Wednesday, January 27, 2010
IRS.gov: American Opportunity Credit Helps Pay for First Four Years of College
More parents and students can use a federal education credit to offset part of the cost of college under the new American Opportunity Credit. This credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Income guidelines are expanded and required course materials are added to the list of qualified expenses. Many of those eligible will qualify for the maximum annual credit of $2,500 per student... For more information view >IRS.gov
View IRS on YouTube! Recovery: New Homebuyer Credit
New Homebuyer Credit - November 2009
View more information about Tax Credits for Home Buyers from IRS.gov. Subscribe for IRS Channels on YouTube!
Top Updates: Week of Jan 25th, 2010
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
brought to you by IRS.gov
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
This provision applies to debt forgiven in calendar years 2007
through 2012.
Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
Housing recovery could take a decade, economists warn
By Renae Merle
Washington Post Staff Writer
Wednesday, January 27, 2010
Even as the housing market shows signs of improvement, including in new data released Tuesday, economists warn that it could take up to a decade for many homeowners to regain equity in their homes, while some people in the hardest-hit regions of the country may not see a recovery during their lifetime.
Existing-home sales take a big fall in December
By Renae Merle
Washington Post Staff Writer
Tuesday, January 26, 2010
Sales of previously owned homes took their biggest tumble in at least 40 years last month as the impact of a buying spree spurred by a tax credit for first-time buyers waned, according to industry data released Monday.
GM to build electric motors in Maryland
By Peter Whoriskey
Washington Post Staff Writer
Tuesday, January 26, 2010
Betting that hybrid and electric vehicles will play a growing role on American highways, General Motors is expected to announce Tuesday a $246 million investment to add production of electric motors at its White Marsh, Md., manufacturing plant.
Stakes are high as government plans exit from mortgage markets
By David Cho, Neil Irwin and Dina ElBoghdady
Washington Post Staff Writers
Monday, January 25, 2010
For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates.
Now, whether the housing market is ready or not, the government is pulling out.
The wind-down of federal support for mortgage rates, set to end in two months, is a momentous test of whether the Obama administration and the Federal Reserve have succeeded in jump-starting the housing market and ensuring it can hold its own.
brought to you by IRS.gov
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
This provision applies to debt forgiven in calendar years 2007
through 2012.
Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
Housing recovery could take a decade, economists warn
By Renae Merle
Washington Post Staff Writer
Wednesday, January 27, 2010
Even as the housing market shows signs of improvement, including in new data released Tuesday, economists warn that it could take up to a decade for many homeowners to regain equity in their homes, while some people in the hardest-hit regions of the country may not see a recovery during their lifetime.
Existing-home sales take a big fall in December
By Renae Merle
Washington Post Staff Writer
Tuesday, January 26, 2010
Sales of previously owned homes took their biggest tumble in at least 40 years last month as the impact of a buying spree spurred by a tax credit for first-time buyers waned, according to industry data released Monday.
GM to build electric motors in Maryland
By Peter Whoriskey
Washington Post Staff Writer
Tuesday, January 26, 2010
Betting that hybrid and electric vehicles will play a growing role on American highways, General Motors is expected to announce Tuesday a $246 million investment to add production of electric motors at its White Marsh, Md., manufacturing plant.
Stakes are high as government plans exit from mortgage markets
By David Cho, Neil Irwin and Dina ElBoghdady
Washington Post Staff Writers
Monday, January 25, 2010
For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates.
Now, whether the housing market is ready or not, the government is pulling out.
The wind-down of federal support for mortgage rates, set to end in two months, is a momentous test of whether the Obama administration and the Federal Reserve have succeeded in jump-starting the housing market and ensuring it can hold its own.
Friday, January 22, 2010
Top Updates on Fri Jan 22nd, 2010 brought to you by Washington Post
Obama proposes tough limits on largest banks
By Michael D. Shear and Binyamin Appelbaum
Washington Post Staff Writer
Friday, January 22, 2010
President Obama expanded his new offensive on Wall Street on Thursday, proposing rules that would impede the growth of the largest banks and bar them from making what he called "reckless" investments.
Goldman Sachs earns $13 billion in 2009
By Tomoeh Murakami Tse
Washington Post Staff Writer
Friday, January 22, 2010
NEW YORK -- Goldman Sachs reported blockbuster earnings of $13.39 billion for 2009 and said on Thursday that it kept compensation below the levels of its pre-crisis heydays.
