Paulson has announced he is spending an additional $600 billion to buy up toxic mortgages: The Federal Reserve announced Tuesday that it will purchase up to $600 billion in mortgage-backed assets, the toxic assets that have been weighing down embattled government-sponsored enterprises like Fannie Mae (FNM: News ) and Freddie Mac (FRE: News ). Buying […]
When no matter what you do, you keep sinking. That’s the best way to sum this up: Nearly a fifth of U.S. borrowers owe more on their mortgages than their homes are currently worth – and that number is growing. 20% of American homeowners are in quicksand right now and more are stepping into it. […]
Here is his own 3am ad: Pretty interesting coming from a man who’s top economic adviser is considered one of the key culprits in the entire subprime mess. Speaking of Phil Gramm, let’s look at his employer: The spiraling crisis in the credit and housing markets has kept Gramm in focus, fairly or not. His […]
The Malkinites of the world hate when the government tries to help people out, but that is exactly what they are doing: Prodded in part by some of the nation’s biggest banks, the Bush administration and Congress are considering costly new proposals for the government to rescue hundreds of thousands of homeowners whose mortgages are […]
Things are getting worse. Major banks and mortgage companies yesterday sharply accelerated an industry consolidation that is set to change the landscape of American lending, while a convergence of events exposed fresh worries about the U.S. economy. New indications emerged yesterday that the spiraling subprime mortgage crisis is spreading from home loans to credit cards, […]
This is the part of the story you don’t here the politicians talking about, or the press corp asking the White House, but it is truly another bad effect of what is happening in the housing market: In the foreclosure crisis of 2007, thousands of American families are losing their homes without ever missing a […]