Latest News Stories and Headlines

AP – Coast Guard: no sign of oil leak after Gulf platform fire, but crews continue to monitor.

U.S. News & World Report – It may seem a bit strange to be talking about income taxes in September. There are, however, good reasons to think about taxes well before April 15. For starters, there are some big changes in the tax code that go into effect in 2011. Depending on your income tax bracket and investments, some simple planning now could save you a bundle later.

AP – RECORD LOWS: Mortgage rates fell to the lowest levels in decades for the tenth time in 11 weeks, mortgage buyer Freddie Mac said Thursday. The average rate for a 30-year fixed loan was 4.32 percent. The 15-year fixed loan hit 3.83 percent.

U.S. News & World Report – More than four years after real estate values peaked, the historic plunge in home prices remains fresh in the minds of mortgage lenders. After taking painful losses on delinquent home loans, banks have imposed tougher standards–such as increased credit scores and higher down payment requirements–on applicants of all stripes. And as investors fled for the hills, the exotic mortgage products that helped fuel the real estate boom have largely disappeared from the private market. But that doesn’t mean all buyers need a big pile of cash to snag a home loan. …

U.S. News & World Report – The Latte Factor, a term coined (and trademarked) by personal finance guru David Bach, is one of the most talked about concepts in the world of personal finance. But it might be based on faulty math.

The Motley Fool – Shares of Salary.com (Nasdaq: SLRY – News) — a small provider of human resources applications on the cloud — soared 43% yesterday, after agreeing to be acquired by larger rival Kenexa (Nasdaq: KNXA – News).

Reuters – U.S. mortgage rates fell in the past week to the latest in a series of record lows as yields on government debt dropped, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

AP – Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.

AP – A new Treasury Department program to give people without bank accounts faster access to their tax refunds will help some avoid costly short-term loans. But careless consumers could end up racking up fees and padding bank profits.

U.S. News & World Report – American consumers hate being told what to do, and to prove it, we routinely make choices that are irrational and counterproductive. We make impulse purchases we can’t afford. We build bigger houses than we need, chaining ourselves to an onerous mortgage for years. We drive rugged, four-wheel-drive vehicles even though we never leave the pavement. We buy Snuggies.

U.S. News & World Report – If you’re combining your life with a new spouse, moving from one house to another, or just frustrated with the amount of documentation you have filed (or unfiled) in your basement, it’s a good time to simplify your finances. Simplification is not only practical, it is beautiful. This is the concept of kanso, a Japanese aesthetic usually applied to gardens. Through a stretch of the mind, we can apply this beauty to our lives and our finances.

AP – Mortgage applications rose 2.7 percent last week as more borrowers took advantage of the lowest rates in decades to reduce their monthly loan payments.

The Motley Fool – When Berkshire Hathaway (NYSE: BRK-A – News) was buying railroad company Burlington Northern last December, Warren Buffett told Matt Rose: “I’ve seen what’s been done here [in the U.S.]. I think I know how the country is going to develop. I think the West is going to do well. I’d rather be in the West than the East. So I really don’t have much of a worry about that.”

The Motley Fool – In coming up with ways to protect their portfolios, many investors draw on lessons learned from their most recent mistakes. Unfortunately, most people right now are taking the lessons they learned from the 2008 bear market and buying bonds, which could easily prove to be far riskier than they thought.

U.S. News & World Report – Most people think retirement planning is about saving, investments, and the timing of retirement account withdrawals and Social Security benefits. Ensuring you have sufficient income is definitely one of the most important aspects of retirement planning. But so is controlling your expenses. One way you can do that is by downsizing your current lifestyle. Here is how controlling costs can help you prepare for retirement and still enjoy a nice standard of living.

The Motley Fool – “The American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts. Period.”– President Barack Obama, after passage of financial reform legislation

AP – NO WAY: Taiwanese regulators have rejected Primus Financial Holdings’ planned purchase of AIG’s Taiwan life insurance unit.

AP – Taiwanese regulators on Tuesday rejected Primus Financial Holdings’ planned purchase of AIG’s Taiwan life insurance unit amid concerns that the Cayman Island-based firm may be backed by funds from rival China.

AP – The parents of six deceased U.S. soldiers are suing Prudential Financial, saying it paid paltry interest on military life insurance benefits while keeping more generous interest earnings for itself.

The Motley Fool – The recent pullback in the stock market has many investors running for cover. Meanwhile, fear of an imminent double-dip recession and concerns about renewed pressure in the housing market has pushed bond prices to historic highs, reducing bond yields and creating an income crunch for savers. Throughout 2010, billions of dollars have gone into bond mutual funds, and the trend shows no sign of reversing anytime soon.

U.S. News & World Report – The Federal Housing Administration (FHA) is developing a new reverse mortgage product that sharply cuts up-front payments by home owners but also significantly reduces the percentage of a home’s equity that can be paid to owners under the program. Reverse mortgages insured by the government are available on homes where the youngest owner is at least 62 years old. The program is called a Home Equity Conversion Mortgage (HECM).

AP – WASHINGTON — Commerce Department releases personal income and spending for July, 8:30 a.m.

The Motley Fool – For years, Charlie Munger, Berkshire Hathaway’s (NYSE: BRK-A – News; NYSE: BRK-B – News) octogenarian co-chairman, has said that Berkshire would one day buy the remaining 20% of Wesco Financial (NYSE: WSC – News) it didn’t already own.

Reuters – American International Group Inc has scrapped plans to sell a strategic stake in its Asian life insurance business, AIA, ahead of its initial public offering, a source familiar with the process said on Friday.

Reuters – Bundle.com, an online personal finance site that counts Citigroup Inc among its backers, is unveiling new features to compete in a growing market for Internet banking and budgeting advice, its chief executive said on Thursday.