Cautious about the economy, big banks report slow lending
By Binyamin Appelbaum
Washington Post Staff Writer
Thursday, January 21, 2010
Two of the nation's largest banks said Wednesday that loan losses generally have stopped increasing but that relatively few customers are seeking new loans, reports that are in broad agreement with other indicators showing that the economy remains weak.
Obama to propose new limits on large banks' size and investments, official says
By Binyamin Appelbaum and David Cho
Washington Post Staff Writer
Thursday, January 21, 2010
President Obama plans to propose new limits Thursday on the size and investments of large banks, a senior administration official said, as the White House intensifies its push to reframe its financial reform agenda as an effort to rein in the companies widely blamed for causing the economic crisis.
Seeds for a colorful garden
By Barbara Damrosch
Special to The Washington Post
Thursday, January 21, 2010
Here come the seed catalogues. Stacks of them are sliding off the desk. They may be going digital, but they are not going away, at least not yet.
By Michael D. Shear and Binyamin Appelbaum
Washington Post Staff Writer
Friday, January 22, 2010
President Obama expanded his new offensive on Wall Street on Thursday, proposing rules that would impede the growth of the largest banks and bar them from making what he called "reckless" investments.
Goldman Sachs earns $13 billion in 2009
By Tomoeh Murakami Tse
Washington Post Staff Writer
Friday, January 22, 2010
NEW YORK -- Goldman Sachs reported blockbuster earnings of $13.39 billion for 2009 and said on Thursday that it kept compensation below the levels of its pre-crisis heydays.
Cautious about the economy, big banks report slow lending
By Binyamin Appelbaum
Washington Post Staff Writer
Thursday, January 21, 2010
Two of the nation's largest banks said Wednesday that loan losses generally have stopped increasing but that relatively few customers are seeking new loans, reports that are in broad agreement with other indicators showing that the economy remains weak.
Obama to propose new limits on large banks' size and investments, official says
By Binyamin Appelbaum and David Cho
Washington Post Staff Writer
Thursday, January 21, 2010
President Obama plans to propose new limits Thursday on the size and investments of large banks, a senior administration official said, as the White House intensifies its push to reframe its financial reform agenda as an effort to rein in the companies widely blamed for causing the economic crisis.
Seeds for a colorful garden
By Barbara Damrosch
Special to The Washington Post
Thursday, January 21, 2010
Here come the seed catalogues. Stacks of them are sliding off the desk. They may be going digital, but they are not going away, at least not yet.
Wednesday, January 20, 2010
Citigroup posts loss of $7.6 billion in last three months of 2009
By Zachary A. Goldfarb Washington Post Staff Writer
Wednesday, January 20, 2010
FHA plans to require borrowers to produce more cash for down payments
By Dina ElBoghdady
Washington Post Staff Writer
Wednesday, January 20, 2010
The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials.
These policy changes, scheduled to be announced on Wednesday, are part of the agency's effort to beef up its ailing finances, which have been eroded by rising defaults in its increasingly popular flagship mortgage insurance program. The FHA currently backs about 30 percent of all loans for home purchases and 20 percent of refinanced loans...
Washington Post Staff Writer
Wednesday, January 20, 2010
The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials.
These policy changes, scheduled to be announced on Wednesday, are part of the agency's effort to beef up its ailing finances, which have been eroded by rising defaults in its increasingly popular flagship mortgage insurance program. The FHA currently backs about 30 percent of all loans for home purchases and 20 percent of refinanced loans...
Monday, January 18, 2010
Top Updates: week of January 18th, 2010
Obama lashes out at banks in radio address for selfishness
By Michael D. Shear
Sunday, January 17, 2010
In his weekly radio address Saturday, President Obama unleashed a verbal barrage against the nation's largest banks, accusing them of wanton selfishness by refusing to accept new regulations he and his party are proposing, and for fighting a new tax that Obama wants to impose.
U.S. foreclosure assistance increasing, but slowly
By Renae Merle
Washington Post Staff Writer
Saturday, January 16, 2010
The Obama administration's foreclosure prevention program reached about 850,000 homeowners through December, including more than 50,000 in the Washington region, according to Treasury Department data released Friday, but the effort continues to struggle to make a significant impact.
