Filed under: Law, Bank of America (BAC), HousingEveryone cheered when Countrywide Financial, owned by Bank of America (NYSE: BAC), agreed to modify loans under a settlement with 11 state attorneys general reached in October.Everyone, that is, except the people who held those mortgages and stood to lose hundreds of millions of dollars as a result of slashed balances and reduced interest rates. S...
Results 1 - 10 of 547 for "HOUSING"
"Declare victory and leave." --Advice given to Presidents Johnson and Nixon on the Vietnam War by Senator George Aiken, R – VT.
"Declare victory and leave." --Advice given to Presidents Johnson and Nixon on the Vietnam War by Senator George Aiken, R – VT.
Filed under: Economic data, Oil, Housing, RecessionOil is trading around $50 a barrel. Gas prices are about $1.80 and could drop another dime or two. That is a long way from the $4.15 drivers were paying in the summer. A family of modest means, making perhaps $35,000 a year, might have a mortgage of $500 a month. After taxes, the family's real income is probably less than $2,200 a month. Father...
U.S. Launches New Assault on Consumer Recession, Backtracks on Toxic Mortgage Assets Bailout
Tue, Dec 2, 9:47 AM ET
The United States is now waging an all-out war against clogged credit markets and attacking each troubled artery head on. Earlier this week U.S. government officials announced a new plan to pump $800 billion dollars into the rapidly contracting economy by injecting funds into distressed credit markets where banks remain reluctant to lend and continue to hoard cash. Unprecedented, this latest sa...
Beazer Homes USA Inc. on Tuesday says its fiscal fourth-quarter loss rose to nearly $500 million as the home builder’s results were hit by an accounting rule that will likely prevent it from reaping the tax benefits of loss carry-forwards.
NEW YORK (Reuters) - Beazer Homes USA posted a wider quarterly loss on Tuesday, citing a further deterioration of the U.S. housing market due to lower consumer confidence levels and reduced access to mortgage financing.
There has been one asset class which has held up with flying colors: US TREASURIES. It has been a great ride if you hold them, but the yields are reaching a point that signals something disastrous. The sad part is that this is not just a warning or just temporary funds seeking "just in case" havens. It is signaling another major shoe to drop imminently.We all know the story. A global recession...
It has been repeated ad nauseam. Housing has to be fixed before the credit markets and banks can recover. Housing has to be fixed so that people who are hard-working souls won't be thrown into the streets because their interest rates and monthly payments are too high. Housing needs to be fixed because it is the root of all economic evil.If the future of the recession sits with housing, the trou...
Filed under: Economic data, Housing, Financial CrisisThe conventional wisdom is that if housing does not improve, the economy does not improve and the credit crisis does not go away. This may be a case where the consensus is right. According to The Wall Street Journal, "TransUnion LLC, which analyzed about 27 million consumer records in its database, predicted that the proportion of consumers w...