Breaking News
  • Supreme Court to consider Miami's predatory lending suit against Bank of America, Wells Fargo

    The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending. The city sued the megabanks in 2013, accusing the banks of "disproportionately placing vulnerable, underserved minority borrowers in loans they cannot afford." Click the headline to read more.

Lending The Ticker

GDP remains unchanged

frozen money

According to Reuters, the U.S. government left its estimate for economic growth in the second quarter unchanged, while prices for goods and services purchased by U.S. households fell for the first time in four years.

The Commerce Department said on Thursday gross domestic product expanded at a 2.5 percent annual rate in the April-June period.

Also in the report, the department said its price index for consumer purchases, which is the Federal Reserve's preferred gauge of inflation, fell at a 0.1 percent rate.

That is a worrisome sign for the national economy because it suggests businesses have little leverage to raise prices.

Source: Reuters
Reprints

Services Guide

Comments powered by Disqus