News

2008

October

17

• Good homeowners, bad loans. FOR those who championed a hands-off approach to the supervision of finance, the economic meltdown should have prompted reflection on the value of common-sense regulation. Unfortunately, a growing chorus in conservative circles is trying to

16

• Lawmakers consider regulatory overhaul. As the nation's financial system continues to unravel, lawmakers on both sides of the aisle say the U.S. government appears poised to enact sweeping changes to the spider web of agencies that regulate banks

14

• Wall Street's turn to bolster confidence. Now, what was that about Hank Paulson having blown it? How he foolishly let Lehman Brothers go under and started a chain reaction that quickly turned into a financial meltdown? How he was so focused

• Large, new stimulus package considered. With fears rising that the nation stands on the precipice of a prolonged recession, House Democrats are contemplating a huge infusion of public cash -- as much as $300 billion -- to stoke economic growth by

• Both sides of the aisle see more regulation. For 30 years, the nation’s political system has been tilted in favor of business deregulation and against new rules. But that is about to change, now that the government has been forced to intervene in

• $250 billion bank investment plan. President George Bush said this morning that the administration's "unprecedented and aggressive" plan to partly nationalize nine major banks was an "essential short term measure to ensure the viability " of a battered financial system. With

13

• Consigue una modificación del préstamo. Addie Polk no quiso abrirle la puerta a la policía que venía a desalojarla. Hacía meses que no podía pagar la hipoteca que había financiado varias veces desde 1997, tres añ

12

• Bailout has tax breaks for us. The mega-bailout package for Wall Street also contains about $150 billion in tax breaks for the rest of us. Some are new, but many are tax breaks that had either lapsed or were near expiration and

• CRA blame game gets nasty when it targets poor. I was raised by a grandmother who had to assign blame when anything went wrong. For Big Mama, there were never any accidents. When I got into a car crash while driving her to a

11

• Consignment sales rise as economy falters. Patricia Ohlemiller packed up her Edmund Scientific Astroscan telescope last week and headed to the Gaithersburg iSold It eBay drop-off center. She hoped to recoup $150, minus commission, of its original $350 value. Planning to retire next

10

• Tidal wave of foreclosures and bankruptcy reform. A wave of foreclosures will crest next year, forcing the new Congress to take up bankruptcy reform in 2009. At issue is a provision that prohibits judges from ordering banks to renegotiate mortgage terms with homeowners

• Investors, bankers have lost confidence. With its alphabet soup of CDO and CDS and TAF and TARP, the current financial crisis can seem hopelessly complex. But it really boils down to one word: confidence. The global financial system is grinding

• Mixed signals for mortgage giants. Reading the latest report from the federal regulator running mortgage finance giants Fannie Mae and Freddie Mac could give you whiplash. Fannie Mae and Freddie Mac had said at the end of June that they

07

• Europe prepares consumer rights plan. The European Commission will release a proposal on Wednesday to guarantee consumer rights across the 27-nation bloc, a move that is expected to help spur shopping online and across national borders. The legislation would require

• Fears of recession deepen as markets plunge. The collapse of stock markets worldwide Monday reflects deepening concerns that government intervention won't be enough to stave off a potentially severe global recession. "Recession is unavoidable at this point," said Marc Pado, stock market

06

• Dollar has surprising strength in weak economy. Stock markets are swooning, credit markets remain frozen, and some foreign officials are predicting that the United States will lose its status as a financial superpower. And yet the dollar — the most visible symbol of

• Countrywide borrowers to get mortgage aid. An estimated 125,000 Californians who are struggling with risky mortgages from Countrywide Financial Corp. may get their loans modified and payments reduced under a program to be announced today. In a pact that could save mortgage

• Wells Fargo, Citigroup in tug of war over Wachovia. Wachovia and Citigroup lawyers spent the weekend in state and federal courts, sparring about Wachovia's decision Friday to break off its engagement with Citigroup after getting a better offer from Wells Fargo. Wachovia agreed on

• Economy: One hurdle down, many more to go. The extraordinary $700 billion financial rescue plan that President Bush signed into law Friday will begin the process of healing a battered financial system. But it's only the start of a journey that grows longer and

05

• $10.1-trillion national debt? Let's cut taxes!. Even before the current financial crisis, a federal budget deficit of nearly $500 billion was projected for next year. Now an additional $700 billion has been committed to bailing out Wall Street, not to mention as much