Patrice Hill

Lenders feeling at home with new regulations on mortgages

Banks and other lenders gave a strong initial review to new rules released by the Obama administration Thursday that protect them from frivolous lawsuits if they follow strict standards for making mortgages that ensure borrowers have the ability to repay.

January 10, 2013

With U.S. fiscal problems unresolved, treasured AAA rating may fall off cliff

The United States looks increasingly likely to lose its gold-plated AAA credit rating in the next few months amid warnings by Wall Street rating agencies that last week's $650 billion "fiscal cliff" deal did not go far enough to reduce $1 trillion deficits and stabilize the debt.

January 7, 2013

Unemployment steady at 7.8 percent in December

The economy continued to grow steadily last month despite Washington's impasse over the fiscal cliff, with unemployment staying at a four-year low of 7.8 percent as businesses created another 155,000 jobs, the Labor Department reported Friday morning.

January 4, 2013

Stocks surge with ‘fiscal cliff’ averted

Wall Street on Wednesday celebrated Congress' vote to prevent sharp tax increases from hitting the economy and causing a recession this year, with the Dow Jones industrial average surging by 308 points. But economic gurus warned that the deal falls short of solving the nation's huge debt problems.

January 2, 2013

Worst Christmas shopping season since 2008 is blamed on ‘fiscal cliff’

Washington played the Grinch that stole Christmas this year as the partisan impasse over the budget deficit instilled fear that the nation will fall over the "fiscal cliff," dashing consumer holiday spirits and spending.

December 26, 2012

Trade deficit on course for surplus

While Washington wrestles with the nation's burgeoning budget deficits, some good news has emerged on the other deficit front: The nation's bloated trade deficit appears to be turning the corner, with at least one prominent economist predicting it will disappear altogether within a decade.

December 25, 2012

Mortgage industry insider warns about a stifling regulatory cliff

Lending to homebuyers in the U.S. remains little above the depressed levels hit during the recession because banks are wary about lending amid a slew of regulations coming out next year and proliferation of enforcement actions by state and federal regulators, a top mortgage banking official told The Washington Times.

December 20, 2012

In shift, Fed sets 6.5 percent unemployment goal for easing

The Federal Reserve on Wednesday for the first time announced a new target of 6.5 percent unemployment for the U.S. economy — down from the current 7.7. percent — and started an additional easing program aimed at achieving that goal.

December 12, 2012

Unemployment in U.S. falls to 7.7 percent

The nation's unemployment rate dropped from 7.9 percent to 7.7 percent last month — the lowest in nearly four years — as businesses added another 146,000 jobs, the Labor Department reported Friday morning.

December 7, 2012

Worried companies scramble to take cover from ‘fiscal cliff’

With only weeks to go, American businesses are bracing for the impact of the "fiscal cliff" in major ways.

December 4, 2012

U.S. economy chugging, as rivals face recession

Even with ho-hum growth, the U.S. is starting to look like an outperformer in a world where Britain and the rest of Europe are in a double-dip recession, Japan is falling into what may be a triple-dip downturn, and some formerly robust emerging markets recently have slowed to a near-standstill.

November 29, 2012

Holiday shopping season starts strong

The holiday shopping season got off to a strong start over the long weekend, with nearly 5 in 6 Americans making an appearance at the malls or visiting retailers online as rising spirits prompted an early hunt for bargains.

November 26, 2012

Neither Sandy nor ‘cliff’ will steal Christmas from shoppers

U.S. consumers are in an upbeat mood and are preparing to spend more this holiday season than last year's, providing a badly needed boost to the economy. But headwinds from the lingering effects of Superstorm Sandy and the year-end political storm brewing in Washington could put a damper on their shopping spree, analysts say.

November 21, 2012

Europe confirms double-dip recession

Europe has been in the second leg of a double-dip recession for nearly a year, officials announced Wednesday — a development that hardly comes as a surprise to the millions of workers protesting record-high unemployment in the streets of Athens and Madrid, or to many U.S. corporations with slumping sales on the continent.

November 15, 2012

Agencies warn politicians: 
Credit ratings on the line

Wall Street ratings agencies are skeptical of the resolve of political leaders to tame the nation's debts, and are raising the likelihood that at least one of the three top agencies will add to the turmoil in financial markets at the end of the year by further downgrading the U.S. credit rating.

November 14, 2012

Stocks dive on fears of federal fiscal cliff

Stocks plummeted Wednesday as the re-election of President Obama reinforced fears that a battle over higher taxes will drive the U.S. economy over the "fiscal cliff."

November 7, 2012

Unemployment rate inches up to 7.9 percent; jobs increased in October

Unemployment ticked up to 7.9 percent despite a better-than-expected job gain of 171,000 last month, the Labor Department reported Friday morning.

November 2, 2012

Slow recovery from
 recession has been 
par for the course

The sluggish recovery, as GOP candidate Mitt Romney repeatedly notes, pales in comparison to previous comebacks in the U.S. economy since World War II, but studies show that recessions resulting from major financial collapses such as the one in October 2008 usually have slow and difficult recoveries.

November 1, 2012

Economic growth picked up in summer

The nation's economic growth accelerated modestly in the summer quarter, rising to a 2 percent annual rate from the sluggish 1.3 percent seen in the spring, the Commerce Department reported Friday morning.

October 26, 2012

White House winner will have to deal with housing, European debt problems

The election is all about the economy this year, but neither presidential candidate has talked much about two major problems that could make or break the economic recovery in the next presidential term: housing and its broken finance system, and the European debt crisis.

October 24, 2012