FDIC Chief, Says More Help is Needed to Prevent Foreclosures
NEW YORK (CNNMoney.com) — The nation’s top banking regulator warned Tuesday that help for troubled homeowners is failing to keep pace with the foreclosure crisis.
“We’re definitely behind the curve, and we fall further behind the curve every day,” FDIC Chairwoman Sheila Bair told an audience at […]

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Massive Effort by J.P. Morgan to Save Mortgages
J.P. Morgan Chase & Co. launched an ambitious plan Friday to modify the terms of $70 billion in mortgages for borrowers who are behind on their payments or soon could be.
The move by the New York bank will cover as many as 400,000 borrowers. They’ll be moved into […]

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Only Half a Bailout
A week into the big bailout, banks are beginning to charge each other less for loans and companies are finding it easier to borrow short term. The Dow has been up and down, but so far this week, it is back above 9,000.
So has the worst passed? Probably not.
The unfortunate reality is […]

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Preparation Not Panic is the Answer to the Troubled Economic Times Ahead
NEW YORK (CNN) — Despite the best efforts of our politicians to convince us otherwise, there is no easy way out of the financial crisis we’ve created.
Gimmicks and Band-Aids won’t solve the underlying problem; they just delay its impact until after the election. While […]

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Dems and Republicans Screwed the Middle Class Good

Bailout type
Cost to taxpayers (Source: Reuters)

Financial bailout package approved this week
up to or more than $700 billion

Bear Stearns financing
$29 billion

Fannie Mae and Freddie Mac nationalization
$200 billion

AIG loan and nationalization
$85 billion

Federal Housing Administration housing rescue bill
$300 billion

Mortgage community grants
$4 billion

JPMorgan Chase repayments
$87 billion

Loans to banks via Fed’s Term Auction […]

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90 Year Old Ohio Woman Attempts Suicide as Sheriffs Attempt to Evict Her
CINCINNATI (Reuters) - A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis.
Addie Polk was found lying on the floor of […]

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Largest Bank Failure in U.S. History
Sept. 26 (Bloomberg) — Washington Mutual Inc. was seized by government regulators and its branches and assets sold to JPMorgan Chase & Co. in the biggest U.S. bank failure in history.
WaMu became “unsound” after customers withdrew $16.7 billion since Sept. 16, the Office of Thrift Supervision said yesterday. Branches are […]

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Federal Reserve is Bailing Out A.I.G. to the Tune of $85 Billion
The decision, only two weeks after the Treasury took over the federally chartered mortgage finance companies Fannie Mae and Freddie Mac, is the most radical intervention in private business in the central bank’s history.
A major concern is that the A.I.G. rescue won’t be the […]

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Worst Housing Crisis Since the Great Depression
Sept. 5 (Bloomberg) — Silver State Bank of Henderson, Nevada was closed by U.S. regulators today, the 11th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Depression.
Silver State, with $2 billion in assets and $1.7 billion in […]

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Mortgage Giants Fannie Mae and Freddie Mac to be Placed Under Federal Control
The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives, and use government funds to prop them up, government officials told the two companies yesterday, according to sources familiar with […]

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