Lets Hang Together or We Will Surely Hang Apart!
Credit Card Payment More Important Than House Payment?
In an unprecedented shift, for some consumers having a credit card in good standing appears to have taken priority over having a roof over one’s head, experts said.
While overall consumer debt rose unexpectedly in January, consumers continued to pay off their credit cards that month — a record [...]
GMAC Loses $5 Billion in Fourth Quarter
NEW YORK (Reuters) - GMAC Financial Services, a lender that has received more than $16 billion from the U.S. government across multiple bailouts, said it lost $5 billion in the fourth quarter after writing down bad mortgage assets.
GMAC, one of the largest car loan makers in the United States, [...]
Home Foreclosures Jump 23%
Oct. 15 (Bloomberg) — U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc.
A total of 937,840 homes received a default or auction notice or were repossessed by banks, a 23 percent increase from a year earlier, the [...]
Home Foreclosures Not Stopping Anytime Soon
Every 13 seconds in America, there is another foreclosure filing. That’s the rhythm of a crisis that threatens to choke off hopes for a recovery in the U.S. housing market as it destroys hundreds of billions of dollars in property values a year.
There are more than 6,600 home foreclosure filings [...]
Home Prices May Fall Another 25%
Home prices in the US could fall by another 25 percent because of high unemployment and another leg down will come for stocks, banking analyst Meredith Whitney told CNBC Thursday.
“No bank underwrote a loan with 10 percent unemployment on the horizon,” Whitney said. “I think there is no doubt that [...]
Unemployment Rising and Economy Still in Decline
For much of last week, it was possible to think that the economy was looking up. Various indicators, though weak, were not as bad as expected.
On Friday, reality bit back with the news that the unemployment rate spiked in March, to 8.5 percent, a 25-year high. The government’s report [...]
Why Not Just Let AIG Go Under?
Last week’s outrage over big bonuses paid to executives at AIG has more than a few readers wondering: Why can’t we just let these big companies go out of business?
Roughly half of the $180 billion the government has given AIG has already flowed, indirectly, to the “counterparties” that bought [...]
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