By Michael D. Shear
Sunday, January 17, 2010
In his weekly radio address Saturday, President Obama unleashed a verbal barrage against the nation's largest banks, accusing them of wanton selfishness by refusing to accept new regulations he and his party are proposing, and for fighting a new tax that Obama wants to impose.
U.S. foreclosure assistance increasing, but slowly
By Renae Merle
Washington Post Staff Writer
Saturday, January 16, 2010
The Obama administration's foreclosure prevention program reached about 850,000 homeowners through December, including more than 50,000 in the Washington region, according to Treasury Department data released Friday, but the effort continues to struggle to make a significant impact.
J.P. Morgan Chase posts big profit, paydays
By Tomoeh Murakami Tse
Washington Post Staff Writer
Saturday, January 16, 2010
>NEW YORK -- J.P. Morgan Chase announced Friday an $11.7 billion profit for 2009, along with paydays for its investment-banking employees that exceeded those of the flush times before the financial crisis, drawing a sharp response from lawmakers in Washington.
Sen. Dodd may drop push for consumer financial protection agency
By Brady Dennis and Binyamin Appelbaum
Washington Post Staff Writer
Saturday, January 16, 2010
>Senate banking committee Chairman Sen. Christopher J. Dodd (D-Conn.) has discussed jettisoning plans for a standalone Consumer Financial Protection Agency, as part of an effort to secure bipartisan support for legislation to reform financial regulation, said people familiar with the matter.
Friday, January 15, 2010
Top Updates: week of January 11th, 2010
Ordinary Americans lack the power to hurt the big banks
By Martha C. White
Sunday, January 10, 2010
Arianna Huffington is mad as hell and not going to take it anymore -- or doesn't think you should. The woman behind the Huffington Post recently exhorted Americans to yank their money out of big banks and open accounts at community banks instead. She called out the Big Four -- Bank of America, Citi, J.P. Morgan Chase and Wells Fargo -- by name for their "slap in the face to taxpayers." The crusade includes a link to a new Web site called Move Your Money, which includes clips from "It's a Wonderful Life" and a tool for finding a new bank courtesy of Institutional Risk Analytics.
Strong funds the hedge against a weak dollar
By Steven Goldberg
Sunday, January 10, 2010
U.S. consumer and government debt levels are at all-time highs, and our economic recovery is sluggish. Many developing nations, by contrast, are growing rapidly and running budget surpluses. Over the long term, the dollar seems bound to weaken and emerging-markets currencies seem destined to strengthen.
IRS should regulate all tax-return preparers
By Michelle Singletary
Sunday, January 10, 2010
Maybe it's just me, but when I see the word "all," I assume it means all-inclusive.
Recently, the Internal Revenue Service announced a major initiative to bring greater scrutiny to the tax-preparation industry. IRS Commissioner Doug Shulman wants paid tax preparers to be tested for competency and required to take continuing-education courses.
Federal Reserve earned $45 billion in 2009
By Neil Irwin
Washington Post Staff Writer
Tuesday, January 12, 2010
Wall Street firms aren't the only banks that had a banner year. The Federal Reserve made record profits in 2009, as its unconventional efforts to prop up the economy created a windfall for the government.
On top of credit score, retail credit lines now ask for income, asset data
By Ylan Q. Mui
Washington Post Staff Writer
Wednesday, January 13, 2010
Consumers will have to divulge more personal information to apply for store credit cards -- possibly putting the brakes on so-called instant credit -- under sweeping industry reforms finalized by the Federal Reserve on Tuesday.
Top public universities faulted on financial aid
By Jenna Johnson
Thursday, January 14, 2010
Many of the nation's top public universities are giving millions of dollars in financial aid to students from relatively wealthy families instead of to those who urgently need it, resulting in campuses that are often less diverse than those at elite private schools, a new report says.
Maryland tops states on education report card
By Valerie Strauss
Washington Post Staff Writer
Thursday, January 14, 2010; 12:15 AM
The nation earned a C on the 14th annual Education Week report card, which measures how well states have delivered a high-quality education to all students, with Maryland earning the best overall grade of any state and Virginia placing in the top five, with a B minus.
