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Schwarzenegger Declares Fiscal State Of Emergency Monday, December 1, 2008 @ 5:55PMGov. Arnold Schwarzenegger declared a fiscal emergency on Monday and called lawmakers into a special budget session, warning that California was in danger of running out of daily operating cash within two months. The special session will force the new Legislature to get to work immediately and figure out a way to solve the $11.2 billion budget deficit in the current fiscal year.
Fixing the foreclosure crisis: State must end mortgage abuses Monday, December 1, 2008 @ 5:40PMMichigan should root out the unscrupulous practices that set the stage for massive foreclosures here. The Legislature can do that this month by setting rules to stop predatory lenders.
Governor Declares California Fiscal Emergency Monday, December 1, 2008 @ 5:33PMGov. Arnold Schwarzenegger declared a fiscal emergency on Monday and called lawmakers into a special budget session, warning that California was in danger of running out of daily operating cash within two months.
Schwarzenegger Calls Fiscal Emergency in California (Update2) Monday, December 1, 2008 @ 5:18PMDec. 1 (Bloomberg) -- California Governor Arnold Schwarzenegger , saying his state is going broke, declared a fiscal emergency and ordered the incoming class of lawmakers into a special session to fix a widening $11 billion deficit.
US working on new lending programs: Paulson Monday, December 1, 2008 @ 4:53PMTreasury Secretary Henry Paulson said on Monday that more programs were being developed to stimulate lending but warned a severe financial crisis is stubbornly persisting.
MORTON KONDRACKE: Will Obama opt for pragmatism in energy policy? Monday, December 1, 2008 @ 10:57AMWILL OBAMA OPT FOR PRAGMATISM IN ENERGY POLICY? President-elect Barack Obama is proving to be remarkably pragmatic and centrist as he tackles the global economic crisis. Big tests are yet to come on energy, however.
October construction spending drops 1.2 percent Monday, December 1, 2008 @ 10:54AM(AP:WASHINGTON) Construction spending fell by a larger-than-expected amount in October, another indication that problems facing the builders of homes, hotels and other projects are deepening and likely to persist.
Unorthodox Monetary Policy: Central Banks As “Stabilising Speculators” Monday, December 1, 2008 @ 10:54AMThis article explains the logic behind a radically new form of monetary policy – a new central-bank tool for stabilising the credit cycle. By buying bank stocks and credit instruments at the bottom of the cycle and selling at the top, the new policy could moderate the boom-and-bust credit cycle independently of interest rate policy. The Fed action on 25 November is a good step in this direction.
AP IMPACT: Under pressure, US eased lending rules Monday, December 1, 2008 @ 10:52AM The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed.
AP IMPACT: Under pressure, US eased lending rules Monday, December 1, 2008 @ 10:52AM The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.
Construction spending drops 1.2 percent Monday, December 1, 2008 @ 10:31AM Construction spending fell by a larger-than-expected amount in October, another indication the problems facing builders in the form of a sinking economy and severe credit crisis are deepening and likely to persist.
Danish Mortgage Lenders May Struggle to Sell Notes (Update1) Monday, December 1, 2008 @ 10:26AMDec. 1 (Bloomberg) -- Danish lenders may struggle to sell as much as $67.5 billion of mortgage notes in annual auctions starting today as the global financial turmoil saps investor appetite.
RBS Promises Six-Month Respite Before Foreclosure (Update3) Monday, December 1, 2008 @ 10:25AMDec. 1 (Bloomberg) -- Royal Bank of Scotland Group Plc , the largest bank controlled by the U.K. government, said it will wait at least six months before foreclosing on delinquent mortgages.
U.S. eased lending rules under pressure Monday, December 1, 2008 @ 10:05AMWashington ignored prescient warnings about impending financial crisis, according to regulatory documents
NEW Poor face loss of legal-aid services Monday, December 1, 2008 @ 10:04AMThis feature is under development and will be available soon. SEATTLE -- The day before Maria Nunes fled Florida for Seattle, her abusive husband beat her unconscious.
Lenders look to avoid foreclosures Monday, December 1, 2008 @ 12:14AMEven though homeowners have not received a government bailout, the financial crisis is helping some people deal with mortgages.
When the Downturn Sailed Into Savannah Sunday, November 30, 2008 @ 5:18AMIn Savannah, Ga., the downturn is chipping away at expansion and prosperity, dimming a 20-year boom.
Reverse mortgages a lifeline for seniors Sunday, November 30, 2008 @ 5:18AMSeniors traditionally have used reverse mortgages to maintain their standard of living in retirement by tapping into their home equity, but older homeowners increasingly are using the loans to avoid sliding into foreclosure.
