Arkansas Business: Stocks take a slight sink in numbers

    8:28 AM, Dec 20, 2013   |    comments
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    LITTLE ROCK, Ark. (KTHV) -- Stocks ended down just a bit on Thursday after surging a day earlier to their latest record highs. The market gained the most in more than two months Wednesday after the Federal Reserve said it was trimming its stimulus efforts.

    Investors saw the move as a vote of confidence in the economy.

    A spike in unemployment benefits

    The latest data on jobs showed the number of people seeking U.S. unemployment benefits rose 10,000 last week to 379,000, the highest since March.

    The increase may reflect jobs volatility around the Thanksgiving holidays.

    New vice chancellor named at U of A

    Laura Jacobs, the director of communications at Crystal Bridges Museum of American Art in Bentonville, has been named the new associate vice chancellor of university relations at the University of Arkansas.

    Jacobs, a UA graduate who has worked at the university before, begins her new job on Jan. 27.

    She joined Crystal Bridges in November 2011, the same month that the museum held its grand opening.

    Jacobs of course takes over the role held by John Diamond, who was fired from the post in August.

    Diamond has since been a central figure in scandal involving a $4 million budget deficit in the Advancement Division budget.

    Ocwen financial misconduct settlement

    State Attorney General Dustin McDaniel's office announcing a settlement with Ocwen Financial Corp. over allegations of misconduct involving Ocwen's mortgage-servicing practices.

    Arkansas, along with 48 other states and the federal government were part of the deal with the company.

    Per the deal, Ocwen will provide $2 billion in first-lien principal reduction to homeowners and $125 million in cash payments to borrowers on nearly 185-thousand foreclosed loans.

    In Arkansas, homeowners with loans serviced by Ocwen are expected to receive about $5.6 million in principal reductions.

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