grandchildren, who will leave college with their own education loans. Some in both groups will take those loans to their graves.
Date: 04/08/2012 | Business
Everett bank back on its feet
EVERETT -- With a single sentence from banking regulators, Mountain Pacific Bank became the first known Snohomish County-based institution to be released from recent federal oversight without an infusion of outside capital or a merger.
Date: 04/06/2012 | Business
Obama signs small business legislation
WASHINGTON -- President Barack Obama signed bipartisan jobs legislation Thursday that will help small businesses and make it easier for startups to raise capital, saying it could be a "game-changer" for entrepreneurs dreaming of founding the next Microsoft or Facebook.
Date: 04/05/2012 | Business
Recovery threatened by runaway student loan debt
WASHINGTON -- The federal student loan program seemed like a great idea back in 1965: Borrow to go to college now, pay it back later when you have a job.But many borrowers these days are close to flunking out, tripped up by painful real-life lessons in math and economics.
Date: 04/03/2012 | Business
Insider’s novel examines Wall Street from woman’s perspective
I typically make selections for the Color of Money Book Club on topics such as investing, retirement saving, getting a mortgage or buying long-term care insurance. You know, important but not very sexy stuff.
Date: 04/01/2012 | Business
Federal regulators close Michigan bank
WASHINGTON — Federal regulators have closed a bank in Michigan, bringing to 16 the number of banks that have failed in 2012.The Federal Deposit Insurance Corp. said Friday that it shuttered Fidelity Bank based in Dearborn, Mich.
Date: 03/30/2012 | Business
In sports or finance, there should be no bonus for harm done
I'm not a huge football fan, but I have been following the bounty scandal that has hit the New Orleans Saints.
Date: 03/25/2012 | Business
Bank of America starts foreclosure rental program
WASHINGTON -- Bank of America has launched a pilot program that will let some homeowners at risk of foreclosure become renters and stay in their homes.
Date: 03/24/2012 | Business
Mortgage rates rise above 4%
WASHINGTON -- The average U.S. rate on a 30-year fixed mortgage rose above 4 percent for the first time in five months. The sharp increase suggests the window to buy or refinance a home at historically low rates is closing.
Date: 03/23/2012 | Business
Banks are lending again, but businesses are wary
NEW YORK -- Since the credit crisis of 2008, everyone has been waiting for the banks to start lending money again. It's finally happening, but there's a catch: Businesses are afraid to spend it.
Date: 03/23/2012 | Business
Washington Mutual's lame legacy
Jon Talton, the Seattle Times business columnist whose day job is crime novelist, blogs about what seems to be the final chapter in the saga of Washington Mutual -- the end of Chapter 11, to be...
Date: 03/21/2012 | Bizblog
Bank helps woman, 92, reclaim account after reported dead
PORT ANGELES -- Betty Longshore, 92, was very much alive Feb. 29 when her bank telephoned her to find out if she was dead."They said, 'Betty, is this you? We have a report you are deceased,'" the west Port Angeles resident recalled.
Date: 03/19/2012 | Northwest
Don’t let dealer roll old car loan into new loan
I met a woman who was having trouble making her car payments. When I saw how much she was paying -- more than $1,000 a month -- I could understand why.
Date: 03/18/2012 | Business
McClain Insurance wins Better Business Bureau award
McClain Insurance Services of Everett has won this year's Torch Award for Western Washington, presented by the Better Business Bureau for community service. Here's the news release:BBB UPDATE - FOR IMMEDIATE RELEASE
Date: 03/16/2012 | Bizblog
New U.S. consumer agency can do some good but it could have been left to states
One of the beauties of the English language is that it is still owned and operated by amateurs. While advertising professionals provide many great and repeatable lines, the words and expressions with staying power most often seem to pop up of their own accord and fit so perfectly.
Date: 03/16/2012 | Business
Some states saw spike in foreclosures in February
LOS ANGELES -- Foreclosure activity surged last month across about half of the nation's states, as banks tackled a backlog of homes with mortgages that had gone unpaid yet remained in limbo due to delays stemming from foreclosure-abuse claims.
Date: 03/15/2012 | Business
Citibank, 3 others fail Fed's bank stress test; 15 pass
WASHINGTON -- Four major U.S. banks failed to show they have enough capital to survive another serious downturn, the Federal Reserve said Tuesday. The list included Citigroup, the nation's third-largest bank.
