Personal Finance News

WASHINGTON - A federal jury has rejected a $24 million tax refund claim filed by tobacco company Altria Group Inc.

CHICAGO (Reuters) - Altria Group Inc said it will seek a further review of a federal jury verdict against it that threw out $24 million in tax refunds from investments in utilities and other assets.

NEW YORK (Reuters) - American International Group Inc has resumed talks to sell its American Life Insurance Co unit to MetLife Inc in a transaction that could help the stricken insurer raise more than $15 billion, the Financial Times said.

American International Group Inc. is discussing a deal for all or part of its foreign unit, American Life Insurance Co., with MetLife Inc., according to a published report Wednesday that cited people familiar with the matter.

WASHINGTON - The Treasury Department on Wednesday selected nine financial firms as partners for a program to buy banks' soured, mortgage-related investments.

WASHINGTON (Reuters) - Total U.S. consumer credit fell by an unexpectedly slight $3.23 billion in May, Federal Reserve data showed on Wednesday, although the previous month's drop was revised to a steeper decline than initially thought.

NEW YORK (Reuters) - Demand for U.S. mortgages bounced from seven-month lows last week as average 30-year borrowing costs were unchanged, helping ease pressure for aggressive Federal Reserve actions to push down long-term interest rates.

WASHINGTON - Falling housing prices are driving up reports of mortgage fraud, with the FBI saying Tuesday that reported losses are up 83 percent last year and climbing even higher in 2009.

DES MOINES, Iowa - A new study of 401(k) plans has revealed that black and Hispanic workers save significantly less for retirement and tap into their accounts more frequently than white and Asian employees.

NEW YORK (Reuters) - Soaring U.S. unemployment and a shrinking economy drove delinquencies on credit card debt and home equity loans to all-time highs in the first quarter as a record number of cash-strapped consumers fell behind on their bills.

RICHMOND, Va. - Genworth Financial Inc. said Tuesday that an initial public offering of 44.7 million shares of its Canadian mortgage insurance operations priced at 19 Canadian dollars ($16.35) per share.

WASHINGTON (Reuters) - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.

NEW YORK - American International Group Inc. on Wednesday said it agreed to sell all of its ownership interests in its consumer finance operations in Colombia, the latest in a recent string of asset sales by the embattled insurer to bolster its finances.

NEW YORK - Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday.

NEW YORK (Reuters) - U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.

You've got a dirty little secret. During long lunch breaks, or after work when everyone else heads home to their families, you're sneaking out to a secret rendezvous. You know what you're doing is perfectly justified, but you still feel a little bad afterwards. You never thought it would come to this. But here you are -- cheating on your financial planner.

With signs the economy is improving but still fragile, Federal Reserve policymakers held the Fed funds rate steady -- at zero to 0.25% -- on June 24, and maintained its pace of purchases of government debt at mortgage-backed securities.

WASHINGTON - President Barack Obama asked Congress on Tuesday to create a new agency to police the fine print on credit card bills and mortgage documents and determine what fees, penalties and interest rates are fair.