Lawmakers in Washington appear to be making little to no progress in avoiding the impending so-called fiscal cliff. House Speaker John Boehner, R-Ohio, said Friday the negotiations are "almost nowhere." On Thursday Boehner rejected a proposal from the Obama administration saying that the Democrats need to "get serious about real spending cuts."President Obama's offer continues to call for higher...
Decent jobs report despite slowdown in hiring pace
Labels: Business
WASHINGTON (Reuters) - The pace of U.S. job growth slowed a bit in December, keeping the unemployment rate steady at 7.8 percent, but details of the Labor Department's U.S. employment report were fairly encouraging.* Nonfarm payrolls increased 155,000, but job gains for the previous month were revised up to show 15,0000 more positions created than previously reported.* Construction employment rebounded...
Bank of America, other banks move closer to ending mortgage mess
Labels: Business
CHARLOTTE/WASHINGTON (Reuters) - Bank of America Corp announced more than $14 billion of legal settlements over bad mortgages it sold to investors and flaws in its foreclosure process, taking the bank a step closer to ending the home loan problems that have dogged it for years.About $3 billion of Bank of America's Monday's settlements were part of a larger $8.5 billion deal between 10 big mortgage...
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