Date: 03/13/2012 | Business
Students seek to stop loan interest rate hike
WASHINGTON -- Millions of college students could be in for a shock this summer when the interest rate on a popular federally subsidized student loan doubles unless Congress acts.
Date: 03/13/2012 | Business
OpusBank's CEO says she's ready for growth
EVERETT -- Carol Nelson, the president of the Washington region for California-based OpusBank, has a lot to smile about these days.
Date: 03/12/2012 | Business
Q&A: A look at Obama’s latest mortgage-aid plan
WASHINGTON -- The Obama administration is offering some relief to homeowners who have government-backed mortgages. Under a program President Barack Obama unveiled Tuesday, the government would cut the fees it charges to insure those borrowers.
Date: 03/07/2012 | Business
Consumer agency wants your comments on banks’ overdraft fees
Bank overdraft fees drive me crazy. It's just wasted money. Sure, overdraft protection is a good backup for the times you miscalculate, but sometimes the fees run into the hundreds of dollars a month and are the most burdensome on the people least able to afford them.
Date: 02/26/2012 | Business
Warren Buffett says he was 'dead wrong' on housing market
OMAHA, Nebraska — Billionaire investor Warren Buffett said Saturday that he was "dead wrong" with a prediction that the U.S. housing market would begin to recover by now, but he remains optimistic about the nation's economy.
Date: 02/25/2012 | Business
S&P 500 index hits highest point since June 2008
NEW YORK — A two-point gain was enough to push the Standard & Poor's 500 index to its highest level since June 2008, three months before the collapse of Lehman Brothers and the darkest days of the financial crisis.
Date: 02/25/2012 | Business
Consumer finance agency will probe bank overdraft fees
NEW YORK -- Of all the bank fees that customers love to hate, overdraft charges on checking accounts have to be near the top. The government's new consumer protection agency appears to agree.
Date: 02/22/2012 | Business
Judge approves Washington Mutual’s bankruptcy plan
WILMINGTON, Del. -- After a long and contentious legal battle and more than three years in bankruptcy, Washington Mutual Inc. on Friday finally won court approval of a reorganization plan.
Date: 02/17/2012 | Business
Dow average closes within 50 points of 13,000
NEW YORK — The Dow edged teasingly close to the 13,000 marker on Friday, a milestone it hasn't reached since before the financial crisis brought the U.S. economy to its knees.
Date: 02/17/2012 | Business
Bank failures in Illinois, Indiana bring 2012 total to 9
WASHINGTON — Regulators on Friday closed small banks in Illinois and Indiana, increasing to nine the number of U.S. bank failures this year, a slower pace than in 2011, when there were 92 bank closures.
Date: 02/10/2012 | Business
Deal will mean $648 million for those with troubled mortgages in the state
OLYMPIA -- A $25 billion agreement reached Thursday between states and the nation's biggest mortgage lenders should help several thousand Washington homeowners refinance, and thousands more who've lost their houses through foreclosure could receive checks for $2,000 each.
Date: 02/09/2012 | Business
Q&A: What the mortgage settlement might do for you
WASHINGTON -- The mortgage settlement that government officials announced Thursday is intended to help victims of foreclosure abuses that followed the housing bust.
Date: 02/09/2012 | Business
States, 5 biggest banks reach $25 billion foreclosure-abuse settlement
WASHINGTON -- U.S. states reached a landmark $25 billion deal Thursday with the nation's biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst.
Date: 02/09/2012 | Business
Mortgage settlement may bring $600 million to Washington
Tens of thousands of Washington homeowners may be eligible for aid in refinancing their homes or cash if they've already lost their house through foreclosure under the $25 billion mortgage settlement announced today.
Date: 02/09/2012 | The Petri Dish
Know your rights when a collector calls on an old debt
What would you do if you received a court summons indicating that you were being sued for thousands of dollars in debt on a credit card you had no recollection ever applying for or using?
Date: 02/05/2012 | Business
Strong jobs report sends Dow to highest level since 2008
NEW YORK — A drop in the unemployment rate to its lowest in three years propelled the Dow Jones industrial average Friday to its highest close since before the 2008 financial crisis. The Nasdaq composite index hit an 11-year high.
Date: 02/03/2012 | Business
Senate passes Capitol Hill insider trading ban
WASHINGTON — Legislation that would ban insider trading by lawmakers and thousands of executive branch officials headed for what could be a more contentious debate in the House after sailing through the Senate on a 96-3 vote.
