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The nation’s foreclosure abyss has widened with 11 states seeing triple-digit increases in August compared to a year earlier, says Foreclosures.com, a Fair Oaks-based foreclosure information service. Through August, 355,624 homes have been taken b
And unless Congress acts quickly to change tax policy, there are more surprises that will start appearing next April. If you're forced to sell your home at a loss -- or lose it through a foreclosure -- the tax consequences could be costly.
A hedge fund run by $20 billion firm Paulson & Co. has surged 410% so far this year as subprime bets paid off.
The expanding mortgage crisis and credit crunch slammed the Los Angeles housing market in August, with home sales plunging 50 percent from the same month last year and 25 percent from July.
Premier Foods, the group behind Branston Pickle,Oxo,Mr.Kipling and Quinn, said a "systemic change" in world ingredient markets, with "violent rises" in many commodities, had heralded a new era, bringing to a close almost 15 years
Welcome to Fleece U., where our mission is to take feckless teenagers such as yourselves and turn them into full-fledged citizens of our economy, meaning, of course, debtors. Your real purpose here is to ... assume the burden of debt.
Motorcycle manufacturer Harley-Davidson Inc(HOG) said on Friday that 2007 earnings would come in 4 percent to 6 percent lower than last year because of tough times for US consumers, sending its shares down 7 percent.
The drop in employment, following a month-long increase in the cost of credit prompted by losses in the mortgage market, is the clearest sign yet that the U.S. expansion is in jeopardy. Payrolls are one of the main indicators, along with sales, wages
UBS is recommending "swaption" strategies because "turmoil in global credit markets will ease". What's in this for UBS? Why is turmoil set to ease? Banks like Citigroup are in a bind over off balance sheet SIVs, LBOs, etc. Bef
Drop in Mortgage Loans will affect up to 12,000 jobs in the next 3 months
Abuse of the custodial role for the world reserve currency invites retribution. The Wall St hucksters were well aware of the foreign pipelines to recycle trade surpluses into US$-based securities. They expoloited the situation for private gain,
The number of homeowners receiving foreclosure notices hit a record high in the spring, driven up by problems with subprime mortgages. The Mortgage Bankers Association reported Thursday that mortgage-holders starting the foreclosure process
The Federal Reserve added 31.25 billion in temporary reserves to the US money markets Thursday in three different operations, the latest move to keep credit market from drying up. The New York Fed added 7 billion in 14-day repurchase agreements
The August jobs report was a total disaster. 4,000 jobs were lost and there were huge backward revisions as well. Nonetheless the model used by BLS moonbats keeps adding financial service and construction jobs even as 149 mortgage lenders imploded an
A sharp drop in foreign holdings of US Treasury bonds over the last five weeks has raised concerns that China is quietly withdrawing its funds from the United States, leaving the dollar increasingly vulnerable.
The number of mortgage loans entering the foreclosure process in the second quarter set another record, according to the latest data from the Mortgage Brokers Association.
Mass Layoffs soared 85% in August compared to July. In addition "Temp" employment hiring (a leading indicator) has gone negative. Meanwhile the BLS continues to "assume" the creation of jobs via its Birth/Death model, even as ADP,
"The ultimate impact of these events on the economy has yet to play out. ... These events have occurred during a time of solid domestic and global growth, helping to mute some of the impact of this turbulence. ... this process is far from over,*
Hedge funds suffered their worst month of redemptions in seven years in July after some $55bn was withdrawn by jittery investors concerned by lowered returns amid the global credit crunch. The sector, until recently seen as one of the most
With the celebration of Labor Day just completed, it was nice to read an article published a week ago Sunday in the business section of The Sun about how the Young Entrepreneur Foundation, the philanthropic arm of the National Federation of Independe
The pain from higher borrowing costs may be spreading as consumers and businesses follow investors in shying away from risk, increasing the odds of a recession. "While there is no basis for predicting a recession right now, the risks have surel
The United Auto Workers union appears to be simultaneously crafting new labor contracts with each of the three Detroit automakers, a break from traditional tactics but one motivated by a desire to keep the financially strapped American companies aliv
A proposal to test a radical change in the U.S. student loan industry by putting it on the [free market?] auction block is set to pit Democratic lawmakers against the Bush administration and the banking industry. The troubled $85-billion business wou
"The crazy appreciation in real estate in the last few years is now in reverse," Kazan said.
Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation's housing market slump. Citigroup Inc, the largest U.S. bank, said it agreed to buy the mortgage
To anyone not dependent on the hysteria, a no-doc, no money down, negative amortization, interest only, adjustable rate jumbo was a just as clear a sign of pending catastrophe as $200 for a share of Pets.com or 5,000 Dutch guilders for a single bulb.
Freddie Mac today reported that its quartely profit feel by nearly half in part because it set aside more money to cover expected losses from defaults on loans. The giant mortgage funding company's financial results provided another barometer
The US financial industry displayed fresh signs of distress from the credit crunch afflicting global markets yesterday, with one mortgage provider describing lending conditions as the worst since the Great Depression of the 1930s.
Find out the real story of why Bush is suggesting a bailout of the mortgage mess. Mish has the details.
Bernanke proves he cannot distinguish problems from solutions. He proposes "creative thinking" and new mortgage products authored by Congress to get us out of this mess without thinking that cheap money and creative thinking created the hou
