Feds hit debt collector with $1.5 million fine

Pennsylvania-based NCO Group, one of the nation's largest debt-collection firms, has agreed to pay $1.5 million to settle Federal Trade Commission charges that it violated the Fair Credit Reporting Act by reporting inaccurate information about consumer accounts to credit bureaus. The amount is the largest civil penalty ever obtained in a FCRA case, according to the FTC, which announced the agreement today.  more...

Consumer confidence skyrockets in Plains States

America's West North Central region has scored the biggest gains in consumer confidence over the last year, according to an analysis released today by The Conference Board.

The Conference Board's widely watched Consumer Confidence Index for this region – which includes Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska and Kansas – has climbed from 63.6 to 99.8 over the last year (from April 2003 to April 2004), a more than 50 percent increase.  more...

Employment surge hikes mortgage rates

Mortgage rates soared to levels not seen since last summer, as strong job growth in April suggested the Federal Reserve will raise its key funds rate sooner than expected, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 6.34 percent for the week ended today, up from last week when it averaged 6.12 percent.  more...

LandAmerica buys real estate cos.

Richmond, Va.-based LandAmerica Financial Group, through its Lawyers Title subsidiaries, has expanded its presence in California and Illinois with the acquisition of title and escrow companies.

LandAmerica purchased Channel Islands Escrow Inc. in Oxnard, Calif., a move that aims to enhance LandAmerica's presence in southern California's Ventura County. Channel Islands Escrow was founded in 1989. Company principal Jan Moore will remain following the acquisition and serve as branch manager and escrow officer.  more...

Real estate agents get wireless MLS

Mobilistings Wireless MLS is now compatible with handheld operating systems Palm OS, Pocket PC and BlackBerry, according to NaWire, the company that produces Mobilistings.

Mobilistings enables agents to search for property information, download photo imagery, e-mail digital color "flyers" to clients and calculate payment options from their car or at a property site.  more...

Real estate marches on Washington

Thousands of Realtors are headed to Congressional offices today to discuss their dislike of federal preemption of state banking regulations, their desire to block banks from providing real estate brokerage services, their belief that the nation needs more affordable housing and their need for small business health insurance plans.  more...