Date: 02/03/2012 | Nation & World
New rules compel disclosure of 401(k) fees
LOS ANGELES -- The Obama administration is taking steps to make the fees charged in 401(k) plans more transparent and broaden the options retirees have for drawing on their nest egg.
Date: 02/03/2012 | Business
FTC settlement with debt collector is a message to all debt collectors
In the world of civil penalties, getting a major company to pay a $2.5 million settlement doesn't seem like much, maybe the equivalent of a $100 parking ticket. This is an ouch factor, but not financially devastating.
Date: 02/02/2012 | Business
Obama details broader housing plan to encourage refinancing
FALLS CHURCH, Va. -- President Barack Obama called on Congress Wednesday to make it easier for millions of additional homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth. He conceded that his administration's housing plans so far have not...
Date: 02/01/2012 | Business
Coastal Community Bank reports increased lending to local businesses, residents in 2011
EVERETT -- Coastal Community Bank increased the amount it lent to residents and businesses in the region by more than 25 percent in 2011, the bank said Monday.
Date: 01/30/2012 | Business
Banks closed in Tenn, Fla, Minn; 7 failures in 2012
WASHINGTON -- Regulators on Friday closed banks in Tennessee, Florida and Minnesota, lifting to seven the number of U.S. bank failures this year following 92 closures in 2011.
Date: 01/27/2012 | Business
Whidbey Island Bank’s parent shares in a profitable year
The holding company for Whidbey Island Bank reported another profitable year in 2011, declaring a regular dividend and an added one for stockholders on Thursday.
Date: 01/27/2012 | Business
Mill closing, not credit union
Mill Town Credit Union has capital, members to carry on
Date: 01/27/2012 | Business
Judge may cancel Washington Mutual insider-trading ruling
WILMINGTON, Del. -- A Delaware bankruptcy judge on Wednesday granted Washington Mutual Inc.'s request that she consider throwing out portions of a September ruling that gave some creditors permission to pursue claims of insider trading by several hedge funds, who are also WaMu creditors.
Date: 01/26/2012 | Business
Answer isn’t fewer mortgages but smarter loans to homebuyers who are ready
During a recent financial workshop I conducted at my church, I met a single mother who couldn't afford her mortgage.
Date: 01/26/2012 | Business
Bonus season not as festive for bank CEOs
NEW YORK — JPMorgan Chase, the nation's largest bank, posted a record profit for 2011. That didn't translate into a bigger bonus for CEO Jamie Dimon. Morgan Stanley's latest quarterly results topped expectations as the bank trimmed costs and cleaned up problems dating from the financial...
Date: 01/21/2012 | Business
Banks closed in Ga., Fla., Pa.; first failures of 2012
WASHINGTON -- Regulators have closed small banks in Georgia, Florida and Pennsylvania, the first failures of 2012 following 92 closures last year.
Date: 01/20/2012 | Business
Rooting for the bigger brother in the schoolyard of finance
I got into just one fight while in elementary school.
Date: 01/12/2012 | Business
Federal Reserve survey shows economy ended 2011 with strength
WASHINGTON -- The final weeks of 2011 were the economy's best since it seemed to be slipping toward recession in late spring -- a shot of optimism for 2012.
Date: 01/11/2012 | Business
Supreme Court rules in favor of arbitration in disputes between consumers, credit card companies
WASHINGTON -- The Supreme Court ruled Tuesday that disputes between consumers and companies that issue low-rate credit cards to people with bad credit ratings can be handled in business-friendly arbitration, rather than federal court.
Date: 01/11/2012 | Business
Online resources to help answer questions on retirement planning
When it comes to retirement planning, unusual times may require unusual tactics. Do you need a "practice retirement?" Should you borrow to invest? Here are places to look for some answers.
Date: 12/18/2011 | Business
Small Fla., Ariz. banks closed; 92 failures in 2011
WASHINGTON -- Regulators on Friday closed small banks in Florida and Arizona, boosting to 92 the number of bank failures in the U.S. this year.
Date: 12/16/2011 | Business
Card game gets the money conversation started
We don't talk about money enough. There are lots of discussions about consumer spending habits, especially this time of year, but the conversations that will keep people from making major financial blunders often never take place.
Date: 12/04/2011 | Business
Speculators on Wall Street drive cotton price volatility
WASHINGTON -- Texas cotton grower Brad Heffington speaks Wall Street's language of hedges, correlation charts and the like as easily as he discusses weevils and pesticides. Yet today his financial knowledge is of limited use.
