Feds crack down on lenders for foreclosure abuse

Feds crack down on lenders for foreclosure abuse

The federal government on Wednesday ordered 16 of the nation’s largest mortgage lenders and servicers to reimburse homeowners who were improperly foreclosed upon. Government regulators also directed the financial firms to hire auditors to determine how many homeowners could have avoided foreclosure in 2009 and 2010. Citibank, Bank of America, JPMorgan Chase and Wells Fargo, […]

GOP wannabes pan Obama’s budget plan

GOP wannabes pan Obama’s budget plan

The Republicans vying to challenge President Barack Obama next year are universally panning his budget proposal as political gimmickry and another example of his inability to lead. The likely candidates lined up Wednesday against Obama’s budget proposal, which would cut the federal deficit by $4 trillion over 12 years by eliminating health care fraud, raising […]

Obama’s plan: Cut spending, tax the rich

Obama’s plan: Cut spending, tax the rich

President Barack Obama coupled a call for $4 trillion in long-term deficit reductions with a blistering attack on Republican plans for taxes, Medicare and Medicaid on Wednesday, laying down markers for a roiling debate in Congress and the 2012 presidential campaign to come. Obama said spending cuts and higher taxes alike must be part of […]

Obama tiptoes around tax hikes

Obama tiptoes around tax hikes

With his striking choice of words, President Barack Obama clearly outlined the greatest perils for Republicans — and for Democrats — in the nation’s high-stakes debate over spending and social programs. Obama used vivid, populist language in a forceful speech Wednesday to denounce the GOP plan for cutting spending and revamping Medicare and Medicaid. The […]

Budget pact does little to reduce current year deficit

Budget pact does little to reduce current year deficit

A new budget estimate released Wednesday shows that the spending bill negotiated between President Barack Obama and House Speaker John Boehner would produce less than 1 percent of the $38 billion in promised savings by the end of this budget year. The Congressional Budget Office estimate shows that compared with current spending rates the spending […]

Treasury Dept. paid law firms without checking bills

Treasury Dept. paid law firms without checking bills

The Treasury Department paid out more than $27 million to law firms overseeing the financial bailouts without requiring detailed bills or questioning the incomplete records that the lawyers provided, a government watchdog says. Treasury’s “current contracts and fee bill review practices create an unacceptable risk that Treasury, and therefore the American taxpayer, is overpaying for […]

Poll: Most think their taxes are fair

Poll: Most think their taxes are fair

For all the complaining this time of year, most Americans actually think the taxes they pay are fair. Not that they’re cheering. Fewer people expect refunds this year than in previous years, a new Associated Press-GfK poll shows. But as Monday’s filing deadline approaches, the poll shows that 54 percent believe their tax bills are […]

A new TV network for rich boys with toys

A new TV network for rich boys with toys

Discovery Communications Inc. is launching a television network for rich guys and their toys. Called Velocity, the new network will replace the current network HD Theater in some 40 million homes on Sept. 25, Discovery officials said Thursday. The target audience is men with incomes of $150,000 a year and more. “We just felt like […]

James Bond will return for 23rd film

James Bond will return for 23rd film

James Bond is staying put with the studio that distributed his last two big-screen adventures. Sony Pictures has signed a deal with MGM to co-finance and distribute the 23rd film in the super-spy franchise, due in theaters Nov. 9, 2012. Daniel Craig will be back for the third time as British agent Bond. In an […]

Obama eyes Medicare changes, tax increases

Obama eyes Medicare changes, tax increases

President Barack Obama, two years into a presidency marked by increased spending on a weak economy, is turning his attention to the nation’s crushing debt and trying to counter a Republican anti-deficit plan with one of his own. The president on Wednesday was to deliver a speech outlining his proposal to reduce spending in the […]