News

2009

January

22

• House urges tighter rules for bailout beneficiaries. The House yesterday overwhelmingly approved a plan to place strict new requirements on banks and other financial institutions that accept government assistance under the Treasury Department's $700 billion financial rescue program. The measure, while unlikely to

• By switching charters, banks skirt supervision. At least 30 banks since 2000 have escaped federal regulatory action by walking away from their federal regulators and moving under state supervision, taking advantage of a long-standing system that allows banks to choose between federal and

21

• La crisis agudiza la brecha social. Los hispanos de Nueva Jersey, los padres solteros de California y los ancianos de Rhode Island que compraron viviendas tienen todos algo en común: más de una tercera parte de ellos no pueden

• Inauguration party doesn't reach Wall Street. He called them "gathering clouds and raging storms," "icy currents" in a "winter of our hardship." But as Barack Obama spoke to the country for the first time as president, the world beyond Washington was

• Stimulus projects may come too late. Less than half the money dedicated to highways, school construction and other infrastructure projects in a massive economic stimulus package unveiled by House Democrats is likely to be spent within the next two years, according

18

• Preparing your budget for disaster. Those of us prone to financial daydreaming spend a lot of time on the lotto fantasy. We create elaborate Excel spreadsheets in our head sorting what we would buy, whom we would help and when

• Win the power struggle. You can go broke going green. Solar panels cost tens of thousands of dollars. And who's got the money to buy all new appliances? Don't despair. There is a lot you can do, right now,

• Tax filing online is free for all. You know the saying that there's no free lunch? Well, the Internal Revenue Service is trying to prove you can get something free when filing your taxes. This year, all taxpayers can file returns for

• Banks consider bad asset quarantine. A housing bubble bursting, banks faltering toward failure, a nation plunging into recession. The year was 1991, and the Swedish government responded with a dramatic plan: Unpaid loans and other troubled assets would be dumped into

17

• FTC tries to close door on foreclosure scams. You've probably seen the incessant TV and Internet pitches - "We can stop your foreclosure!" - offering hope to millions of homeowners who are behind on their mortgage payments or heading to foreclosure. But a

15

• Credit scores may be offered more widely. Consumers may soon be able to get free credit scores through their bank or credit union. Fair Isaac Corp., maker of the FICO credit score, is announcing an agreement Thursday to make its score available

• Foreclosures more than doubled in '08. More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices. Nationwide, more than 860,000

13

• Minorities hit hardest by home loan inequities. Adding empirical evidence to what many community and housing activists already know anecdotally, a new report by the Federal Reserve Bank of Boston documents how minorities in Massachusetts were disproportionately affected by the mortgage crisis.

• Obama promises a better bailout. Reporting from Washington -- In formally asking Monday for the release of the second half of the $700-billion financial bailout fund, President-elect Barack Obama is promising Congress he will do a better job than President

11

• Gentler tax laws sought. Congress should ease certain tax laws governing defaults on mortgages, credit cards and other consumer debt to help Americans who are struggling in the economic downturn, the watchdog agency of the Internal Revenue Service said

10

• Housing appraisals in upheaval. When you apply for a mortgage to buy or refinance a house, should you be concerned that your appraiser is being paid much less than the $300 to $600 you're charged, perhaps half? Should you know who

08

• New structure proposed for Fannie & Freddie. In his final speech scheduled as Treasury secretary, Henry M. Paulson Jr. yesterday proposed replacing mortgage-finance companies Fannie Mae and Freddie Mac with highly regulated utilities that would play a more limited role in making

• Congress should resolve to fix tax code. It's the most exasperating time of the year. Yes, folks, it's tax time. While President-elect Barack Obama and Congress debate what could be $300 billion in tax cuts, one can only hope they will also address

• $1,000 homes available in awful market. The real estate market is so awful that buyers are now scooping up homes for as little as $1,000. There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in

• Pagos de salud se retrasan. La crisis económica ha provocado un aumento del 73% en las cuentas sin pagar por parte de los pacientes en los hospitales de California, en tanto que se registra un incremento de 33% en la cantidad