In Capitol Hill hearing, bankers remain torn on their role in crisis
By Brady Dennis
Washington Post Staff Writer
Thursday, January 14, 2010
A year after the financial system nearly went over the brink, the congressional commission investigating the roots of the crisis confronted four of the world's most powerful bankers on Wednesday and challenged them to take more responsibility for their role in upending the global economy.
Fed's 'beige book' shows modest improvement in economy
By Renae Merle
Washington Post Staff Writer
Thursday, January 14, 2010
The economy's modest recovery broadened during the last months of 2009 with the help of an uptick in home sales and improvements in the manufacturing sector, according to a Federal Reserve report issued Wednesday. The report also reinforces that the weak labor market continues to be a drag on the economic rebound.
Obama plan to tax large financial firms designed to pay for TARP losses
By Binyamin Appelbaum
Washington Post Staff Writer
Friday, January 15, 2010
President Obama proposed a new tax Thursday to collect an estimated $90 billion over the next decade from 50 companies that he called responsible for driving the nation into economic crisis.
Leaders of SEC and FDIC say agencies' failings contributed to financial crisis
By Brady Dennis
Washington Post Staff Writer
Friday, January 15, 2010
Two top federal regulators said Thursday that their agencies had fallen short in the run-up to the financial crisis, in part because thriving mortgage markets and soaring Wall Street profits created a false sense of security.
By Martha C. White
Sunday, January 10, 2010
Arianna Huffington is mad as hell and not going to take it anymore -- or doesn't think you should. The woman behind the Huffington Post recently exhorted Americans to yank their money out of big banks and open accounts at community banks instead. She called out the Big Four -- Bank of America, Citi, J.P. Morgan Chase and Wells Fargo -- by name for their "slap in the face to taxpayers." The crusade includes a link to a new Web site called Move Your Money, which includes clips from "It's a Wonderful Life" and a tool for finding a new bank courtesy of Institutional Risk Analytics.
Strong funds the hedge against a weak dollar
By Steven Goldberg
Sunday, January 10, 2010
U.S. consumer and government debt levels are at all-time highs, and our economic recovery is sluggish. Many developing nations, by contrast, are growing rapidly and running budget surpluses. Over the long term, the dollar seems bound to weaken and emerging-markets currencies seem destined to strengthen.
IRS should regulate all tax-return preparers
By Michelle Singletary
Sunday, January 10, 2010
Maybe it's just me, but when I see the word "all," I assume it means all-inclusive.
Recently, the Internal Revenue Service announced a major initiative to bring greater scrutiny to the tax-preparation industry. IRS Commissioner Doug Shulman wants paid tax preparers to be tested for competency and required to take continuing-education courses.
Federal Reserve earned $45 billion in 2009
By Neil IrwinWashington Post Staff Writer
Tuesday, January 12, 2010
Wall Street firms aren't the only banks that had a banner year. The Federal Reserve made record profits in 2009, as its unconventional efforts to prop up the economy created a windfall for the government.
On top of credit score, retail credit lines now ask for income, asset data
By Ylan Q. Mui
Washington Post Staff Writer
Wednesday, January 13, 2010
Consumers will have to divulge more personal information to apply for store credit cards -- possibly putting the brakes on so-called instant credit -- under sweeping industry reforms finalized by the Federal Reserve on Tuesday.
Top public universities faulted on financial aid
By Jenna Johnson
Thursday, January 14, 2010
Many of the nation's top public universities are giving millions of dollars in financial aid to students from relatively wealthy families instead of to those who urgently need it, resulting in campuses that are often less diverse than those at elite private schools, a new report says.
Maryland tops states on education report card
By Valerie Strauss
Washington Post Staff Writer
Thursday, January 14, 2010; 12:15 AM
The nation earned a C on the 14th annual Education Week report card, which measures how well states have delivered a high-quality education to all students, with Maryland earning the best overall grade of any state and Virginia placing in the top five, with a B minus.
In Capitol Hill hearing, bankers remain torn on their role in crisis
By Brady Dennis
Washington Post Staff Writer
Thursday, January 14, 2010
A year after the financial system nearly went over the brink, the congressional commission investigating the roots of the crisis confronted four of the world's most powerful bankers on Wednesday and challenged them to take more responsibility for their role in upending the global economy.