Date: 12/03/2011 | Business
Some banks foreclose on active-duty troops
CHARLOTTE, N.C. -- The U.S. Treasury Department is investigating whether Bank of America, Wells Fargo and eight other major banks may have illegally foreclosed on about 4,500 active-duty servicemen and women.
Date: 12/01/2011 | Nation & World
Ministers meet over euro fears
BRUSSELS -- Eurozone finance ministers are streaming into Brussels today in a desperate bid to save the 17-nation euro currency -- and to protect Europe, the United States, Asia and the rest of the global economy from a debt-induced financial tsunami.
Date: 11/28/2011 | Nation & World
Innovative ideas from Everett compete with Wall Street
Brian Evans has done something few people off Wall Street have accomplished.
Date: 11/28/2011 | Business
If you play your cards right, rewards programs can work for you
Don't automatically shred those credit card offers arriving in your mailbox. They just might contain an attractive rewards program.Card issuers grew stingy with rewards during the credit crunch, but now they have been reviving rewards to make their cards stand out.
Date: 11/27/2011 | Business
Where to start when house shopping
Question: Now that housing prices have dropped, and mortgage rates are low, we have decided that we are finally ready to buy a home. What do we do first. Where do we start?
Date: 11/27/2011 | Business
Small businesses can benefit from the flubs of big businesses
Recent actions by big business have made national headlines and caused us to reflect on the new consumerism: power wielded by customers who choose to change how and where they spend their money.
Date: 11/21/2011 | Business
Banks closed in Iowa, La.; 90 failures in 2011
WASHINGTON -- Regulators on Friday closed small banks in Iowa and Louisiana, lifting to 90 the number of bank failures in the U.S. this year.
Date: 11/18/2011 | Business
Flip side of county’s housing market means homes are affordable
There seemed to be a lot of interest in last week's column, which looked at a number of reasons why home prices keep falling in Snohomish County, the most significant being the number of foreclosed homes still clogging the market.
Date: 11/14/2011 | Business
Regulators close bank in Georgia
LOS ANGELES -- Regulators on Friday closed a bank Georgia, bringing to 88 the number of bank failures in the U.S. this year.
Date: 11/11/2011 | Business
Another Occupy Portland group denies bank attack
PORTLAND, Ore. -- After a group that labeled itself "The Real Occupy Portland" claimed responsibility for vandalizing two banks in Portland on Saturday night, another group with the same name is denouncing the crimes.
Date: 11/06/2011 | Northwest
Greece's prime minister agrees to step down in agreement reached in power-sharing deal
ATHENS, Greece -- Greece's embattled prime minister and main opposition leader agreed Sunday to form an interim government to ensure the country's new European debt deal and oversee early elections, capping a week of political turmoil that saw Greece facing a catastrophic default and threatening...
Date: 11/06/2011 | Nation & World
Banks are closed in Nebraska and Utah; 87 this year
WASHINGTON — Regulators on Friday closed a small bank in Nebraska and another in Utah, bringing to 87 the number of bank failures in the U.S. this year.
Date: 11/05/2011 | Business
Will Greece's latest economic drama be a tragedy?
When you mix economics and politics sometimes good things happen. Each discipline applies the brakes of common sense to the dumber ideas of the other and the result is often a pleasant surprise.
Date: 11/04/2011 | Business
Uncle Sam helps out with student loan debt
KANSAS CITY, Mo. -- Mallory Anthony laughs as she describes herself as "the face of student loan debt in America."But the 26-year-old woman who owes about $32,000 really doesn't think her struggle is funny at all.
Date: 11/01/2011 | Nation & World
Small bank closed in Illinois; 85 failures in 2011
WASHINGTON -- Regulators on Friday closed a small bank in Illinois, lifting to 85 the number of banks in the U.S. that have failed this year.
Date: 10/28/2011 | Business
Whidbey Island Bank reports profits for quarter, a year after taking over Arlington, Lynnwood banks
The holding company for Whidbey Island Bank reported another profitable quarter on Wednesday, though the company's profits dropped slightly from the previous quarter.
Date: 10/28/2011 | Business
Investors can now get some help in making choices on 401(k)s, IRAs
WASHINGTON -- A new rule from the Department of Labor could help millions of workers make better choices on how to invest in their workplace retirement plans.
Date: 10/27/2011 | Business
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