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FDIC Sues Banks Over Mortgage Securities

NEW YORK (UPI) — Federal regulators sued 11 major banks for allegedly swindling Colonial Bank by selling the Alabama lender $388 million in mortgage-backed securities. The defendants, including Wells Fargo, Citigroup and J.P. Morgan Chase, were accused by the Federal Deposit Insurance Corp. of making misleading statements about the strength of the mortgage borrowers and […]

Study: Shoppers Go For Giant Bargain Size

MIAMI (UPI) — Poor arithmetic skills often lead shoppers to make bad choices, researchers at the University of Miami say. Researchers from the university’s school of business tracked 600 consumers during the two-year study, the South Florida Sun-Sentinel reported. Michael Tsiros, a marketing professor who led the project, said shoppers tend to believe that a […]

Spirit Airlines Sued Over Passenger Fees

MIAMI (UPI) — A Florida lawsuit contends Spirit Airlines misled its customers by allegedly tacking a fee on ticket prices and implying it was a government mandate. The class-action suit filed last week by a Miami law firm contends the “passenger usage fees,” added to ticket purchases were simply meant to bring in more revenue […]

U.S. Government Ran $70 Billion Deficit In July

WASHINGTON (UPI) — The U.S. government had a $70 billion budget deficit in July and a shortfall below $1 trillion in 10 months of the fiscal year, the Treasury Department said. July’s figure was $60 billion less than the shortfall posted in the same month a year ago, MarketWatch.com reported Friday, aided by lower spending […]

Bureau Proposes Borrower Protection Rules

WASHINGTON (UPI) — Rules that would set standards to prevent mortgage servicer errors and surprises were proposed Friday by the U.S. Consumer Financial Protection Bureau. “Millions of homeowners are struggling to pay their mortgages, often through no fault of their own,” Bureau Director Richard Cordray said in a release. “These proposed rules would offer consumers […]

Drought Tamps Corn Production Forecast

WASHINGTON (UPI) — Corn production is forecast to drop 13 percent for 2012, the lowest production since 2006, the U.S. Agriculture Department said Friday. Corn production is forecast at 10.8 billion bushels, down 13 percent from 2011, the department said in in a release. Based on conditions as of Aug. 1, yields are expected to […]

July U.S. Import Price Index Falls

WASHINGTON (UPI) — U.S. import prices dropped 0.6 percent in July, the third month in which fuel and non-fuel imports contributed to the decline, the Labor Department said Friday. Import prices fell 2.4 percent in June and 1.5 percent in May. In contrast, U.S. export prices rose 0.5 percent in July, following a 1.7 percent […]

Will Improved Economy Affect Elections?

WASHINGTON (UPI) — New economic data suggest key sectors of the U.S. economy may be improving as the 2012 presidential election campaign heats up, analysts said. The moribund housing market has picked up, the government reported a downward trend in the number of first-time unemployment claims and U.S. imports and exports have improved. Taken together, […]

Google To Pay $22 Million In Browser Fine

WASHINGTON (UPI) — Google will pay $22.5 million to settle charges it misrepresented privacy assurances to users of Apple’s Safari Internet browser, U.S. officials said. Google violated an earlier agreement with the Federal Trade Commission in which it said it would not place tracking “cookies” or serve targeted ads to those users, an FTC release […]

Airlines Set Records For Performance

WASHINGTON (UPI) — U.S. airlines set records for the first half of 2012 in on-time performance, fewest cancellations and other customer-centric yardsticks, federal officials said. The Air Travel Consumer Report issued Thursday indicated the 15 largest U.S. airlines posted an 83.7 percent on-time arrival rate during the first six months of 2012, the highest mark […]

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