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Mortgage balances cut


February 19. 2013 6:12PM
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Mortgage balances cut

Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $6.3 billion, part of a total $26.1 billion in home loan relief provided under a landmark settlement over foreclosure abuses.


More than 309,000 borrowers received some form of mortgage relief between March 1 and Sept. 30, according to a report issued Monday.


That translates to roughly $84,385 per homeowner, according to the report, which is based on mortgage servicers' own account of their progress as they move to comply with the settlement terms.


Credit card use is up

Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows.


The average credit card debt per borrower in the U.S. grew 4.9 percent in the July-to-September period from a year earlier to $4,996, credit reporting agency TransUnion said Monday.


At the same time, the rate of credit card payments at least 90 days overdue hit 0.75 percent, up from 0.71 percent in the third quarter of last year, the firm said.


Intel CEO Otellini retiring

Intel CEO Paul Otellini is retiring in May, giving the world's largest maker of microprocessors six months to find a new leader as it tries to navigate a shaky economy and adapt to a shift toward mobile devices that has reduced demand for its computer chips.


The decision caught the board by surprise because Intel's protocol typically calls for its CEOs to step down when they turn 65. Otellini is 62.


Walgreen CEO's pay slips

Walgreen CEO Gregory D. Wasson's total compensation slipped in fiscal 2012, as earnings sank 21 percent and a contract dispute hurt revenue for the nation's largest drugstore operator.


Wasson, 54, received compensation valued at about $12 million for the fiscal year that ended Aug. 31, according to the Deerfield, Ill., company's annual proxy statement filed Monday. That represented a 1 percent drop compared to fiscal 2011.




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