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Economy

Largest Bankruptcies in History

by MorganJune 14, 2009 Economy

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!GOOD Magazine has a great graphic representation of the biggest bankruptices in history. (click link for bigger size) Check out Lehman bro’s $691 billion BK, more than 7 times the size of GM’s recent bankruptcy. (h/t Boing Boing for [...]

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Long-term unemployment woes increasing rate prime mortgage foreclosures

by Constantine von HoffmanJune 9, 2009 Bailout

As the unemployment rate continues to grow it is hitting an increasing number of people who had prime mortgages. The result is a huge increase in foreclosures among primes. In the first three months of the year, prime fixed-rate loans accounted for nearly half of the increase in foreclosure proceedings, according to the Mortgage Bankers [...]

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One million foreclosure landmark a boon for some buyers

by Jay HammondJune 1, 2009 Consumer Mortgage Tips

The Center for Responsible Lending (CRL) estimates that one million new foreclosures have been filed so far in 2009. The news comes on the heels of the release of the first quarter 2009 National Delinquency Survey from the Mortgage Bankers Association (MBA) which reveals that 12 percent of all mortgages are now delinquent, the highest [...]

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AIG wants donations back to pay bonuses

by MorganJune 1, 2009 Bailout

The sickening feeling in my stomach continues to worsen. AIG is looking to clawback a $490 million endowment and the $27 million in donations already made to charities to pay employee bonuses instead. The New York Post has the details on this underhanded, disgusting move by a company and board that has long [...]

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Blame it on Reagan

by MorganJune 1, 2009 Economy

Economist Paul Krugman is any way in a New York Times Op-Ed. Krugman blames Reagan and his advisors for planting the seeds that would has become the worst economic crisis since the Great Depression.
Krugman points to the 1982 signing of the Garn-St. Germain Depository Institutions Act that deregulated mortgage financing, encouraged absurd [...]

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Homeowners Lack Savings Amid Growing Job Loss Fears

by Jay HammondMay 20, 2009 Economy

Twenty-four percent of homeowners do not have any savings to cover their living expenses in the event they lose their job, according to the latest quarterly survey from Wells Fargo and Company. Although only 23 percent of survey respondents have managed to increase their savings during the past year, 60 percent indicate they want to [...]

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New Commercial Real Estate Lending Index Introduced

by Jay HammondMay 18, 2009 Commercial real estate

“Commercial Real Estate lending conditions will likely deteriorate further after a sharp drop in the first quarter of 2009, creating both new opportunities and challenges for community banks,” said Chris Nichols, CEO of Banc Investment Group the capital markets group of Pacific Coast Bankers’ Bancshares. “CRE lending conditions were impacted by a perfect storm of [...]

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Declining home values sink one-fifth of homeowners

by Jay HammondMay 6, 2009 Consumer Mortgage Tips

U.S. home values fell for the ninth consecutive quarter during the first three months of 2009 leaving one in five American homeowners with negative equity in their homes.  The first quarter Zillow Home Value Index fell to $182,378, a decline of 14.2 percent over the same period in 2008. The last time the market was [...]

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Some Good Housing News

by phillenbrandMay 4, 2009 Economy

If you’re an optimist like myself, you’ve probably grown tired of the constant hum of negative or depressing news as it relates to the housing market. More delinquencies here, higher foreclosures there, falling prices over there. After months of terrible news with no end in sight, we’ve seen some hints that things are, at the [...]

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