Fed's 'beige book' shows modest improvement in economy
By Renae Merle
Washington Post Staff Writer
Thursday, January 14, 2010
The economy's modest recovery broadened during the last months of 2009 with the help of an uptick in home sales and improvements in the manufacturing sector, according to a Federal Reserve report issued Wednesday. The report also reinforces that the weak labor market continues to be a drag on the economic rebound.
Obama plan to tax large financial firms designed to pay for TARP losses
By Binyamin Appelbaum
Washington Post Staff Writer
Friday, January 15, 2010
President Obama proposed a new tax Thursday to collect an estimated $90 billion over the next decade from 50 companies that he called responsible for driving the nation into economic crisis.
Leaders of SEC and FDIC say agencies' failings contributed to financial crisis
By Brady Dennis
Washington Post Staff Writer
Friday, January 15, 2010
Two top federal regulators said Thursday that their agencies had fallen short in the run-up to the financial crisis, in part because thriving mortgage markets and soaring Wall Street profits created a false sense of security.
Monday, January 4, 2010
Top Updates: week of January 4th, 2010
Friday's employment report could be breakthrough for U.S. job market
By Neil Irwin
Washington Post Staff Writer
Thursday, January 7, 2010
As evidence mounts that the labor market is starting to improve, the most definitive sign of whether it's turned the corner could come Friday morning with the scheduled release of a closely watched employment report.
Conflicting housing, factory data show fragility of economic ecovery
By Renae Merle and Neil Irwin
Washington Post Staff Writer
Wednesday, January 6, 2010
>The rebound in manufacturing showed further signs of promise for the economy in the coming year, according to government data released Tuesday, even as housing, another key driver of the country's nascent recovery, offered new cause for worry.
D.C. region's unemployment rate dropped to 6.1 percent in November
By V. Dion Haynes
Washington Post Staff Writer
Wednesday, January 6, 2010
>The unemployment level in the Washington region dipped in November to 6.1 percent from 6.2 percent the previous month, according to government data released Tuesday, further evidence to some economists that the area has weathered the worst of the recession.
IRS to regulate paid tax preparation
By David S. Hilzenrath
Washington Post Staff Writer
Tuesday, January 5, 2010
>The Internal Revenue Service plans to test, register and screen people who get paid to prepare tax returns, stepping into a virtually unregulated business on which millions of Americans depend for crucial financial services.
Defense titan Northrop Grumman to leave Los Angeles for D.C. area
By Dana Hedgpeth and Thomas Heath
Washington Post Staff Writer
Tuesday, January 5, 2010
>Northrop Grumman said Monday that it plans to move its corporate headquarters from Los Angeles to the Washington area by 2011, solidifying the growing importance of Washington as a center for the defense industry and other businesses.
Top Washington business stories of 2009
By Dan Beyers
Washington Post Staff Writer
Monday, January 4, 2010
Last year is probably one best forgotten by many local businesses, given the nation's economic woes. But a scan of some of the top stories offers reason to hope for better times.
Fairfax Ascendant.
County scored a number of high-profile coups in 2009. Hilton Hotels and the government contracting giant SAIC formally relocated their headquarters to Tysons Corner, and a $200 million genetic research facility calling itself the Ignite Institute for Individualized Health announced it would locate along the Route 28 corridor near Dulles, after being enticed by millions of dollars in tax breaks...
Fannie, Freddie moves
The executive shuffle continued at mortgage finance giants Fannie Mae and Freddie Mac. Michael J. Williams, Fannie's chief operating officer, was named chief executive after Herbert M. Allison Jr. was tapped to run the Treasury Department's financial recovery program.
Dulles extension
The first phase of a $5.2 billion project to extend rail service to Dulles International Airport won federal approval last spring, heralding a new era of development in Tysons Corner.
Fed chief Bernanke urges better financial regulation to prevent crises
By Neil Irwin
Washington Post Staff Writer
Monday, January 4, 2010
Better regulation is the key to avoiding future financial excesses, Federal Reserve Chairman Ben S. Bernanke said Sunday, arguing that the Fed's low-interest-rate policies early in the decade were not a major cause of the housing bubble.
