Streams

Charlie Herman

Business and Economics Editor

Charlie Herman appears in the following:

Countrywide to Pay $108M in Settlement Over Inflated Fees

Monday, June 07, 2010

The Federal Trade Commission announced today that Countrywide Financial, now owned by Bank of America, will pay $108 million to settle charges that it collected excessive fees from homeowners struggling to pay their mortgages. The settlement represents the largest for the FTC in a mortgage servicing case. The money will ...

Comment

Today in Business: Jobs Report Disappoints

Friday, June 04, 2010

The government reported that 431,000 jobs were created in May, but most of those were temporary census employees. While the positive numbers marked the fifth month in a row of jobs created versus lost, the number of private sector jobs fell far below what economists had expected.

Read More

Comment

Jobs Report Falls Short of Expectations

Friday, June 04, 2010

The Labor Department released new jobs numbers on Friday that revealed a spike in temporary employment in May, and a lag in private sector hiring

Comment

Jobs Report Falls Short of Economists' Expectations

Friday, June 04, 2010

The U.S. Department of Labor released new jobs numbers on Friday that revealed a spike in temporary employment in May, and a lag in private sector hiring. The government reported 431,000 jobs entered the market last month, but just 41,000 of them were in the private sector. New census jobs--411,000 ...

Comment

May Auto Sales: Ford to End Mercury

Wednesday, June 02, 2010

Auto sales in May rose sharply compared to year ago, thanks in large measure to an easy comparison. Recall that a year ago, the economy was in a severe recession and General Motors and Chrysler were days away from filing for bankruptcy, factories were shutting down and the last thing ...

Comment

What Is Financial Reform Really Going to Do?

Monday, May 31, 2010

Financial regulatory reform will likely be signed into law this summer, months before the Financial Crisis Inquiry Commission wraps up its investigation on the causes of the crisis.

Comment

Is There Hope for the Housing Market?

Friday, May 28, 2010

Home sales beat expectations in April, in part due to a now-expired homebuyer tax credit and low mortgage rates. Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, according to a report out this week by the National Association of Realtors. And mortgage rates have dropped to their lowest point so far this year, according to loan giant Freddie Mac. So is the housing market finally recovering?

Comments [1]

The Day in Business: This Week's Seesawing Markets

Thursday, May 27, 2010

Let’s see. Yesterday, stock markets traded in positive territory throughout the day. But then, suddenly in the last hour, markets dropped sharply, and the Dow closed below the 10,000 mark for the first time since this February. The Dow has lost 11 percent since April 26, when it hit a high of 11,205. Now, the Dow is definitely in “correction” territory.

But this morning, the markets completely reversed course and shot up at the start of the trading. We’ll have to wait to see if the better mood holds throughout the day.

All this activity begs the question: What’s moving the markets? Before getting to the specifics of the day on Wall Street, check out this report from WNYC’s Lisa Chow, which examines why the markets have been on such a wild ride recently. One reason, she suggests, is that it’s all in your head.

Read More

Comment

A Word on this Week's Seesawing Markets

Thursday, May 27, 2010

Let’s see. Yesterday, stock markets traded in positive territory throughout the day. But then, suddenly in the last hour, markets dropped sharply, and the Dow closed below the 10,000 mark for the first time since this February. The Dow has lost 11 percent since April 26, when it hit a ...

Comment

Wednesday Business Report

Wednesday, May 26, 2010

Stocks

Stock markets rallied in morning trading after reports that new home sales and durable goods orders rose more than expected.

Thanks Europe! Low Mortgage Rates Lead to Surge in Refinancing

Interest rates on Treasury bonds have fallen to the lowest levels this year as investors around the globe seek out safe investments ...

Comment

Existing Home Sales and Prices Rise Nationwide

Monday, May 24, 2010

Thanks to a generous tax credit aimed at first-time homebuyers, sales of existing homes in April rose significantly above expectations. But with that same credit expiring at the end of April, analysts worry about a drop in sales in the months ahead.

“The government incentives to buy homes worked,” said Joel Naroff, chief economist with Naroff Economic Advisors, “but who knows where we go from here.”

Read More

Comment

This Week's Agenda: US Officials Head to China

Monday, May 24, 2010

It's Monday, which means it's time to take a look at the week ahead. Marcus Mabry, associate national editor for The New York Times, and Charles Herman, The Takeaway and WNYC's economics editor look at what almost 200 American officials headed to China for meetings today and tomorrow, can expect.  On the docket will be topics ranging from trade to Iran and North Korea.

Comment

New York Home Sales Rise in April

Monday, May 24, 2010

Thanks to a generous tax credit aimed at first-time homebuyers, April sales of existing homes rose significantly above expectations. But that same credit expired at the end of April, so analysts worry about a drop in sales in the months ahead.

“The government incentives to buy homes worked,” said Joel Naroff, ...

Comment

Pfizer to Cut 6,000 Jobs

Tuesday, May 18, 2010

New York-based drugmaker Pfizer says it will reduce its global workforce by 6,000 employees over the next several years.

Comment

SEC Proposes New Stock-Trading 'Circuit Breaker'

Tuesday, May 18, 2010

After the near 1,000 point drop of the Dow Jones earlier this month, the Securities and Exchange Commission has announced a plan for an across-the-board "circuit breaker."

The new proposal would pause trading for all U.S. stock markets for five minutes when a specific stock rises or falls more than 10 ...

Comment

Pfizer to Cut 6,000 Jobs

Tuesday, May 18, 2010

New York-based drugmaker Pfizer says it will reduce its global workforce by 6,000 employees over the next several years. The move is part of the company’s acquisition of Wyeth. Pfizer plans to end operations at eight manufacturing sites and reduce operations at another six facilities. "These decisions are ...

Comment

April Foreclosure Rates Down 9 Percent

Thursday, May 13, 2010

But even as foreclosure rates dipped, bank repossessions of properties rose last month.

Comment

Hope for the Housing Market? Foreclosure Filings Fell in April

Thursday, May 13, 2010

Could it be, just maybe, that after months of record foreclosure filings, the pace is slowing?

According to the online foreclosure tracking firm RealtyTrac, the number of foreclosure filings fell 9 percent in April compared to the previous month and dropped 2 percent from a year ago.

“April was the first month ...

Comment

April Foreclosure Filings Fall Slightly

Thursday, May 13, 2010

Could it be that after months of record foreclosure filings that just maybe the pace is slowing?

According to the online foreclosure tracking firm RealtyTrac, the number of foreclosure filings fell nine percent in April compared to the previous month and dropped two percent from a year ago.

Read More

Comment

Financial 411: Morgan Stanley Under Investigation?

Wednesday, May 12, 2010

Today on the Financial 411, Amy Eddings spoke with Wall Street Journal reporter Amir Efrati about that paper’s report that Morgan Stanley is under investigation for misleading investors about multimillion-dollar investments based on mortgage securities. The reported investigation by the Securities and Exchange Commission follows a recent filing by the ...

Comment