450,000 will share in Countrywide settlement

  • Updated: July 20, 2011 - 8:57 PM
450,000 will share in Countrywide settlement

More than 450,000 borrowers who were charged excessive fees by Countrywide Home Loans when they fell behind on their mortgages will finally begin receiving the $108 million the company agreed to pay in a settlement struck with the Federal Trade Commission in June 2010, the agency said. The number of consumers recovering money in the settlement is the biggest in FTC history and wound up being double what the commission had estimated.

U.S. existing-home sales fall to 7-month low

Sales of existing homes slipped in June to a seven-month low, and a real estate trade group attributed the surprise downturn to a weak economy and a spike in cancellations. The National Association of Realtors reported sales of single-family existing homes fell 0.8 percent, the third consecutive monthly drop, to a seasonally adjusted annual rate of 4.77 million from 4.81 million in May. Compared with June 2010, the deadline for the home buyer tax credit, sales fell 8.8 percent.

Icahn raises his bid for Clorox to $10.7 billion

Billionaire tycoon Carl Icahn topped his own bid for Clorox Co., saying he would pay $10.7 billion for the Oakland, Calif., household products maker. The new bid amounts to $80 a share. Icahn also said he is willing to put up $6.2 billion of his own money, citing the amount as evidence that he is making a serious offer to buy Clorox. On Monday, the Clorox board of directors rejected Icahn's original offer of $76.50 a share, or $10.2 billion.

Shares of Zillow rise 79% in market debut

Zillow Inc., an online real estate information service, surged in its trading debut after selling shares above an increased price range in its initial public offering. The Seattle company's stock, trading on the Nasdaq Stock Market under the symbol Z, climbed 79 percent to close at $35.77, after earlier tripling to $60. Zillow raised $69.2 million Tuesday by selling 3.46 million shares at $20 apiece, above the offering range of $16 to $18.

Airbus gains foothold with American Airlines

American Airlines agreed to buy 460 single-aisle jets in the industry's biggest-ever order as Airbus SAS broke Boeing Co.'s two-decade hold over the U.S. carrier. The plan consists of 260 Airbus A320s and 200 Boeing 737s, with a list value of about $38.5 billion based on average prices, plus options and future purchase rights for 465 more. The planemakers will provide $13 billion of financing on the first 230 jets, Fort Worth, Texas-based American said. American's order will help retire some of the oldest planes in U.S. fleets.

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