Debt Relief

The Obama administration is trying to reclaim the debate on financial reform amid an aggressive push-back by banks who say the consumer-friendly proposal would add burdensome regulations and cripple their industry. Treasury Secretary Timothy Geithner was to testify Wednesday before the House Financial Services Committee, where lawmakers want added rules for neighborhood banks. In his prepared testimony, obtained in advance by The Associated Press, Geithner defended the administration's call for a new government agency dedicated solely to protecting consumers. Rather than adding another layer of bureaucracy, Geithner contended that the agency would streamline oversight because it would assume the duties of other regulators. "We ... Read Full Story

About half a trillion pesos (10.7 billion dollars) in loans are at risk from defaults due to two tropical storms that ravaged the Philippines, Dow Jones Newswires quoted a central bank official as saying Friday. The figure quoted by Nestor Espenilla, the central bank deputy governor for supervision and examination, is equivalent to nearly a quarter of the Philippines banking systems' loan portfolio, the report said. Tropical Storm Ketsana killed 337 people as floods swamped 80 percent of Manila on September 26, while Typhoon Parma has so far killed more than 90 people and is currently devastating farming areas in the country's north. The ... Read Full Story

The head of the Federal Trade Commission said Thursday the agency is considering banning upfront payments to companies that advertise help for borrowers who are in trouble on their home loans. Government officials say scammers seeking to take advantage of borrowers in danger of default often charge upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off. "If you are concerned about keeping your home, avoid any company that asks you for a large fee in advance. That is a real red flag," said Jon Leibowitz, chairman of the FTC. Such upfront fees are already prohibited in ... Read Full Story

Labor Secretary Hilda Solis says the Obama administration recognizes that too many people are out of work, saying government officials are working hard to ease unemployment. Appearing on NBC's "Today" show Monday as she prepared to join President Barack Obama at a Labor Day picnic in Ohio, Solis said she sees "stabilization occurring" in the economy. She noted that job losses have tapered off in recent months, while also acknowledging that the national unemployment rate likely will hit double-digit levels later this year. The jobless rate in August was 9.7 percent. Hollis said the economy is "not somewhere where we need it to be ... Read Full Story

Pharmaceutical company AstraZeneca PLC posted a 6 percent rise in second quarter net profit on Thursday as the company weathered the global recession better than feared and some of its key drugs benefited from a lack of generic competition. The Anglo-Swedish drugmaker bolstered its positive outlook with a decision to lift full year earnings per share forecast to a range of $5.70 to $6 from $5.15-$5.45. The company posted net profit of $1.72 billion for the three months to June 30, compared with $1.63 billion in the same period a year ago. Revenue was barely changed at $7.958 billion, compared with $7.956 billion, as ... Read Full Story