For JPMorgan, $4.5 Billion to Settle Mortgage Claims - NYTimes.com

For JPMorgan, $4.5 Billion to Settle Mortgage Claims - NYTimes.com
"The checks from JPMorgan Chase just keep on coming as the nation’s largest bank works to move beyond its mortgage-related troubles.
On Friday, JPMorgan reached a $4.5 billion settlement with a group of investors over claims that the bank sold them shaky mortgage-backed securities that imploded later, leading to large losses.
The multibillion-dollar payout is separate from the tentative $13 billion settlement that JPMorgan reached with the Justice Department over the bank’s questionable mortgage practices in the run-up to the financial crisis. That deal could be announced as early as next week, according to people briefed on the settlement."

Sales at Wal-Mart, Macy’s hint at two consumer realities - The Washington Post

Sales at Wal-Mart, Macy’s hint at two consumer realities - The Washington Post
"When assessing how Americans are feeling about their economic well-being, there are a couple of powerful indicators to consider: Macy’s and Wal-Mart.
Although lots of other companies represent pieces of the economic picture, those two retailers sell a broad variety of household goods for nearly the full spectrum of consumers. Upper-income folks are more likely to shop at Macy’s — which also owns the tonier Bloomingdale’s — while lower-income shoppers often depend on Wal-Mart.
Right now, the two companies are telling us something that’s been apparent for a while but is growing clearer month by month: The wealthy in America seem to be doing all right, but everybody else remains very cautious."

Contra Costa has suffered steepest home-price drop among large U.S. counties - Capitol Report - MarketWatch

Contra Costa has suffered steepest home-price drop among large U.S. counties - MarketWatch
Among the most populous U.S. counties, Contra Costa County in Northern California saw the largest drop in home values in recent years, according to government data released Thursday.
Contra Costa County’s median property value during the 2010-to-2012 period was about $392,900, down $141,500, 0r 26%, from a median of $534,400 over the 2007-to-2009 period, according to U.S. Census Bureau data. Those results compare with a U.S. drop of about $17,300, or 9%, to $174,600 over the same time period.
Among the country’s 50 counties with the largest populations, eight of the top 10 price drops were in California counties. California, of course, is the most populous U.S. state and home to numerous communities that were hit particularly hard when the housing bubble burst. The two non-California counties in the top 10 were Miami–Dade County in Florida and Nevada’s Clark County, of which Las Vegas is the county seat.

Congressional Approval Sinks to Record Low

Congressional Approval Sinks to Record Low

" Americans' approval of the way Congress is handling its job has dropped to 9%, the lowest in Gallup's 39-year history of asking the question. The previous low point was 10%, registered twice in 2012."

Billionaire Wealth Doubles: Wealth of Billionaires Doubles Since Financial Crisis

Billionaire Wealth Doubles: Wealth of Billionaires Doubles Since Financial Crisis
"Billionaire wealth has doubled in the past four years since the financial crisis, says a report from Wealth-X. The combined wealth of billionaires has doubled from $3.1 trillion to $6.5 trillion.
The total wealth of the world’s billionaires is larger than any country on Earth except the United States and China, reported CNBC."

Most Americans for Raising Minimum Wage

Gallup: Most Americans for Raising Minimum Wage
"With momentum building at the federal and state level to increase hourly base pay, more than three-quarters of Americans (76%) say they would vote for raising the minimum wage to $9 per hour (it is currently $7.25) in a hypothetical national referendum, a five-percentage-point increase since March. About one-fifth (22%) would vote against this."

Feds seek $864M from BofA over Countrywide loans

Feds seek $864M from BofA over Countrywide loans
"Federal prosecutors want Bank of America to pay about $864 million over losses incurred by the government after it bought thousands of home loans made by Countrywide Financial during the housing boom.

U.S. Attorney Preet Bharara made the request in documents filed late Friday with the U.S. District Court in Manhattan.

A jury in October found Bank of America, which acquired Countrywide in 2008, liable for knowingly selling thousands of bad home loans to Fannie Mae and Freddie Mac between August 2007 and May 2008."