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Personal Finance News

AOL sheds its brand to draw specialty audiences (AP)

AP - Unless you're looking carefully, you'll likely miss the fact that the new Asylum Web site for young men is a creation of Time Warner Inc.'s AOL. Same for WalletPop on personal finance, Spinner on indie music and StyleList on fashion.

Summer may bring a turning point for stock market (AP)

AP - After nine months of turmoil that started with the collapse of the subprime mortgage market, Wall Street appears to be at a turning point of sorts.

Fannie Mae relaxes loan down-payment requirements (Reuters)

Reuters - Fannie Mae, the largest U.S. home funding source, is setting a single national standard for down payments on mortgages it buys, including areas where home prices are falling, in an effort to stimulate the housing market.

Consumers' mood as grim as early-80s (Reuters)

Reuters - U.S. consumer confidence tumbled to a 28-year low this month as rising prices strained household finances, while another drop in single-family housing starts underscored problems still plaguing the economy.

Fannie Mae scraps higher downpayment requirements (AP)
AP - Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping.
Stocks pare losses to finish mixed after oil spikes (AP)

AP - Wall Street capped a week of big gains with modest moves Friday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction.

Wall St ends flat as energy gains offset sentiment (Reuters)

Reuters - Stocks finished little changed on Friday as surging oil prices lifted energy shares and offset data that showed consumer confidence sank to its lowest in 28 years.

US homebuilding jumps more than expected (AFP)

AFP - US homebuilding showed a surprisingly strong jump in April, signaling a ray of hope amid the rubble of the worst housing slump in decades, according to government data released Friday.

Small Business, Big Disaster (BusinessWeek Online)
BusinessWeek Online - Lisa and Robert McIlwain are living a business owner's nightmare. It started when a tornado with 157 mph winds ripped through Fun Zone, their Montgomery (Ala.) skating rink and family entertainment center on Nov. 15, 2006. Although the 31 children and 11 staff members trapped inside the center survived, the 50-employee, $2.5 million business was wiped out. Fun Zone was the only source of income for the couple, who have six children. Their insurance payment went to pay off the mortgage on the damaged property.
SMFG posts big rebound, forecasts modest growth (Reuters)
Reuters - Sumitomo Mitsui Financial Group (8316.T) reported a threefold increase in fourth-quarter profit, rebounding from massive losses at its consumer finance unit a year earlier, and it forecast modest growth ahead.
Senators reach deal on housing rescue: sources (Reuters)

Reuters - Leaders of the Senate Banking Committee on Thursday reached a deal on a broad housing rescue plan in which Fannie Mae and Freddie Mac would support a federal mortgage insurance fund, two industry sources said.

IRS says up to 350,000 didn't get child credit (AP)
AP - As many as 350,000 households are not getting the $300 per child refund owed as part of economic stimulus rebate payments, the Internal Revenue Service said Thursday.
Rates on 30-year mortgages fall to lowest point in a month (AP)

AP - Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be home buyers.

Bernanke: Banks must get better at foreseeing risk (AP)
AP - Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday.
Judge: Countrywide shareholders' suit can proceed (AP)

AP - A federal judge has ruled that a shareholder lawsuit against Countrywide Financial Corp. executives and directors should go to trial, rejecting several arguments by the troubled mortgage lender to dismiss the case.

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