Business Notebook

Magazine names Charleston a shopping mecca

CHARLESTON The accolades keep coming for Charleston. Already named the top tourist destination in America, now it’s on a tony list for shopping. Right beside the glittering fame of Rodeo Drive in Los Angeles and Fifth Avenue in New York lies King Street as one of the 10 best shopping streets in the nation, according to U.S. News and World Report’s online Travel page. Here’s part of what it had to say about the storied retail corridor: “This historic avenue pulses with pedestrians in search of the perfect outfit or gift. Beautiful buildings house big-name brands like Apple and Banana Republic; however, it’s the number of family-owned boutiques and male clothiers that really distinguishes King Street.”

Massachusetts sues banks over foreclosure practices

NEW YORK Massachusetts sued five major banks Thursday over deceptive foreclosure practices such as the “robo-signing” of documents, potentially undermining negotiations between lenders and state prosecutors across the nation over the same issue. The lawsuit named Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and GMAC. It was filed by Massachusetts Attorney General Martha Coakley. The complaint claims the banks used “unlawful and deceptive” conduct in the foreclosure process, including unlawful foreclosures, false documentation, robo-signing and deceptive loan modification practices. The lawsuit comes as talks have been dragging on for more than a year between major banks and the attorneys general from all 50 states over fraudulent foreclosure practices that drove millions of Americans from their homes following the housing bubble burst.

GM offers to buy back Volts

NEW YORK General Motors will buy Chevrolet Volts back from any owner who is afraid the electric cars will catch fire, the company’s CEO said Thursday. CEO Dan Akerson insisted that the cars are safe, but said the company will purchase the Volts because it wants to keep customers happy. Three fires have broken out in Volts after side-impact crash tests done by the federal government. Akerson said that if necessary, GM will recall the more than 6,000 Volts now on the road in the U.S. and repair them once the company and federal regulators figure out what caused the fires. The fires happened seven days to three weeks after tests performed by the National Highway Traffic Safety Administration. GM said there’s no threat of fires immediately after crashes.

Few take advantage of low mortgage rates

WASHINGTON The average rate on the 30-year fixed mortgage hovered above its record low for a fifth straight week. Despite the great opportunity, few have the means or stomach to buy or refinance in the depressed housing market. Freddie Mac said Thursday the rate on the 30-year home loan rose slightly to 4 percent from 3.98 percent the week before. The average rate on the 15-year fixed mortgage was unchanged at 3.30 percent.

The (Charleston) Post and Courier and The Associated Press contributed.