Two Ford executives announce retirements
DETROIT — Two key leaders in Ford's remarkable turnaround are retiring.
Lewis Booth, 63, chief financial officer, and Derrick Kuzak, 60, product development chief, will leave the company April 1.
The moves, in the works for months, raised questions about how long CEO Alan Mulally, 66, will stay in his job and whether Ford can continue its renaissance under new executives.
President and Controller Bob Shanks, 59, will succeed Booth. Vice President of Engineering and Product Development Raj Nair, 47, will replace Kuzak.
Mulally wouldn't talk about when he will leave the company.
Effect of new mortgage settlement debated
WASHINGTON — A landmark $25 billion settlement with the nation's top mortgage lenders was hailed by government officials Thursday as long-overdue relief for victims of foreclosure abuses. But consumer advocates countered that far too few people will benefit.
The deal will reduce loans for only a fraction of those Americans who owe more than their homes are worth. It will also send checks to others who were improperly foreclosed upon. But the amounts are modest.
And few think the deal will do much to help struggling homeowners keep their homes or to benefit those who have already lost theirs.
About 11 million households are underwater, meaning they owe more than their homes are worth. The settlement would help 1 million of them.
Federal and state officials announced that 49 states joined the settlement with five of the nation's biggest lenders.
Number of unemployed who seek aid is falling
WASHINGTON — The number of people seeking unemployment aid neared a four-year low last week, a positive sign that strong hiring could continue in the coming months.
The Labor Department said Thursday that weekly applications for unemployment benefits fell 15,000 to a seasonally adjusted 358,000. That's the second-lowest level since April 2008.
The four-week average, a less volatile measure, fell to 366,250, the lowest since late April 2008.
When applications fall consistently below 375,000, it generally signals that hiring is strong enough to lower the unemployment rate.
Employers added a net gain of 243,000 jobs in January, the biggest gain in nine months. The unemployment rate fell for the fifth straight month to 8.3 percent, the lowest in nearly three years.
From November through January, the economy has added an average of 201,000 net jobs per month.
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