Bank of America postpones foreclosures in 23 states

Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.

The move adds the nation’s largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.

Two other companies, Ally Financial Inc.’s GMAC Mortgage unit and JPMorgan Chase, have halted tens of thousands of foreclosure cases after similar problems became public.

 

Temporary government aid lifts economy in August

A flurry of new data Friday showed the economy is improving — with temporary government help.

Consumer spending rose in August and incomes increased by the largest amount in eight months, the Commerce Department said. But the income gain was propelled mostly by the government’s short-term extension of unemployment aid.

A big jump in government building projects lifted construction spending, Commerce said in a separate report. That offset the weakest level in private construction spending in 12 years.

 

Good economic reports nudge stocks higher Friday

Stocks started off October on a positive note following mostly good news on the economy.

Stock indexes started the day higher but gave up some gains late in the day. The market is coming off a major surge that brought the Dow Jones industrial average up 10.4 percent in the third quarter, but its upward momentum may be waning.

The Dow and the Standard & Poor’s 500 index both had their first down week after four weeks of gains.

 

United and Continental complete deal for merger

United and Continental closed the deal on Friday that will create the world’s biggest airline, although it will be months before it looks that way to travelers.

early 2012, travelers will see a combined airline called United Airlines, with Continental’s blue and gold colors and globe logo.

Between now and then, the new company, United Continental Holdings Inc., will run the two as separate operations, with each airline’s customers checking in at Continental or United websites and airport counters. Their frequent flier programs will stay separate for now too.

 

Retailers plan to employ more holiday help this year

The holiday hiring picture looks a bit merrier this year.

Macy’s, Toys R Us, Pier 1, American Eagle Outfitters and Borders all plan to hire more temporary holiday workers this year than last, emboldened by several months of sales gains and a slowly improving economy.

 

Microsoft sues Motorola over smart phone patents

Microsoft Corp. is suing Motorola Inc. for infringing on its smart-phone patents.

The software maker on Friday said Motorola phones that use Google Inc.’s Android software step on Microsoft technology. The functions in question include synchronizing e-mail, calendars and contacts.

Microsoft said Motorola licensed some of its mobile technology from 2003 to 2007, but did not renew the license even as the handset maker continued to use the technology.

 

Home Depot puts Stewart to test with kitchen line

Martha Stewart knows a thing or two about kitchens: She owns 21.

Home Depot hopes the domestic diva still has enough cachet to inspire Americans to start remodeling again with a new line of kitchen countertops, hardware and cabinets.

The line represents an expansion of a bet Home Depot made on Stewart last year when it signed a deal with her after her long-running deal with Kmart ended .