Financial News

Here is a recap of important finance news from around the world.

Summary: Sen. Ted Kennedy passes away from brain cancer, Australia to create a program for its auto financiers, Sen. Chris Dodd chosen to replace Kennedy, Texas bullish in recession, Pittsburgh's pension fund is in trouble and more financial layoffs are expected.

Ted Kennedy Dies of Brain Cancer at 77
The country mourns as America loses one of its great senators, Edward M. Kennedy, who in his last days pushed for a health care reform.

Australia's Cash for Clunkers for Auto Lenders
Australian Treasurer Wayne Swan says the government create a special fund to provide liquidity to four of the country's top auto financiers. The program will provide up to $1.66 billion dollars starting September 1, 2009.

Christopher J. Dodd Takes Over for Ted Kennedy
Following the death of his close friend Ted Kennedy, Sen. Dodd has been given the White House's approval to take over the Senate health committee.

Texas Proves Recession-Proof
Texas has one of the lowest unemployment rates in the nation at 7.9%, and jobs are actually being added as finance firms recruit more talent for their commodities teams.

Finance Job Layoffs
Lloyds Banking, Friends First life assurance company, and the Federal Reserve are all eliminating jobs.

Pittsburgh Pension Liabilities to Top $1 Billion
According to its finance director, Pittsburgh's pension fund could be headed for major trouble, and may actually be worse than previously expected. The Pennsylvania Municipal Retirement System is looking to take control over the declining pension fund under the state's new laws.

After several month of continued escalation, mortgage rates have declined. Those who were kicking themselves for missing an opportunity of getting the lowest mortgage rates in decades, once again stand a chance as the current reported rate for a 30-year fixed mortgage has decreased to 5.12% (down from 5.29%).

Mortgage giant, Freddie Mac released the information in a statement earlier today. Although on the surface the number may seem insignificant according to Freddie Mac, if a homeowner refinanced their 1-year old $400,000 mortgage today, the savings would result in about $344 a month. That comparison was made to the average mortgage rate of this time last year which was 6.47%.

This "good for consumer" news was initially fueled by the Federal Reserves actions of buying bonds backed by home loans as a way to lower mortgage rates to jump start the economy. In March 2009, the program spending increased to $1.25 million and focused their efforts on lending giants Fannie Mae, Freddie Mac and Ginnie Mae. The program offered security to the lenders and provided them the ability reduce rates on new loans.

When the first affects of the plan took place in April of 2009, many homeowners were able to refinance at rates below the 5% mark. After the historic lows, the rates started to creep up which made investors concerned about inflation.

What are your thoughts about about the decreased in Mortgage Rates?

To help stabilize the real estate market, President Obama passed into law a new stimulus act that will give qualified first time home buyers a $8,000 tax rebate. If you buy a home between now and December 1st as a first time home buyer who meets certain criteria, that money can be yours.

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Here is a recap of important finance news from around the world.

Summary : Pelosi will not allow health care plan to pass without public option, Chile sees economic recovery and needs new credit sources, Fed Chief Bernanke meets with other finance leaders, Saab no longer bankrupt, and personal...

Here is a recap of important finance news from around the world.

Summary : Overall mixed signals from the economy, another major bank fails, more AIG jobs are cut, some Asian and European countries are pulling out of the recession and the health care reform is still a mess.

Hong Kong Pulls Out...

Newly-disabled, laid-off workers have been seeking access to their social security benefits in droves, but have found that claiming their funds has been more difficult than once thought. As the weakened economy and lost jobs results in an increase in debilitating illnesses, more people are...

Many auto dealers and consumers alike are relieved to learn that President Obama has signed into law a measure that triples the budget of the $1 billion "Cash for Clunkers" program .Originally set to run out of funds on Friday, the new budget will extend the program into Labor Day weekend, and...

Finally some good news from the floundering real estate sector. According to new information released by the National Association of Realtors , after a five-year downward spiral June marked the third consecutive month of increases forsales regarding previously occupied homes. Additionally, both...

Ford Motor Company's shares jumped 10% due to it beating revenue loss targets . Originally, Ford was projected to make $24.8 billion, but instead was able to generate $27.2 billion. This represents an $11 billion drop in revenue, less than previously expected. Ford remains on track to become...

After many months of heated debate, California legislature finally reached a deal to close the state's overwhelming budget gap of $26 billion dollars . The package still needs to be brought to a final vote, which is expected at the conclusion of this week.

Gov. Arnold Schwarzenegger was quoted by...