Morning business news
Wednesday, June 19, 2013 10:27 AM
A guide to reading the Fed and Bernanke today
The Federal Open Market Committee will release its new economic forecast this afternoon and Federal Reserve Chairman Ben Bernanke will make a statement.Bloomberg has this guide to what businesses should be looking for in those statements.
Large banks need to step up efforts to improve loan servicing, monitor says
The largest U.S. mortgage servicers, including Citigroup Inc. and Bank of America Corp., haven't done enough to upgrade their treatment of customers in danger of foreclosure, a court-appointed monitor said today. Bloomberg reports the banks need to do more to improve how they handle requests for loan modifications and collect customer records, as well as provide a single point of contact for borrowers.
A CNN Money report finds that men are disappearing from the workforce. Ninety-eight percent of all U.S. men were employed in 1956; in 2012, that percentage dropped to 88 percent. Some of the reasons? More men are in jail or on disability than in the past. Some simply are not well enough educated. "The proportion of guys doing nothing has risen," said Gary Burtless, a senior fellow at the Brookings Institution.