Good News, Second Quarter Earnings | featured news

A decrease in the amount owed on mortgages helped drive overall U.S. consumer debt lower in the second quarter, even as Americans kept piling up student loan debt, data showed on Wednesday. Total consumer debt fell 0.5 percent to $11.38 trillion compared to the first three months of the year, the New York Fed said in its quarterly household debt and credit report.

Fannie Mae and Freddie Mac, the two mortgage-finance giants, this week reported some of their best quarterly results since the real estate collapse. On Wednesday, Fannie Mae posted second-quarter net income of $5.1 billion. That is up from $2.7 billion in the first quarter of this year and an improvement from a net loss of $2.9 billion in the second quarter of last year. Fannie requested no additional money from the Treasury and said it would pay a $2.9 billion dividend to taxpayers.

Twenty-three lenders fell off the government’s list of so-called “problem banks” in the second quarter, bringing the total to 865.

Charging its most avid readers for digital access was officially not a dumb idea for The New York Times. In its second quarter earnings announcement, the Times Co. included some attention-getting figures for its new digital subscription program, which launched in March. Since then, the paper has amassed some 224,000 digital-only subscribers. Another 57,000 subscribe to replica editions delivered on e-readers like the Kindle and the Nook. On top of that, there are the 100,000 people getting e-subscriptions sponsored by Lincoln.

Stocks opened higher as encouraging quarterly results from blue-chip companies and a hint of housing optimism gave a boost to investor sentiment.

Target meets analyst expectations with its fiscal second quarter earnings.