Cash-rich real estate investors trigger bidding wars, frustrate other buyers
By Dina ElBoghdady
Washington Post Staff Writer
Sunday, January 3, 2010
Investors have reemerged with brute force in the Washington region's real estate market over the past few months, triggering bidding wars in some neighborhoods teeming with foreclosed properties and hindering traditional home buyers such as Melissa Diggins.
Aughts were a lost decade for U.S. economy, workers
By Neil Irwin
Washington Post Staff Writer
Saturday, January 2, 2010
For most of the past 70 years, the U.S. economy has grown at a steady clip, generating perpetually higher incomes and wealth for American households. But since 2000, the story is starkly different.
FDIC considers proposal to get piece of failed-bank buyers' stock gains
By Binyamin Appelbaum
Washington Post Staff Writer
Saturday, January 2, 2010
The share prices of some companies that bought failed banks from the Federal Deposit Insurance Corp. in recent months have climbed rapidly, suggesting that investors think the buyers are getting good deals.
Despite ghastly start, stocks finish 2009 with strong gains
By Tomoeh Murakami Tse
Washington Post Staff Writer
Friday, January 1, 2010
NEW YORK -- U.S. stocks ended a mercurial year with a nearly 24 percent gain, rebounding from the biggest loss since the Great Depression with a rally many investors had not seen in their lifetime.
In sign of rebound, D.C. population set to surpass 600,000
By Carol Morello and Tim Craig
Washington Post Staff Writer
Thursday, December 31, 2009
The District is on the verge of a watershed in its turnaround, with the city's population set to break 600,000 for the first time in almost two decades. Recently released Census Bureau statistics show that the city is just a few hundred residents shy of the mark, with an estimated population of 599,657 as of July 1. That reflects a gain of almost 9,600 over the previous year.
U.S. takes majority stake in GMAC, giving lender $3.8 billion more in aid
By Binyamin Appelbaum
Washington Post Staff Writer
Thursday, December 31, 2009
The federal government said Wednesday that it will take majority control of troubled auto lender GMAC and provide an additional $3.8 billion in aid to the company, which has been unable to raise from private investors the money it needs to staunch its losses.
The Treasury Department has said for months that GMAC would need more federal money, but the decision to increase the government's ownership stake came as a surprise, cutting against the grain of the Obama administration's recent efforts to wind down its bailout of large banks.
Support grows for tackling nation's debt
By Elaine S. Povich and Eric Pianin
The Fiscal Times Thursday, December 31, 2009
Senate action late last week that increased the limit on the government's credit card to a record $12.4 trillion gave a significant boost to a proposal to appoint a special commission to make the tough decisions that will be required to dig the nation out of debt.
President Obama has voiced support for such a plan, and 35 Democratic and Republican senators have signed on to legislation that would create a bipartisan commission with broad power to force painful spending cuts and tax increases through Congress.
By Neil Irwin
Washington Post Staff Writer
Thursday, January 7, 2010
As evidence mounts that the labor market is starting to improve, the most definitive sign of whether it's turned the corner could come Friday morning with the scheduled release of a closely watched employment report.
Conflicting housing, factory data show fragility of economic ecovery
By Renae Merle and Neil Irwin
Washington Post Staff Writer
Wednesday, January 6, 2010
>The rebound in manufacturing showed further signs of promise for the economy in the coming year, according to government data released Tuesday, even as housing, another key driver of the country's nascent recovery, offered new cause for worry.
D.C. region's unemployment rate dropped to 6.1 percent in November
By V. Dion Haynes
Washington Post Staff Writer
Wednesday, January 6, 2010
>The unemployment level in the Washington region dipped in November to 6.1 percent from 6.2 percent the previous month, according to government data released Tuesday, further evidence to some economists that the area has weathered the worst of the recession.
IRS to regulate paid tax preparation
By David S. Hilzenrath
Washington Post Staff Writer
Tuesday, January 5, 2010
>The Internal Revenue Service plans to test, register and screen people who get paid to prepare tax returns, stepping into a virtually unregulated business on which millions of Americans depend for crucial financial services.
Defense titan Northrop Grumman to leave Los Angeles for D.C. area
By Dana Hedgpeth and Thomas Heath
Washington Post Staff Writer
Tuesday, January 5, 2010
>Northrop Grumman said Monday that it plans to move its corporate headquarters from Los Angeles to the Washington area by 2011, solidifying the growing importance of Washington as a center for the defense industry and other businesses.
