WASHINGTON (AP) — The House Financial Services Committee has voted to set new rules for credit rating agencies, which lawmakers say misled investors by giving high marks to risky securities tied to subprime mortgages.
The proposal was approved by a 49-14 Wednesday vote in a rare bipartisan show of support.
The bill, by Pennsylvania Democratic Rep. Paul Kanjorski, is the panel's latest attempt to tighten the rules of the road for financial institutions after last year's market crisis.
A national settlement with the state's five largest mortgage lenders will bring $318 million to Massachusetts in relief for homeowners through cash payments, loan modifications and other concessions to resolve what Attorney General Martha Coakley described as "unnecessary and unlawful" foreclosures.
President Barack Obama is making a strong election-year push for an economic revival "built on American manufacturing." But he faces an uphill slog, with little consensus even within his own party on how to do it.
Workers stashed money away in their 401(k) retirement plans at a faster clip last year but didn't get an immediate reward for their savings strategy. Fidelity Investments, the nation's biggest 401(k) administrator, says the average account balance was essentially unchanged in 2011, compared with 2010.
Even a region as beautiful and interesting as the North Shore can't sell itself.
That's why it was good for local businesses to learn, at last Friday's tourism summit at the Peabody Marriott, that the North of Boston Convention and Visitors Bureau has recovered from recent economic challenges and found new ways to promote Essex County as a tourist destination.
BEVERLY — Jesse Chamberlain, 30, is a Salem jeweler who specializes in creating wedding bands and engagement rings. Though she previously worked in Lynn, she saw an opening on Craigslist for a new studio space in Beverly, and last week moved her tools to a newly remodeled studio at Porter Mill.
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