FINANCIAL NEWS

In early October, the Wall Street Journal reported that government officials planned to order foreclosure reviews of approximately 4 million foreclosures that occurred between 2009 and 2010 to determine if homeowners should be compensated for lenders’ misconduct. According to the Office of the Comptroller of the Currency (OCC), the speculations were true and mortgage servicers will begin reviewing cases immediately.

Homeowner Foreclosure Cases Under Review This Month

Bank of America has just disclosed that they will be dropping the $5 debit card fee they planned to begin charging due to customer outcry and dissatisfaction.

Millions of Americans voiced outrage when many of the nation’s largest banks, including Bank of America, Wells Fargo, JP Morgan Chase and SunTrust announced their intent to implement monthly debit card fees.

A number of national bank institutions have decided to pull back on their controversial debit card fees after receiving backlash from customers. The monthly fees, some as high as $5 for use of debit cards, have already been eliminated by some banks while others are strongly considering the option.

Debit Card Fees Rub Customers in the Wrong Way

Reality-TV mogul, Kim Kardashian, is calling it quits on her 72-day marriage with NBA player, Kris Humphries. Today, Kim officially petitioned for divorce, with the court papers citing “irreconcilable differences.” Could those differences have something to do with Humphries’ current joblessness?

“After careful consideration, I have decided to end my marriage,” Kim expressed in an E! Entertainment statement. “I hope everyone understands this was not an easy decision.”

The struggling housing market is expected to see home values fall even further in the coming months, causing a triple dip. According to Fiserv, a financial analytics company, home values will likely fall another 3.6 percent by June 2012.

Home Values to Drop to 35 Percent Below the Peak in 2006

Fiserv revealed on Monday that the besieged housing market is still on a downward spiral as home values continue to fall. With prices expected to drop until at least the summer of next year, they are likely to reach a new low of 35 percent below the peak reached in early 2006.

The number of colleges and universities charged $50,000 or more in tuition and fees for a single year increased this year. According to College Board data analyzed by the Chronicle of Higher Education, the number of schools charging this amount in the 2011-2012 school year jumped to 123 from the previous year.

Consumer spending among Americans grew in September at the expense of shrinking savings accounts, according to a new report from the Commerce Department. Weak income growth forced consumers to choose between their savings accounts and making purchases, which shows the economy is still struggling.

Consumer Spending Grew 0.6 Percent in September

With news that European Union leaders have agreed to a debt deal, world investment markets have rallied. The Greece debt crisis, which has presented an ongoing struggle for Europe for many months, may soon come to an end and investors in the World Market, including the U.S., are showing their excitement.

Europe Establishes Debt Deal, Takes Losses on Greek Bonds

A new report from the Congressional Budget Office (CBO) found the gap between the nation’s richest Americans and those within the middle class widened significantly over a period of 28 years. According to the report, between 1979 and 2007, the average income for the nation’s top 1 percent nearly tripled, while the household income of middle class Americans grew by less than 40 percent.

Top 1 Percent of Rich Show Income Grow of 275 Percent

The Department of Labor issued a new regulation on Monday designed to improve access to expert advice for workers who contribute to 401(k) plans and individual retirement accounts (IRAs). The regulation is expected to make it easier for providers to offer their own investment advice for individual accounts, and allows them to even bundle  investment advice together with other retirement services.

Employers Can Provide Investment Advise on 401(k) and IRA Plans