Fannie Mae posted a much larger-than-expected second-quarter loss and slashed its dividend more than 85% to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression.
A brief history of the FDIC and how "Safe" your bank deposits are/are not.
The social calendar is still a whirl of glamorous lawn parties, wine tastings, gallery openings, beach get-togethers and gala benefits in the Hamptons, the summer playground for the millionaire Learjet Set. But down at Town Hall, the local government
Examination of public debate on our economy in the US reveals little but childishness. A potpourri of laughs.
July was another record month for foreclosures in the state of CA with all hell breaking lose and banks taking back roughly 26,500 homes for $12.5 billion. This 25% increase breaks all records ever posted....
In the Stealth Depression, food stamps and food banks have replaced soup lines. Florida, Ohio, and Michigan are already in a depression. More states will follow. Looks are deceptive. Just ask those foreclosed on, those with no job...
Unfortunately, the "$10 trillion" number was produced by government accounting, which among other things allows one to ignore Social Security, Medicare, and the new prescription drug benefit. This is like ignoring rent, food, and utilities
The gloom over the nation’s housing market deepened on Wednesday as Freddie Mac, the big mortgage finance company, reported a gaping quarterly loss and predicted that home prices would fall further than previously projected.
Fifty-three weeks after Morgan Stanley’s buy recommendation, GM’s stock hit a 54-year low of $9.98 per share. (WATSUP?)
The Democratic-controlled Congress and the Bush administration have presided over a surge in new federal spending obligations that may be the most enduring legacy of the 110th Congress. From new entitlements such as a GI bill for military veterans to
Mexico's peso firmed to a six-year high as lower oil prices eased some economic fears and investors bet on higher local interest rates, while stocks sank to a six-month low. The peso gained 0.9 percent to 9.8745 per dollar, its strongest since
The chief executive of the mortgage giant Freddie Mac rejected internal warnings that could have protected the company from some of the financial crises now engulfing it, according to more than two dozen current and former high-ranking executives and
The Federal Reserve is the central Bank of the US that was created by Congress in 1913. Since then all other banks lost the authority to print and issue their own currency. However, they still can create money literally out of thin air
Cash-strapped US state and city governments are likely to sell or lease more highways, bridges, airports and other assets to investors desperate for stable returns after being frazzled by the credit crisis. The trend is set to pick up speed given wor
Depression - Totally unavoidable. Bank on it. Well . . . you won’t be able to bank on it, but you can bet on it. We are not only headed for a Depression, but a violent Depression that will be far worse than 1929.
NEW YORK, Aug. 1 (Xinhua) -- Crude prices traded higher Friday on renewed concerns after Israel raised new concerns about Iran's nuclear program.
As politicians and policymakers in Washington struggle to control the damage from the housing crisis, the banks' credit crunch, $4 a gallon gasoline, rising food prices and mounting unemployment, bad economic news is beginning to bite in their ar
Three years ago Byrne, believing Overstock.com's shares were under pressure from an illegal trading tactic known as "naked short-selling," launched a campaign to end the practice. He termed it his own personal "jihad," or holy
They have swapped U.S. Treasury bonds for toxic securities," he told Barron's. "It is privatizing the gains and profits, and socializing the losses as usual. This is socialism for Wall Street and the rich."
The cease-and-desist orders issued in June said the four banks needed to raise more capital, expand their loss allowances and better oversee and diversify their loan portfolios. A fifth bank was cited for violating consumer protection laws.
Since real-estate tanked, many new planned communities across the country are half-empty, with for-sale signs outnumbering residents by a large margin. Daily life in these developments seems a bit post-cataclysmic. Unfinished houses and vacant lots s
First Priority Bank, Bradenton, Florida, was closed today by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. It was immediately sold to
In another email, an S&P manager said ratings agencies were helping to create an "even bigger monster -- the CDO (collateralized debt obligation) market. Let's hope we are all wealthy and retired by the time this house of card falters."
In their haste to do anything Wall Street wants, Congress and the lame-duck President are sowing far more profound troubles for the country. [Methinks you confuse the Fed with Wall street.]
General Motors Corp. reported a second-quarter loss of $15.5 billion, the third biggest in its 100-year history, because of plunging U.S. sales and the declining value of truck leases. The shares fell as much as 11 percent.
Silver State Bancorp -- the bank from which Andrew McCain (son of John McCain) suddenly resigned from its board of directors a week ago for "personal reasons." Today there's been additional high-ranking resignations:
Economists construed the tepid growth in the second quarter, combined with a surge in claims for unemployment benefits, as a clear indication that the economy remains mired in the weeds of a downturn. Many said the data increased the likelihood that
Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers.
Former Federal Reserve Chairman Alan Greenspan said falling US home prices are "nowhere near the bottom'' and the resulting market turmoil isn't showing signs of abating. While the odds of a recession are 50-50, achieving stable mark