FORECLOSURE Sunday, November 30, 2008 @ 3:42AMShelly Griese hates to move.
READERS: Detroit 3 aid a no-brainer Sunday, November 30, 2008 @ 2:30AMWith millions of American jobs in jeopardy, the congressional response to the Detroit Three automakers has been mostly negative and misinformed.
The Week In Review: Things You Should Know Sunday, November 30, 2008 @ 2:01AM• MONDAY AmTrust ordered to improve finances AmTrust Bank of Cleveland is under fire from federal regulators for not having enough money in reserves, and it has been ordered to not make any new loans for land acquisition, development or...
Faith-Based Coalitions Pushing for Treasury to Halt Some Foreclosures Friday, November 28, 2008 @ 4:53PMA national coalition of faith-based organizations has launched an effort to push the federal government for a more streamlined approach to handling troubled mortgages, with the aim of keeping more owners in their homes.
Miles Mogulescu: Obama Right to Reassure Wall Street Markets With Rubinauts But Also Needs Econ Advisors Who Stand for ... Friday, November 28, 2008 @ 4:33PMWe can only hope that the smart Rubinauts whom Obama has appointed to lead his economic team have learned some of the lessons from their deregulatory past.
First step to GOP recovery: Fire Rush Limbaugh Friday, November 28, 2008 @ 12:16PMHow can the Republican Party rebound? The first step would be to quit letting Rush Limbaugh, Sean Hannity and Laura Ingraham set its agenda.
Legal-aid groups for the poor endure severe budget reductions Thursday, November 27, 2008 @ 11:06PMThe day before Maria Nunes fled Florida for Seattle, her abusive husband beat her unconscious.
Why This Crisis Will Send Inflation Soaring Thursday, November 27, 2008 @ 8:43PMThe US financial crisis has now spread across the globe. Years of easy credit created massive asset bubbles in the housing and financial services sectors.
Area housing market slips as prices drop 14% over the past year Thursday, November 27, 2008 @ 12:01PMRedding’s housing market sizzled five years ago when it topped a government index as the fastest-appreciating area in the nation.
7 Killed As SUV Plunges Off Interstate Thursday, November 27, 2008 @ 11:19AMA fiery rollover early Thanksgiving killed at least seven people north of Denver.
Soldier From Georgia Killed In Iraq Thursday, November 27, 2008 @ 8:20AMDORAVILLE, Ga. -- A Fort Wainwright soldier from Georgia has died in Iraq. The soldier, 35-year-old Lt. William K. Jernigan of Doraville, Ga., died in Baqouba of injuries sustained in a non-combat related incident.
East Point Auto Dealer Convicted Of Killing 2 Employees Who Asked For Raises Wednesday, November 26, 2008 @ 6:20PMATLANTA -- A 40-year-old man has been convicted of murdering two of his employees at an auto dealership in East Point and has been sentenced to two consecutive life sentences plus 10 years.
Most Dividends Cut Since 1950s as Banks Conserve Cash (Update2) Wednesday, November 26, 2008 @ 5:12PMNov. 26 (Bloomberg) -- Stock dividends are disappearing at the fastest rate in 50 years as the worsening recession forces U.S. companies to conserve cash.
Consumer Spending Down By Most Since 9/11 Wednesday, November 26, 2008 @ 10:44AMConsumer spending in October dropped by 1 percent, the largest amount since the 2001 terrorist attacks, the government reports.
Thanksgiving in America Wednesday, November 26, 2008 @ 10:36AMCollectively and individually, we all learn through crises. But only after a crisis is over do we recognize the lessons learned and become thankful for the fundamental and needed changes such crises bring. When this crisis is over, we too will be thankful for its gifts.
Drop in U.S. home prices called the worst on record Wednesday, November 26, 2008 @ 10:20AMNEW YORK - Home prices tumbled by the sharpest annual rate on record in the third quarter, according to two widely watched indexes released yesterday, and the trend is expected to get worse.
Most Dividends Cut Since 1950s as Banks Conserve Cash (Update1) Wednesday, November 26, 2008 @ 10:11AMNov. 26 (Bloomberg) -- Stock dividends are disappearing at the fastest rate in 50 years as the worsening recession forces U.S. companies to conserve cash.
October Durables Prove Fragile Wednesday, November 26, 2008 @ 10:06AMThe 6.2% decline in orders of manufactured goods was twice as bad as expected, while jobless claims were not as grim as forecast.
