Economy

3:41pm

Thu February 9, 2012
Economy

Birthplace Of 'Robo-Signing' Eyes Deal Critically

Originally published on Thu February 9, 2012 4:57 pm

A for-sale sign hangs in front of a Homestead, Fla., home. In 2009, Florida lawyer Tom Ice deposed a bank employee who admitted to signing hundreds of mortgage documents in a day without reading them.
J. Pat Carter AP

From the beginning, Florida lawyer Tom Ice says he realized the mass signing of mortgages was more than just a paperwork problem.

"I suspected then, and I suspect now, that we were really just touching the tip of the iceberg," he says.

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2:19pm

Thu February 9, 2012
Economy

The Mortgage Deal: A Reality Check

A member of the Occupy Wall Street movement places tape over a window of a foreclosed home during a march in the impoverished community of East New York in Brooklyn in December.
Spencer Platt Getty Images

The $26 billion deal Thursday reached by the federal government, most states and the nation's largest banks to compensate homeowners for abusive foreclosure practices was hailed as a landmark agreement. But it's unlikely to end the mortgage mess that has depressed property values and left millions of homeowners owing more than their homes are worth, analysts say.

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2:03pm

Thu February 9, 2012
The Two-Way

PepsiCo Says It Will Cut 8,700 Jobs Worldwide

Originally published on Thu February 9, 2012 2:08 pm

Kandral McKenzie delivers Pepsi products in New York on Thursday.
Mark Lennihan AP

PepsiCo, the maker of Pepsi soda and Doritos chips, said it will cut 8,700 jobs worldwide. That represents about 3 percent of its 300,000 person global work workforce.

The announcement also comes just after the company announced better-than-expected fourth-quarter earnings. The Financial Times reports that net income for the company rose 3 percent to $1.4 billion and revenues were up 11 percent to $20.1 billion.

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6:10am

Thu February 9, 2012
The Two-Way

Settlement Reached With Banks On Relief For Some Homeowners

Originally published on Thu February 9, 2012 10:46 am

"After negotiating through the night," NPR's Yuki Noguchi reports, states attorneys general, federal officials and five major banks have agreed on a plan that will provide about $26 billion in mortgage relief and aid to homeowners who got crushed when the housing bubble burst.

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10:01pm

Wed February 8, 2012
Planet Money

What Do The Dow's Daily Swings Mean? Not Much.

Originally published on Thu February 9, 2012 3:22 pm

Mario Tama Getty Images

Turn on the news on any given day, and you're likely to hear about the Dow Jones industrial average. It is the most frequently checked, and cited, proxy of U.S. economic health. But a lot of people — maybe most — don't even know what it is. It's just the stock prices of 30 big companies, summed up and roughly averaged. That's it.

And what does the daily movement of this number have to do with the lives of most Americans? Not much.

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