Gabriellee Cunningham had fallen behind on the mortgage on her modest suburban Miami home and was mired in debt when she was approached in June by a door-to-door "mortgage lender" who promised to help her. Nine months later, her $89,000
By John F. Ince, AlterNet. Posted March 20, 2007. In addition to borrowing from the world's poorest countries, Bush & Co. are secretly confiscating your hard-earned dollars to support their out-of-control spending habits. ometime in the next yea
Congress should not bail out subprime lenders and brokers who made risky mortgage loans to borrowers with bad credit, but lawmakers can take several steps to protect consumers going forward, a representative of the Conference of State Bank Supervisor
[Don't worry, be happy.] Americans have a very strange relationship with debt. We seem to take on more of it than any other society ever has, but, boy, do we like to beat ourselves up about it. Benjamin Franklin implored his fellow citizens, for
[So funny it's sad.] But Nguyen, 31, is feeling confident. Though he figures his home's value fell at least $40,000 during the last year, he gained $200,000 in equity during the five-year boom. He's qualified for a mortgage on a $750,000
Why? 1) Prices disconnected from fundamentals. House prices are far beyond any historically known relationship to rents or salaries. Rents are less than half of mortgage payments. 2)...
New Century Financial Corp., once the largest independent provider of subprime mortgages, was dealt a fresh setback when Fannie Mae refused to http://www.reuters.com/article/ousiv/idUSN2035363520070321buy its loans made to borrowers with poor credit,
In its biggest one-week drop in more than 3 years, Washington Post-ABC News Consumer Comfort Index is down 7 points to -5 on its scale of -100 to +100. The index has fallen precipitously only 3 other times in more than 20-year history of the poll.
If you own a credit card, you know by now that if you're late with a payment the credit card company will charge you a late fee in addition to raising your interest rate. But did you know that they can raise your interest rate if you've made
Brian Fortinberry, who runs Front Range Barbecue in Colorado Springs, Colo., is feeling the brunt of a spike in prices. Beef costs about 10 percent more than it did in January, he says. Fruit and lettuce are also pricier. Gasoline has gone up, add
We felt this was an important intellectual contribution to alonovo from the Libertarian perspective and we have also applied this philosophy to the organizations we work with that range from CODEPINK to the National Military Family Association.
US wholesale prices unexpectedly surged 1.3 percent in February, the government said as food and energy costs rocketed. The Labor Department's producer price index (PPI) was much higher than Wall Street forecasts for a rise of 0.5 percent, and co
When two Los Angeles police officers came upon an organized dogfight in a trash-ridden alley in South Los Angeles earlier this week, they found two battered and bloody pit bulls. But the officers were surprised to see who was organizing the allege
The US current account deficit surged to a new record high of $856.7 billion dollars. The deficit, the broadest measure of trade and investment flows, represents a huge debt owed by the United States to the rest of the world.
Lawyers for investors hurt by the meltdown of mortgage lenders that cater to risky borrowers are likely to file a wave of class-action lawsuits against the lenders and possibly their auditors and bankers as well.
U.S. stocks plunged in their second-worst sell-off of the year as the impact of losses in the subprime mortgage group cascaded across the financial sector, knocking down shares of investment banks and traditional lenders.
Debate among World Bank members is intensifying as the International Development Association (IDA) -- the group's arm for lending to the poorest countries -- seeks to replenish its coffers to help fund debt-relief promises.
Two years is a long time, and few other marketers can get away with demanding it, much less adding to it. Every time you walk back into the cellphone store or call the customer service operators, it seems, the contract is extended. Lose the phone or
Trump Entertainment Resorts Inc. said Monday it has signed up Merrill Lynch to help it evaluate "strategic corporate options," often a prelude to the sale of parts -- or the whole -- of a company.
Countrywide Financial Corp., the largest U.S. mortgage lender, told its brokers to stop offering borrowers the option of no-money-down home loans. Loans financing 100 percent of a home's value are among those that have led to a sharp rise in deli
China will soon create one of the world's largest investment funds, with ramifications for global stock, bond and commodities markets and for how the U.S. finances its trade deficits. [dumping dollars]
Strong demand for corn from ethanol plants is driving up the cost of livestock and will raise prices for beef, pork and chicken, the Agriculture Department said. Meat and poultry production will fall as producers face higher feed costs, the departmen
Federal authorities raided a construction company in southern Arizona accused of breaking the law by hiring illegal immigrants, arresting the firm's president and several employees on federal charges and detaining 10 undocumented workers.
Businesses spent more to compensate their workers in the final three months of 2006 but got less productivity out of them, revised government data showed Tuesday. Taken together, rising labor costs and wilting productivity are
Hear Michael Pazner discuss haunting economic probabilities and the unwillingness of politicians to address the fundamental monetary problems that drive them.
Stocks slipped on Wednesday following a negative assessment of the housing market from a large home builder and a Federal Reserve report indicated some U.S. regions were seeing slowing economic growth.
Mounting concerns on Wall Street that mortgage lenders might be hurt by increasing defaults and delinquencies sent investors fleeing from some of the biggest names in the industry. The meltdown among lenders that specialize in home loans to people wi
The US economic expansion suddenly seems more fragile than thought just weeks earlier, after a sharp downward revision to the past quarter's growth and renewed fears about the slump in real estate.
U.S. Treasury Secretary Henry Paulson said he feels good about the U.S. economy and does not see the country slipping into recession.
The U.S. government's top accountant says the law that added a prescription drug benefits to Medicare may be the most financially irresponsible legislation passed since the 1960s. [Thank Rep. Trent Franks for that.]