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Personal Finance News

• How Fastenal Is Vending a Success Story (The Motley Fool)

  The Motley Fool - Industrial and construction materials supplier Fastenal (Nasdaq: FAST - News) has significantly upped its market presence lately with the expansion of its industrial vending machines -- dubbed a "one-stop shop" to replenish supplies.

• Subpoenas issued to financial firms in expanded probe (Reuters)

  Reuters - The Justice Department issued civil subpoenas to 11 financial institutions as part of a new effort to investigate misconduct in the packaging and sale of home loans to investors, Attorney General Eric Holder said on Friday.

• Justice unit to probe mortgage-backed securities (AP)

  AP - Federal and state law enforcement officials announced Friday they have launched a fraud-fighting unit, starting with 55 prosecutors and investigators, to root out wrongdoing in the market for residential mortgage-backed securities.

  
  

• Analysis: Banks expect to spend less on bad mortgages (Reuters)

  Reuters - Even as President Barack Obama is calling for more assistance for struggling mortgage borrowers, major banks are looking forward to spending less to handle problem home loans.

• Attention Investors: More Fruits and Veggies From ConAgra! (The Motley Fool)

  The Motley Fool - Packaged foods giant ConAgra Foods (NYSE: CAG - News) looks set to expand its presence outside U.S. borders, as it plans to acquire Del Monte Canada from an affiliate of private equity firm Sun Capital Partners for an undisclosed amount.

• Rate on 30-year fixed mortgage rises to 3.98 pct. (AP)

  AP - The average rate on the 30-year fixed mortgage rose this week for the first time this month, though it remained below 4 percent for the eighth straight week.

• Mortgage rates for the past 52 weeks, at a glance (AP)

  AP - Mortgage rates for the past 52 weeks, at a glance

• Bank of America extends drop in mortgage rankings (Reuters)

  Reuters - Bank of America Corp was the fourth-biggest U.S. mortgage lender in the fourth quarter of 2011, continuing its descent in the rankings after it stopped buying loans made by smaller banks.

• JPMorgan CEO says foreclosure deal threatened (Reuters)

  Reuters - JPMorgan Chase & Co Chief Executive Jamie Dimon said President Barack Obama's decision to expand investigations into home lending and sales of mortgage securities could stop settlement talks with the states over foreclosure practices.

• Illinois attorney general sues Standard & Poor's (AP)

  AP - The Illinois attorney general filed a lawsuit Wednesday accusing Standard & Poor's of misleading investors by assigning its highest ratings to risky mortgage-backed investments during the years leading up to the crash of the housing market.

• California calls mortgage settlement "inadequate" (AP)

  AP - California officials are refusing to sign a proposed settlement between U.S. states and the nation's biggest mortgage lenders over deceptive foreclosure practices, calling it "inadequate."

• GOP Candidates Spar on Freddie Mac and Fannie Mae (ContributorNetwork)

  ContributorNetwork - American taxpayers have contributed more than $183 billion to bailout mortgage lenders Freddie Mac and Fannie Mae in the years following the housing collapse, according to CNN. Given this considerable burden, the Republican presidential candidates were asked if they played any role in aiding these two firms and how they plan on helping distressed homeowners.

• Housing data points to slowdown in sales (Reuters)

  Reuters - Signed contracts for the sale of existing U.S. homes retreated from a 1-1/2-year high in December and demand for home loans fell last week, pointing to a moderation in home sales after recent hefty gains.

  
  

• Mortgage applications retreated last week: MBA (Reuters)

  Reuters - Applications for home mortgages retreated last week, giving back some of the previous week's surge as interest rates rose, an industry group said on Wednesday.

  
  

• Obama pitches tax, jobs ideas on campaign-style tour (Reuters)

  Reuters - President Barack Obama began a campaign-style swing through political battleground states on Wednesday, pitching his State of the Union initiatives on taxes and jobs as he made his case for a second term.

  
  

• 2 Positives From BNY Mellon's Otherwise Timid Quarter (The Motley Fool)

  The Motley Fool - A risk-averse environment and lower trading levels resulted in mediocre results for U.S. trust banks. The largest of them all, Bank of New York Mellon (NYSE: BK - News), recorded a 26% fall in fourth-quarter profits on account of lower fee revenues.

• Consumer finance chief touts enforcement powers (AP)

  AP - The government's new consumer finance watchdog agency is prepared to sue companies that offer unfair or deceptive mortgages and credit cards, its director said Tuesday.

• Romney's Taxes Will Hurt Him (ContributorNetwork)

  ContributorNetwork - COMMENTARY | Mitt Romney has released his tax records, reports Reuters. The records, from 2010 and 2011, indicate he is paying an average tax rate of about 14.5 percent over the two years. The reason the tax rate is far lower than the maximum income tax rate of 35 percent is that Romney's income is primarily from investments, which are taxed at a lesser rate. For both years combined, Romney will pay around $6.2 million on $42.5 million in income. His net worth is estimated at $190 million to $250 million.

• Romney returns show low tax rate; questions linger (Reuters)

  Reuters - Republican presidential candidate Mitt Romney bowed to political pressure and gave the public a glimpse inside his personal fortune on Tuesday, releasing U.S. tax returns showing he pays a lower effective tax rate than many top wage-earners.

  
  

• How did Romney's IRA grow so big? (Reuters)

  Reuters - In the wake of news reports last week that presidential contender Mitt Romney owns an individual retirement account worth as much as $101 million, questions are growing over how it could have gotten so big when contribution limits are capped at $5,000 or $6,000 a year.