Blog

The Great Lakes winter ice cover has dropped dramatically over the past 40 years, according to a new report. On average, peak ice has fallen by 71 percent; Lake Michigan’s ice cover has shrunk even more than that. Researchers at the National Oceanic and Atmospheric Administration (NOAA) compared satellite photos dating to 1973.  Jia Wang, […]

In an attempt to dig itself out of a deepening hole, Fannie Mae has requested $4.6 billion in additional federal aid. “We think that we have reserved for and recognized substantially all of the credit losses associated with the legacy book,” Chief Financial Officer Susan McFarland said.  “We’re very focused on returning to profitability so […]

American public transportation ridership rose 2.3 percent last year as gas prices rose to their highest-ever annual average, according to the American Public Transportation Association (APTA).  The 10.4 billion trips recorded last year was the highest since 2008, when gas prices hit more than $4 a gallon nationwide for seven weeks in the summer. APTA […]

The landmark 102-story Empire State Building in midtown Manhattan could raise as much as $1 billion in a share sale and become a real estate investment trust (REIT), if the company that controls that iconic structure if its plans pan out.  According to a Securities and Exchange Commission filing, Empire State Realty Trust, Inc., intends […]

Linsanity has infected New York City. The economic impact of Jeremy Lin, the 23-year-old basketball phenomenon for the New York Knicks in just one week is hard to grasp. According to Times’ Brad Tuttle, “The phenomenon of undrafted Harvard grad and previous NBA benchwarmer Jeremy Lin is translating into serious money, as Knicks’ ticket prices […]

The Pending Home Sales Index grew by two percent during January from the previous month to 97.0 — considerably above the 1.1 percent growth forecast by economists.  The index has risen eight percent when compared with one year ago.  Relaxed mortgage lending criteria, historically low interest rates and an improving labor market contributed to this […]

Economists are increasingly optimistic that certain elements of the economy will improve throughout 2012, although they are still cautious in their expectations on the overall pace of economic growth.  According to the National Association for Business Economics (NABE), forecasters have increased their expectations for employment, new home construction and business spending this year.  But they […]

Actor Michael Douglas is playing a new and rather surprising role as spokesman for the FBI to fight corruption on Wall Street.  The actor – famous for his line “greed is good” in the 1987 film “Wall Street” – is sending a new message in a public service announcement, explaining that insider trading is a […]

With home sales increasing in six of the last nine months and prices still 30 percent below the peak, the housing market is quite confounding.  That’s the opinion of Jafer Hasnain, Principal and co-founder of Lifeline Assets, a private equity firm that invests in single-family homes. In a recent interview for the Alter NOW Podcasts, […]

Debt collectors and credit reporting agencies — businesses that impact thousands of consumers — would face federal supervision for the first time under a rule a new federal watchdog proposal, which would allow the Consumer Financial Protection Bureau (CFPB) to examine approximately 200 firms, including large debt collectors. According to the proposal, these two segments […]