The Lookout
  • Fund to help victims of foreclosure mess?

    foreclosures 2Relief could be on the way for borrowers who were unfairly pushed out of their homes because lenders cut corners in the foreclosure process.

    The banks are in talks with a group of state attorneys general about setting up a fund, paid for by lenders, to compensate homeowners, the Washington Post reports. The settlement would probably require that lenders do more to modify loans for struggling homeowners, rather than speeding into foreclosure, and would probably bar banks from initiating foreclosure proceedings while simultaneously negotiating a loan modification.

    Earlier this fall, serious paperwork flaws came to light in numerous foreclosures by big lenders like JP Morgan Chase, Bank of America and Wells Fargo. That prompted calls for a nationwide foreclosure freeze, and triggered a high-profile probe by states' prosecutors.

    Read More »from Fund to help victims of foreclosure mess?
  • Warren BuffettWarren BuffettIn an op-ed in Wednesday's New York Times, Warren Buffett offers a belated thank-you to the U.S. government for averting a financial collapse back in 2008. "In this extraordinary emergency, you came through," writes the Oracle of Omaha. "And the world would look far different now if you had not."  Buffett praises Fed Chairman Ben Bernanke, current and former Treasury Secretaries Henry Paulson and Tim Geithner, and FDIC Chairwoman Sheila Bair for acting with "courage and dispatch."

    The Berkshire Hathaway founder doesn't go into detail about the costs and benefits of the government's various rescue efforts. But his piece takes another high-profile step toward bolstering the emerging consensus among experts that the bailout, despite its extreme unpopularity, was in fact remarkably successful -- saving the economy for what turned out to be a bargain price.

    That stance has some merit. But it also glosses over some of the rescue effort's less tangible -- but still enormous -- costs. So it's worth taking a more detailed look at where things stand.

    Read More »from Does the government really deserve Buffett’s thanks for financial rescue?
  • AP101109150371New York City Mayor Michael Bloomberg has taken a lot of heat for choosing former magazine executive Cathie Black as his new schools chancellor. Critics have seized on Black's complete lack of experience in the education field as an insult to teachers, but Black defended herself Tuesday, arguing that running the nation's largest schools system primarily needs "a strong and effective manager."

    Sound familiar?

    The New York Observer points out that Mayor Bloomberg used much the same argument when running for mayor, when people pointed to his lack of political experience. What if Bloomberg is grooming Black, a registered Republican, to run for his job when he finally relinquishes it at the end of his third term in 2013?

    "It all just makes too much sense," one "city pol close to the mayor" told the Observer. "If you only have to be a manager to run the schools, then you only have to be a manager to run the city. If she does even a reasonably good job, I think you will see them talk her up

    Read More »from Bloomberg may be grooming new schools head for mayor


(3,627 Stories)
  • 'Outsourcing' changes Georgia race in closing days
    'Outsourcing' changes Georgia race in closing days

    NEWNAN, Ga. (AP) — Georgia Democrat Michelle Nunn has spent the past month hammering away at Republican David Perdue's career as a business executive, making his role in outsourcing jobs a hallmark of her campaign for U.S. Senate.

  • Sears to close stores, lay off about 5,500 employees: Seeking Alpha
    Sears to close stores, lay off about 5,500 employees: Seeking Alpha

    (Reuters) - Struggling retailer Sears Holdings Corp will lay off at least 5,457 employees and close over 100 stores, many before Christmas, according to a Seeking Alpha report citing liquidation notices and employees. Sears shares rose 4.6 percent to $36 in premarket trading. At least 46 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers are scheduled to close before the end of January, said the report. Sears officials were not immediately available for comment. ...

  • Fixing 'Ebolanomics' in pursuit of vaccines and drugs

    By Kate Kelland and Ben Hirschler LONDON (Reuters) - As researchers from Africa to China to America race to develop vaccines and treatments to fight Ebola, health experts are grappling with the economics of a disease that until this year had been off the drug industry's radar. Whether or not effective drugs come in time to turn around the world's worst epidemic of the virus ravaging three West African countries, the world will want stockpiles to protect against inevitable future outbreaks, experts say. ...

  • Canada to speed up plans to toughen security laws: PM Harper

    OTTAWA (Reuters) - Canadian Prime Minister Stephen Harper said on Thursday the government will expedite plans to give more powers of detention and surveillance to security agencies in the wake of an attack on Parliament. "They need to be much strengthened, and I assure you, Mr. Speaker, that work which is already under way will be expedited," he told the House of Commons, one day after a gunman launched an attack on Parliament and was shot dead. (Reporting by Randall Palmer; Editing by Peter Galloway)

  • UK man faked coma for 2 years to avoid court
    UK man faked coma for 2 years to avoid court

    LONDON (AP) — He might have got away with it if it hadn't been for his supermarket loyalty card.

  • The New Face of Transgender Youth
    The New Face of Transgender Youth

    What defines gender? Is it biology, the heart and mind, or some combination of both? As the debate surrounding transgender children swirls, one girl is sharing her personal story in the hope that she can help others.

  • Macke: Sell yesterday's pop
    Macke: Sell yesterday's pop

    The S&P 500 had its best day of the year yesterday. What should you do now? Jeff Macke has your trade.

  • White House fence jumper charged with assault
    White House fence jumper charged with assault

    WASHINGTON (AP) — The 23-year-old Maryland man who climbed over the White House fence Wednesday night has been charged with felonies for assaulting two police dogs and making threats, the Secret Service said Thursday.

Follow Yahoo! News