Business perks up in early 2009: Mortgage lenders saw production increase 73% in the first quarter, when compared with the end of 2008. But despite the jump in lending, the volume of loans was down 9% when compared with the first three months of 2008, according to a MortgageDaily.com analysis. Wells Fargo was the biggest lender in the first quarter, posting a 22% increase over the first three months of 2008. Bank of America was ranked second, down 20% from the year before.
More to mail: The price of a first-class stamp for mailing a letter — or paying a bill — climbed to 44 cents today, though folks who planned ahead and stocked up on Forever stamps will still be paying the lower rate. It’s the third straight year rates have gone up in May under a new system that allows annual increases as long as they don’t exceed the rate of inflation for the year before. While the increase will bring in added income, the post office continues to struggle financially as more and more lucrative first-class mail is diverted to the Internet, and the recession discourages businesses from sending their usual volume of advertising. The Postal Service, which does not get a taxpayer subsidy for its operations, lost $2.8 billion last year and is already $2.3 billion in the hole just halfway through this year.
