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Bank of America Profit Up 29 Percent NEW YORK (Reuters) - Bank of America Corp. (BAC.N: Quote , Profile , Research ) , the No. 3 U.S. bank, on Thursday said third-quarter profit rose 29 percent, helped by its purchase of FleetBoston Financial Corp. and growth in deposits and credit card issuance. The Charlotte, North Carolina-based company said n... : Bank of America Profit Up 29 Percent
Fed Raises Rates for Sixth Time By Glenn Somerville WASHINGTON (Reuters) - The U.S. Federal Reserve on Wednesday raised interest rates for a sixth straight time, extending a policy of gradually lifting borrowing costs to levels high enough to ward off inflation pressures. The unanimous decision by the U.S. central bank's policy-setting Federal Open Market Committee moves the target for the benchmark federal funds rate -- which affects credit costs throughout the economy -- to 2.5 percent. In a statement issued after a t... : Fed Raises Rates for Sixth Time
Private Mortgage InsuranceWhat is Private Mortgage InsurancePrivate mortgage insurance (PMI) is a policy that protects lenders who make loans to individuals who want to buy or refinance a home, but are unable to come up with the required 20% down payment.Private Mortgage Insurance Facts:PMI plays a valuable role in expanding home ownership.With PMI, families can purchase homes with as little as 3-to-5 percent down payment on a home.Nearly 1 million people a year buy or refinance a home with PMI... : Private Mortgage Insurance
Stocks Lower as Oil Breaches $51/Barrel By Mark McSherry NEW YORK (Reuters) - U.S. stocks closed mostly lower on Tuesday as oil prices climbed to another record and economic data showed slower-than-expected growth last month. NYMEX crude oil ended above $51 a barrel for the first time as production in the Gulf of Mexico recovered slowly after Hurricane Ivan hit the region three wee... : Stocks Lower as Oil Breaches $51/Barrel
Berkshire Unit Gets Subpoena NEW YORK (Reuters) - Berkshire Hathaway Inc., the company run by billionaire Warren Buffett, said its General Re Corp. reinsurance unit on Thursday received a subpoena from New York Attorney General Eliot Spitzer for information on insurance products that might help companies smooth earnings. In a faxed statement received by Reuters on Thursday night, Berkshire said the New York subpoena covers all General Re affiliates, including other Berkshire insurance units, and seeks vir... : Berkshire Unit Gets Subpoena
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