Top Washington business stories of 2009
By Dan Beyers
Washington Post Staff Writer
Monday, January 4, 2010
Last year is probably one best forgotten by many local businesses, given the nation's economic woes. But a scan of some of the top stories offers reason to hope for better times.
Fairfax Ascendant.
County scored a number of high-profile coups in 2009. Hilton Hotels and the government contracting giant SAIC formally relocated their headquarters to Tysons Corner, and a $200 million genetic research facility calling itself the Ignite Institute for Individualized Health announced it would locate along the Route 28 corridor near Dulles, after being enticed by millions of dollars in tax breaks...
Fannie, Freddie moves
The executive shuffle continued at mortgage finance giants Fannie Mae and Freddie Mac. Michael J. Williams, Fannie's chief operating officer, was named chief executive after Herbert M. Allison Jr. was tapped to run the Treasury Department's financial recovery program.
Dulles extension
The first phase of a $5.2 billion project to extend rail service to Dulles International Airport won federal approval last spring, heralding a new era of development in Tysons Corner.
Fed chief Bernanke urges better financial regulation to prevent crises
By Neil Irwin
Washington Post Staff Writer
Monday, January 4, 2010
Better regulation is the key to avoiding future financial excesses, Federal Reserve Chairman Ben S. Bernanke said Sunday, arguing that the Fed's low-interest-rate policies early in the decade were not a major cause of the housing bubble.
Cash-rich real estate investors trigger bidding wars, frustrate other buyers
By Dina ElBoghdady
Washington Post Staff Writer
Sunday, January 3, 2010
Investors have reemerged with brute force in the Washington region's real estate market over the past few months, triggering bidding wars in some neighborhoods teeming with foreclosed properties and hindering traditional home buyers such as Melissa Diggins.
Aughts were a lost decade for U.S. economy, workers
By Neil Irwin
Washington Post Staff Writer
Saturday, January 2, 2010
For most of the past 70 years, the U.S. economy has grown at a steady clip, generating perpetually higher incomes and wealth for American households. But since 2000, the story is starkly different.
FDIC considers proposal to get piece of failed-bank buyers' stock gains
By Binyamin Appelbaum
Washington Post Staff Writer
Saturday, January 2, 2010
The share prices of some companies that bought failed banks from the Federal Deposit Insurance Corp. in recent months have climbed rapidly, suggesting that investors think the buyers are getting good deals.
Despite ghastly start, stocks finish 2009 with strong gains
By Tomoeh Murakami Tse
Washington Post Staff Writer
Friday, January 1, 2010
NEW YORK -- U.S. stocks ended a mercurial year with a nearly 24 percent gain, rebounding from the biggest loss since the Great Depression with a rally many investors had not seen in their lifetime.
In sign of rebound, D.C. population set to surpass 600,000
By Carol Morello and Tim Craig
Washington Post Staff Writer
Thursday, December 31, 2009
The District is on the verge of a watershed in its turnaround, with the city's population set to break 600,000 for the first time in almost two decades. Recently released Census Bureau statistics show that the city is just a few hundred residents shy of the mark, with an estimated population of 599,657 as of July 1. That reflects a gain of almost 9,600 over the previous year.
U.S. takes majority stake in GMAC, giving lender $3.8 billion more in aid
By Binyamin Appelbaum
Washington Post Staff Writer
Thursday, December 31, 2009
The federal government said Wednesday that it will take majority control of troubled auto lender GMAC and provide an additional $3.8 billion in aid to the company, which has been unable to raise from private investors the money it needs to staunch its losses.
The Treasury Department has said for months that GMAC would need more federal money, but the decision to increase the government's ownership stake came as a surprise, cutting against the grain of the Obama administration's recent efforts to wind down its bailout of large banks.
Support grows for tackling nation's debt
By Elaine S. Povich and Eric Pianin
The Fiscal Times Thursday, December 31, 2009
Senate action late last week that increased the limit on the government's credit card to a record $12.4 trillion gave a significant boost to a proposal to appoint a special commission to make the tough decisions that will be required to dig the nation out of debt.
President Obama has voiced support for such a plan, and 35 Democratic and Republican senators have signed on to legislation that would create a bipartisan commission with broad power to force painful spending cuts and tax increases through Congress.
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