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GMAC posts smaller loss in 3rd quarter, but home lending unit weighs on results

GMAC Financial Services 3Q loss narrows

NEW YORK — GMAC, the main lender for GM and Chrysler customers and dealers, reported another quarterly loss Wednesday as bad loans continued to haunt its mortgage lending unit.

After scandal over outrageous claims, British lawmakers face tighter new expense regime

British lawmakers face tighter new expense regime

Homebuilder Pulte Homes loses $361.4 million in 3rd-qtr following Centex acquisition

Pulte Homes posts $361.4M loss for Q3

Pulte Homes Inc. lost $361.4 million in the third quarter, but with the acquisition of Centex Corp., the homebuilder’s new orders increased by more than a third.

Federal housing officials taking action against Hawaii-based reverse mortgage lender

Feds taking action against reverse mortgage lender

September new home sales post surprise drop as benefit of first-time buyer tax credit wanes

New home sales fall a surprising 3.6 percent

New home sales forecast to rise for sixth-straight month in September spurred by tax credit

New home sales expected to rise 2.6 pct

WASHINGTON — Sales of new homes are expected to post their sixth consecutive monthly gain as builders reap the benefits of a tax credit for first-time owners that expires at the end of next month.

House panel investigating role of mortgage lenders in crisis; subpoenas Countrywide Financial

WASHINGTON — A House panel is investigating the role of mortgage lenders in the financial crisis and is seeking information from some of the biggest U.S. companies to determine if they used deceptive practices to lure borrowers into the housing boom.

September home sales up 9.4 percent, beating expectations as tax credit spurs sales

WASHINGTON — Racing to complete their purchases before a tax credit for first-time owners expires, homebuyers pushed sales up last month by the largest amount in more than 26 years.

Schwarzenegger’s special sessions at a glance

California Gov. Arnold Schwarzenegger has called 16 special sessions since he took office in 2003, the most of any governor in state history. Three of those are ongoing. Here is a look at the special sessions he has called each year and the results.

ITT Educational profit jumps as new students pour in, but bad-debt costs increase; shares fall

CARMEL, Ind. — ITT Educational Services Inc. said on Thursday that a big jump in new students helped propel net income up 50 percent in the third quarter, but shares tumbled as its bad-debt expenses grew.

US Bancorp 3Q profit rises 4.7 pct, says bad loan increase has slowed, shares rise

MINNEAPOLIS — US Bancorp reported a 4.7 percent increase in its third-quarter profit on Wednesday and said bad loans aren’t growing as fast as they were earlier this year.

Bernanke weighs pros, cons in Congress moving up effective date on credit-card protections

WASHINGTON — Moving up the effective date of tough new regulations to protect credit card customers from sudden interest rate increases could be a double-edged sword, according to Federal Reserve Chairman Ben Bernanke.

Rhode Island woman fights for bankruptcy changes after losing her son and going broke

WASHINGTON — A Rhode Island woman urged senators Tuesday to ease bankruptcy rules for people devastated by medical debt, as she described the pain of losing a child and going broke from his health care bills.

Citigroup shuts down many MasterCards without warning consumers; letters sent 5 days later

NEW YORK — Shannon Burdette tried to pay with her Shell Mastercard after filling up her gas tank this weekend but found the card rejected.

Administration unveils new effort to provide mortgage financing for state housing agencies

WASHINGTON — The Obama administration on Monday unveiled a new program to support state and local housing finance agencies. The plan will help the agencies finance mortgages for first-time homebuyers and develop rental housing.

Administration unveils new effort to provide mortgage help for thousands of homeowners

WASHINGTON — The Obama administration is unveiling a new program to provide support to state and local housing agencies to provide help to thousands of home buyers and renters.

ALL BUSINESS: Banks’ lobbying blitz threatens overhaul of financial regulations

NEW YORK — Get over it, America. Wall Street bankers make too much money. The latest example: Goldman Sachs says it has set aside $16.7 billion so far this year for compensation — or about $530,000 per employee. Not bad for a company that a year ago received $10 billion in federal money as well as $12.9 billion from the government’s bailout of American International Group Inc.

Stocks fall in early trading after disappointing reports from Bank of America, GE

NEW YORK — Stocks fell sharply early Friday after a bigger-than-expected loss at Bank of America and a weak report from General Electric reminded investors that businesses and consumers are still struggling to pay off their debts.