Personal Finance Daily: Retirees hit hard by foreclosure crisis

	Personal Finance Daily JULY 19, 2012 Thursday's Personal Finance Stories By MarketWatch Don't miss these top stories: Retirees hit hard by foreclosures. Leading economic index declines in June 5 potential merger and acquisition targets Older homeowners who tapped home equity to help finance their retirement may be in deep trouble. Andrea Coombes writes in her Ways and Means column that people age 75 and up are among the hardest hit by the foreclosure crisis. More than 1.5 million Americans age 50 and above lost their homes in the five years from 2007 through 2011, according to a report from AARP, and those in the 75-plus age group had the highest foreclosure rate in 2011. Why? Bigger debt loads and lower income are among the reasons. To help homeowners of all ages, Andrea reports that AARP called for policy and program changes, including greater use of loan-principal reduction as a tool when modifying loans; mediation programs for borrowers and lenders that provide specific timelines and a framework for meeting and for exchanging documents; loan-servicing standards that apply to all lenders; and a greater emphasis on programs that maintain foreclosed properties, such as the FHFA's "REO-to-rental" program. — Anne Stanley , managing editor, Personal Finance Retirees hit hard by foreclosures Golden years? Not for an increasing number of older Americans who are losing their homes to foreclosure. One of the hardest-hit groups is the oldest — those ages 75 and up. Read more: Retirees hit hard by foreclosures. ECONOMY AND POLITICS Philly factory activity stays weak in July Manufacturing activity in the Philadelphia region contracted for the third straight month in July, the Federal Reserve Bank of Philadelphia reports. Read more: Philly factory activity stays weak in July. Sales of existing homes drop 5.4% in June Sales of existing homes in June fell 5.4%, a decline that goes against the grain of more positive indicators from the housing market and one a trade group blames on foreclosure delays and tough mortgage availability. Read more: Sales of existing homes drop 5.4% in June. U.S. weekly jobless claims shoot back up U.S. jobless claims jumped 34,000 to 386,000 and erased a sharp drop in the prior week, the government reports, reflecting typical summertime fluctuations in auto-industry employment. The latest data suggest that hiring remains soft. Read more: U.S. weekly jobless claims shoot back up. Leading economic index declines in June The index of leading economic indicators fell 0.3% in June at 95.6, mostly reversing the increase in May, the Conference Board reports. Read more: Leading economic index declines in June INVESTING 5 potential merger and acquisition targets After a sluggish several years, demand for M&A is pent up. Hilary Kramer writes on the Trading Deck that she believes businesses are getting ready to jump back in, and the signs of life from the second quarter could lead to a strong finish to the year. Here are five companies she thinks are candidates to be bought out. Read more: 5 potential merger and acquisition targets. 5 things Yahoo's Mayer can learn from Steve Jobs Steve Jobs is one of the few CEOs in Silicon Valley who has successfully orchestrated the turnaround of a fallen tech giant. As Marissa Mayer starts as the new chief executive of Yahoo Inc. (YHOO), what can she learn from Jobs's turnaround of Apple Inc.? Read more: 5 things Yahoo's Mayer can learn from Steve Jobs. Morgan Stanley turns in a bomb Really, it couldn't have been much worse for the firm or its chief executive, James Gorman, who is now two years into his career at the top with little to show for his work except sluggish-at-best results, downgrades and a stock price (MS) that's lost two-thirds of its value. Read more: Morgan Stanley turns in a bomb. Alcosta still cheerful Tension eases after two straight days of stock-market gains. But why be tense in the first place? Read more: Alcosta still cheerful U.S. job gains need to nudge housing Housing — long the intensive-care patient of the U.S. economic recovery — is finally showing life just as other sectors look winded, writes Kathleen Madigan. Read more: U.S. job gains need to nudge housing. A final salute from MarketWatch's editor MarketWatch editor in chief David Callaway writes in his final column: "I'm leaving MarketWatch after the markets close tomorrow, ending 13 years of round-the-clock news excitement, Internet mania, 4:45 a.m. wake-up calls and constantly impending financial disaster." Read more: A final salute from MarketWatch's editor. Get the latest news on our mobile site: http://www.marketwatch.com/m MarketWatch has sent you this newsletter because you signed up to receive it. To ensure you receive this newsletter in the future, please add marketwatchmail.com to your list of approved senders. Sent to: kumaresan.selva.blogger@gmail.com Unsubscribe | Subscribe Copyright 2012 MarketWatch, Inc. All rights reserved. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. By using this site, you agree to the Terms of Service and Privacy Policy (updated 6/26/07). 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