Business briefs

2013-04-10T00:00:00Z Business briefsFrom Wire Reports From Wire Reports Arizona Daily Star
April 10, 2013 12:00 am  • 

Payments coming to wronged borrowers

The nation's largest banks will begin sending payments this week to millions of Americans who may have been wrongfully foreclosed during the housing crisis.

A total of $3.6 billion in cash will be distributed to 4.2 million borrowers who lost their homes or were at risk of foreclosure. Payments will range from $300 to $125,000.

About 90 percent of borrowers whose mortgages were serviced by 11 of the banks will receive payments by the end of April, the Federal Reserve and the Comptroller of the Currency said.

The last set of payments is expected in mid-July.

Businesses posting jobs but filling few

Though U.S employers have more job openings than at any other time in nearly five years, they seem in no hurry to fill them.

That disparity helps explain why the job market remains tight and unemployment high. Even as openings have surged 11 percent in the past year, the number of people hired has declined.

Why so many openings yet so few hires?

Economists point to several factors: Some unemployed workers lack the skills employers want. Some companies may not be offering enough pay. And staffing firms say that in a still-fragile economy, many businesses are hesitant to commit to new hires. They appear to be holding out for the perfect candidate.

Ford calls the Focus globe's top-selling car

DETROIT - Ford Motor Co. says its Focus small car was the best-selling vehicle nameplate in the world last year, with just over 1 million sold.

More than a quarter of all Focuses were sold in China, its largest market. The U.S. was the second-largest market.

It was the second year in a row the Focus has outsold the Toyota Corolla, according to data from automotive firm R.L. Polk.

The Associated Press

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