FINANCIAL NEWS

The U.S. unemployment rate 2011 ended on a great note with an unexpected drop to 8.5 percent, according to a new report from the Labor Department. The year-end drop, which was reported only one day after the government announced  unemployment claims had dropped considerably last week, can be attributed to an increase in new job creation.

U.S. Unemployment Rate Lowest Since Feb. 2009

The U.S. job market saw significant ups and downs over the past year and it appears that trend is continuing. While a new Labor Department report shows the number of unemployment claims fell for the last week of 2011, a separate report shows the number of employers announcing job cuts for the year rose substantially.

Unemployment Claims Fell to 372,000

Free credit score company, Credit Karma, has announced its plans to offer a free credit monitoring service to its customers with seemingly no strings attached. The only disclaimer is the monitoring service will only track the activity of customers’ TransUnion credit files–not bad, right? Well, there may be one slight hitch in this latest offer.

Credit Monitoring Service Matches Your Profile with its Partners

The S&P 500 index and U.S. stock market as a whole have experienced their share of ups and downs over the past year–and according to Wall Street experts, investors can expect more of the same in 2012. The only difference is, while 2011 ended flat, experts say that stocks should end on a high note this year.

S&P 500 Stocks to Rise 7 Percent

Verizon Wireless has announced plans to implement a charge for customers who choose to pay wireless bills via debit or credit card over the internet using Verizon bill pay or phone.

The new $2 “convenience charge” instituted by the nation’s largest wireless company will go into effect on Jan. 15.

Verizon Wireless Credit Card Fee

Pending home sales of existing U.S. properties jumped to a 1-1/2 year high in November, according to data released on Thursday.

However, despite this data showing improvement in the U.S. housing market for the month, other findings released earlier show that the sector may still be on a rocky ride toward recovery.

Pending Home Sales Highest Since April 2010

As President Barack Obama and Congress are relaxing on their winter holidays, Obama’s administration is said to be hard at work pushing for a $1.2 trillion national debt ceiling increase. The increase would be the final action taken by the administration as it wraps up one of the year’s biggest debates.

National Debt Ceiling Rise Despite Supercommittee Failure

The payroll tax cut extension that has been the center of tough debates in Congress over the past few weeks appears to be heading toward a two-month extension. House Speaker John Boehner announced on Thursday that GOP members had dropped their opposition to the Senate’s short-term extension passed on Sunday.

Payroll Tax Cuts Extended on Short-Term Basis

A Bank of America Settlement has been reached, which requires them to pay a record $335 million to compensate Countrywide Financial Corp. borrowers who were charged more for mortgage loans based on national origin or race. The U.S. Justice Department announced on Wednesday that Bank of America will be responsible for repaying black and Hispanic customers who were affected in the unfair lending settlement.

Countrywide Minority Borrowers Charged Higher Fees

Short sales and foreclosures (REOs) made up 46 percent of homes sold in November, according to a new survey conducted by Campbell/Inside Mortgage Finance. The survey, released on Tuesday, showed just how difficult it has been for the U.S. housing market to bounce back from its crisis.

Foreclosures and Short Sales Offer Major Discounts