Young people lead ranks of uninsured

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Author: Eric Nordwall

Section: Money, Pg. 01b

Young adults between the ages of 19 and 29 are the largest and fastest-growing segment of the U.S. population lacking health insurance, according to a report released today. Young adults comprised 40% of the 6million people who joined the ranks of the uninsured from 2000 to 2004, the last year for which data are available, says Sara Collins, senior program officer at The Commonwealth Fund, the private, non-partisan group that issued the report. Although young adults represent 17% of the under-65 population, they account for 30% of the uninsured non-elderly population, the study said.

Spirit Airlines names new CEO

Spirit Airlines President Ben Baldanza was named CEO of the USA's largest privately owned carrier Tuesday, succeeding retiring Jacob Schorr. Baldanza, who has been an executive at several other carriers, came to Spirit as president from US Airways 16 months ago. Schorr, who joined Spirit in 1997 as an investor and chief information officer before becoming CEO in 2000, will remain as chairman of Spirit's board.

McClatchy selling Philly papers, website

A new firm led by Philadelphia advertising executive Brian Tierney and luxury-home builder Bruce Toll agreed to buy The Philadelphia Inquirer, the Philadelphia Daily News and their website, philly.com, in a $515 million cash deal Tuesday with McClatchy. Although the buyers have no record in publishing, Tierney vowed to be a long-term owner who'll invest in the dailies to promote "vigorous, high-quality journalism." Knight Ridder agreed in March to sell its newspaper business, including the Philadelphia properties, to McClatchy, which said it would sell 12 of the Knight Ridder papers, mostly in markets that aren't growing.

Disparities in mortgage lending found

Minorities, women and moderate-income borrowers received a disproportionate number of high-cost mortgages in 2005, according to an analysis of 17 large lenders by the non-profit National Community Reinvestment Coalition. Disparities were also found in loans for manufactured housing. For example, 75.8% of all loans made to African-Americans for manufactured homes were higher cost, according to the report. Further, borrowers who sought pre-approvals for mortgages were more likely to pay a higher interest rate.

Briefly ...

New York Attorney General Eliot Spitzer said he has reached a settlement with Fidelity National Title and First American Corp. in his investigation of title insurance companies making illegal payments to favored customers. The companies agreed to pay fines of $2million each and end the illegal practice of paying secret rebates to favored customers, such as big real-estate developers and national chain stores. ... Citigroup's Smith Barney brokerage unit has agreed to pay $98 million to settle claims on behalf of thousands of current and former brokers who are owed overtime pay and other reimbursements. ... Vonage, the No. 1 Internet-based phone company, said Tuesday its initial public offering will be priced at $17 a share.

(c) USA TODAY, 2006