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...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...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...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...Read Full Story

Navigational device maker Garmin Ltd. on Wednesday reported sharply lower second-quarter earnings on Wednesday, but beat Wall Street estimates and said the worst of its sales decline may be over. Its shares surged almost 18 percent. Garmin makes devices that use Global Positioning System technology for drivers, hikers, boaters and pilots. The recesssion has hurt both the auto and aviation industries and cut into Garmin's sales of products sold to those industries. "While we're not seeing...Read Full Story