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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Jan 16, 2010
Page
9
Inflation outpaced wages last year, with average weekly earnings for non supervisory workers down 1.6 percent, the steepest decline since 1990. Energy drove higher prices while health care and college costs surged, weighing on spending and the economy. The unemployment rate stood at 10 percent with 15.3 million jobless.
A Pentagon study faulted several officers for failing to act on red flags surrounding Army Maj. Nidal Hasan and urged immediate investigations. The report also questioned DoD readiness and the sharing of insider threat information, recommending stronger Joint Terrorism Task Force staffing.
The State Department updated its file photo of Osama bin Laden to reflect age and facial hair changes. A $25 million reward remains for bin Laden tied to the 1998 embassy bombings and the September 11 attacks, with authorities noting his likely location near the Pakistan Afghanistan frontier and evasive movements since 2001.
The Obama administration relief program helped only 7 percent of last year’s borrowers enrolled, amid rising foreclosures and falling home prices. RealtyTrac notes 2.8 million households faced foreclosure last year, with national home values down about 30 percent from 2006. Treasury says about 66,500 of 900,000 enrolled got permanent relief, another 46,000 approved for soon completion. The plan allows rate reductions to 2 percent, loan extensions, or principal reductions with temporary modifications becoming permanent after three payments.
Treasury officials chastise lenders for slow paperwork return rates as banks like Bank of America and Wells Fargo show low modification percentages. Ocwen and Carrington exceed 40 percent, while BofA reports only 1.5 percent completed and Wells Fargo around 7 percent. Government urges faster action to finish the program.
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