Personal Finance News

Executives at American International Group Inc. hid the full range of its risky financial products from auditors as losses mounted, according to documents released Tuesday by a congressional panel examining the ...

Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.

The Federal Reserve announced Tuesday a radical plan to buy massive amounts of short-term debt in a dramatic effort to break through a credit clog that is imperiling the economy.

Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation's housing crisis is a veiled attack on the poor that's racially motivated.

Joseph Ryan watches the markets as he works in the S&P 500 futures trading pit at the CME Group in Chicago, Monday, Oct.

The now-bankrupt investment bank Lehman Brothers arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so ...

Amberger Smackdown: Smug Europeans are gleefully rubbing their hands as Americas financial industry hits rock bottom.

Financial markets took a bleak view of the future Monday, seeing contagion in a credit crisis that threatens to cascade through economies globally despite government efforts to provide relief.

China's Ping An Insurance Co. said Monday it will record a $2.3 billion loss on its stake in troubled European bank Fortis NV, in the biggest blow yet to a Chinese institution from the global credit crisis.

Ping An, one of China's biggest insurers, said the writedown will affect profits for the first three quarters of 2008. But in a statement issued through the Hong Kong stock exchange, it assured shareholders it was still financially sound.

The loss was a setback for one of the most ambitious foreign acquisitions to date by China's state-owned banks and insurance companies, which are eager to expand abroad.

Once hailed for running their savings-and-loan company like an endearing mom-and-pop shop, Herb and Marion Sandler are now being vilified as ruthless home lenders.

October 06, 2008 - 12:03 a.m. Facing a lawsuit over deceptive mortgage practices, a Bank of America Corp.

A notices to costomes is taped to the showrrom window at the closed Wilkes-Barre Dodge dealership owned by The Rosado Group in Wilkes-Barre, Pa., Saturday, Oct.

With the passage of the $700 billion rescue package, the financial industry will face greater congressional scrutiny in coming weeks and months.

Further-reaching regulation is almost certain. Previously obscure corners of the industry now subject to few rules, such as complex derivatives and hedge funds, could face federal supervision for the first time.

Meanwhile, heavily regulated sectors, such as banking and insurance, are likely to face greater oversight. Even some financial industry groups support federal oversight for the insurance industry, which is now regulated only at the state level.

But there is a potentially troublesome problem looming for FHA: New loan volume is exploding - tripling in the past 12 months alone - and Congress just handed the agency the responsibility for virtually all the ...

Members of The Church of Jesus Christ of Latter-day Saints heard a big announcement in the opening session of general conference Saturday.

The financial bailout plan is intended to get credit flowing again, but experts say one more thing needs to happen -- home prices must stop falling.

Nearly 5,000 miles from Wall Street, Dmitry Zhiltsov's recruiting agency is bleeding clients, as investment banks that once hunted Russia's financial wizards succumb to the U.S. meltdown. Flipping on the morning news, he wonders: Who will fall today?

He watches the real estate market, too. If housing prices dive in his hometown of St. Petersburg, and his business dries up and banks limit lending, who will pay his $3,000 monthly mortgage?

'It's like I'm ... waiting for the collapse,' he said by telephone from his kitchen, a few blocks away from the shore of the Baltic Sea.

Morgan Cavanaugh, 50, owner of Moriarty's Pub, poses for a photo Friday, Oct. 3, 2008, in Cleveland.

By Tamora Vidaillet and Anna Willard

PARIS (Reuters) - The head of the International Monetary Fund (IMF) urged European leaders Saturday to agree a coordinated approach to deal with the worst financial crisis since the 1930s.

French President Nicolas Sarkozy is hosting heads of government from Germany, Italy and Britain Saturday for a summit he hopes will restore confidence to the banking sector and help an economy on the brink of recession in much of the developed world.

"What counts above all is coordination and the will not to act each for himself as we have seen a little bit in some European cases," Dominique Strauss-Kahn, the IMF's managing director, told reporters after meeting Sarkozy.

Britain's biggest mortgage lender has become the latest mortgage lender to hike its mortgage rates.