Finance counsels

GMAC Financial Services is seeking a third round of bailout funds from the U.S. Treasury Department, according to a report in the Wall Street Journal.
Talks over a fresh lifeline are at an advanced stage and the U.S. government could provide an additional $2.8 billion to $5.6 billion to the lender, the report said, citing […]

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Mortgage applications in the U.S. fell to a two-month low, hurt by declines in purchases that may reflect concern over the expiration of government tax credits.
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan decreased 12 percent to 562.3 in the week ended Oct. 23, the third […]

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Heizo Takenaka, the architect of policy changes credited with securing Japan’s longest postwar economic expansion, blasted the government that took office last month for undermining prospects for the nation’s recovery.
“The government is taking a small step forward and a big step backward,” Takenaka, who served in cabinet posts including economy minister from 2001 […]

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Legg Mason Inc.’s Bill Miller said odds may not favor Mohamed El-Erian’s forecast for a prolonged period of below-average economic growth.
Miller, the manager of the Legg Mason Value Trust, wrote in a letter sent today to investors that El-Erian’s perspective is an “inside view” that makes a prediction about the future based on […]

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China is likely to tighten credit to avoid bubbles in the fastest growing major economy, the Asian Development Bank’s assistant chief economist said.
There is a “clear sign that the expansion of credit seen in the first half of this year will be reined in,” Joseph Zveglich said in an interview in Tokyo yesterday. […]

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Russia’s central bank warned that reduced access to credit is one of the bank’s main concerns, signaling policy makers haven’t finished cutting interest rates.
“Stress tests show that the situation isn’t ideal,” First Deputy Chairman Gennady Melikyan told reporters at a conference in Moscow today.
The central bank has lowered the key rate seven […]

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Builders probably broke ground in September on the most houses in 10 months, showing further stabilization in the industry at the heart of the worst U.S. recession since the 1930s, economists said before a report today.
Work began on 610,000 homes at an annual rate, up 2 percent from August, according to the median […]

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Confidence among U.S. consumers fell more than forecast in October, a reminder that households remain nervous about the strength of the emerging economic recovery.
The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 69.4 from 73.5 in September, which was the highest in more than a year. Measures of expectations for six […]

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The Bank of England should expand its 175 billion-pound ($284 billion) bond-buying plan “as far as it takes” to fight off the threat of deflation, former Treasury adviser Roger Bootle said.
“They will have to go a lot further,” Bootle said in an interview. “In the first instance, they should be prepared to go […]

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German Chancellor Angela Merkel’s new coalition is close to agreeing on her goal of income-tax cuts of about 15 billion euros ($22 billion), according to her allies from the Bavarian Christian Social Union.
Lawmakers from Merkel’s Christian Democratic Union, or CDU, the CSU and the Free Democrats have brokered a compromise on cutting taxes […]

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