Some friction, grumbling as Miami-Dade OKs application for federal foreclosure relief funds Wednesday, November 26, 2008 @ 10:00AMBy Risa Polansky A vote to approve a proposal for federal foreclosure relief funds caused friction at a Miami-Dade meeting last week as some commissioners pushed to ensure their districts would see a share of the money.
Oil prices tumble on raft of dour economic news Wednesday, November 26, 2008 @ 9:58AMCOLUMBUS, Ohio - Oil prices fell nearly 6 percent Tuesday after a raft of lousy news about the economy, housing and the consumer state of mind suggested the U.S. is slipping toward the worst recession in decades.
Unheeded Warnings Wednesday, November 26, 2008 @ 9:45AMDecember/January preview>> Well before this year’s economic collapse, business journalists shined a spotlight on serious problems in the U.S. economy. But regulators and members of the public didn’t pay much attention.
Survey finds modest relief for homeowners threatened with foreclosure Tuesday, November 25, 2008 @ 8:30PMFederal and state officials, eager to stabilize the housing market, have leaned hard on mortgage companies to honor their pledges to help more homeowners avoid foreclosure. But in California at least, the mounting pressure has so far produced only modest results, according to survey released Tuesday by the non-profit California Reinvestment Coalition.
Oil prices tumble; gas falls to 2004 levels Tuesday, November 25, 2008 @ 8:29PMCOLUMBUS, Ohio - Oil prices fell nearly 7 percent Tuesday and gasoline prices fell to levels not seen since 2004 as a raft of lousy news about the economy, housing and the consumer state of mind suggested the U.S.
Comments, corrections, clarifications, and c*ckups Tuesday, November 25, 2008 @ 8:22PMMelbourne Uni ... the F35 Joint Strike Fighter ... subprime ... Keating ... climate change ...
No bottom yet as Valley home values plummet Tuesday, November 25, 2008 @ 8:12PM Two national reports paint an even bleaker picture of home values across the Valley and Arizona. New figures released Tuesday from the Federal Housing Finance Agency show the value of the average home in this state plummeted more than 6 percent in the three months ending Sept. 30.
Matthew Casey: The downward economic spiral continues Tuesday, November 25, 2008 @ 8:05PM Just before the dot.com bubble burst, “experts” were peddling books with titles like “Dow 36,000,” “Dow 40,000” and even “Dow 100,000.” According to a 1999 book review, “it’s not a question of if the Dow Jones Industrial Average will blast into the financial stratosphere, but how high it will go.”
Hope Now helps 2.7M homeowners stay put Tuesday, November 25, 2008 @ 7:51PM (Bloomberg) -- Mortgage-servicing companies kept 225,000 U.S. homeowners out of foreclosure last month by modifying loan terms or securing new repayment plans, according to an industry survey.
Economy’s tumble even worse than expected in third quarter Tuesday, November 25, 2008 @ 9:49AMWASHINGTON (AP) — The economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years, further proof the country is almost certainly in the throes of a painful recession.
U.S. Stocks Rally on Fed’s Plan to Boost Lending; SLM, CIT Jump Tuesday, November 25, 2008 @ 9:45AMNov. 25 (Bloomberg) -- U.S. stocks advanced and the Standard & Poor’s 500 Index posted its first three-day gain since September after the Federal Reserve committed as much as $800 billion to help resuscitate lending.
U.S. home prices drop by record amount Tuesday, November 25, 2008 @ 9:45AMNEW YORK–A widely watched index released Tuesday showed home prices dropping by the sharpest annual rate on record in the third quarter as foreclosures continued to hammer prices and the tumult on Wall Street kept more homebuyers out of the market.
Home Prices for 20 U.S. Cities Decline Most on Record (Update2) Tuesday, November 25, 2008 @ 9:40AMNov. 25 (Bloomberg) -- House prices in 20 U.S. cities declined in the year ended in September at the fastest pace on record as rising foreclosures pushed down property values.
(AFX UK Focus) 2008-11-25 15:07 UPDATE 3-D.R. Horton loss wider, but shrs up in broad rally Tuesday, November 25, 2008 @ 9:38AMNEW YORK, Nov 25 (Reuters) - D.R. Horton, the largest U.S. homebuilder, reported a wider quarterly loss on Tuesday but shares rose as homebuilders and the broader market extended rallies spurred by further government intervention in the financial sector. Horton posted a fourth-quarter loss of $799.9 million, or $2.53 per share, compared with a loss of $50.1 million, or 16 cents per share, a year ...