- -03-13-07 Stocks Drop on News of Mortgages Report (CBS News)
"Stocks tumbled Tuesday as news came that late mortgage payments shot up to a 3Ĺ-year high in the final quarter of last year and new foreclosures surged to a record high as borrowers with tarnished credit histories had trouble keeping up with their monthly payments." 03-07
- -04-10-07 HUD Auditors Find Widespread Fraud (MSNBC News)
"Today, as inspector general for the Department of Housing and Urban Development, [Kenneth] Donohue is looking into fraud and abusive lending practices related to mortgages insured by the Federal Housing Administration."
"Do you think the worst of the problem in the mortgage market is behind us?"
"Thatís a very good question. You almost have to have a crystal ball. Are we looking at the tip of the iceberg or the iceberg itself? Itís too soon to say."
"I think there are things that need to be done. FHA has to realize that there has to be active oversight and enforcement. I donít see it moving in that direction. My concern is that I see it moving in the other direction." 04-07
- -05-14-07 U.S. Firm to Buy Chrysler Majority (BBC News)
"US private equity firm Cerberus Capital Management is to buy a majority stake in car firm DaimlerChrysler's ailing US Chrysler arm." 05-07
- -07-30-07 Foreclosures Rise 58 Percent in 2007 (MSNBC News)
"The number of U.S. homes facing foreclosure surged 58 percent in the first six months of the year, the latest sign of mounting problems in the mortgage industry, a data firm said Monday." 07-07
- -07-31-07 American Home Shares Fall 90 Percent (MSNBC News)
"Shares of American Home Mortgage Investment Corp. plunged 90 percent Tuesday after the company raised fears it may become insolvent, renewing concern about worsening credit quality in the mortgage market and killing a Wall Street rally." 07-07
- -07-31-07 US Credit Woes Ripple Across the Globe (Christian Science Monitor)
"It's a good thing that the world economy had a head of steam going into this summer, because it now faces financial headwinds made in the USA."
"On Monday, shares of the German industrial bank IKB plummeted as the bank announced its earnings would be hit hard by the rising default rate of American subprime home loans." 07-07
- -08-11-07 Subprime Contagion Is Spreading (Bloomberg.com)
"The $2 trillion market for mortgages not backed by government- sponsored agencies is at a standstill. That's just the beginning. Other types of mortgages are suffering. So are firms and banks that package the debt for investors. The ripples were felt in Europe and Asia, where central banks offered cash to banks amid a credit crunch. And some corporations, from countertop makers to railroads, are blaming the mortgage meltdown and housing slump for earnings that fell short of analysts' estimates." 08-07
- -08-12-07 How U.S. Credit Problems Went Global (Time.com)
"Anyone who clinged to the notion that the risks lurking in America's mortgage pool were a local concern has now been proven wrong. The U.S. subprime mortgage market ó turned sour by borrowers with poor credit struggling to meet payments as interest rates rise ó is fast becoming a global worry. With huge chunks of this debt packaged up and sold to financial companies across the world, bad loans are roughing up banks and markets just about everywhere." 08-07
- -09-19-07 How Lowering the Federal Interest Rate Impacts Us (PBS.org)
"Reacting to a tough housing market, job losses and weak retail sales in August, the Federal Reserve cut its benchmark interest rate by a half point on Tuesday. The decision, which impacts the lending rate between banks, immediately cut the interest rate from 5.25 percent, where it has stayed since May 2006, to 4.25 percent. Our guest answered questions about how the rate cut and financial markets will affect your money." 09-07
- -10-07-07 Medicare Audit Reveals Problems (New York Times)
"Tens of thousands of Medicare recipients have been victims of deceptive sales tactics and had claims improperly denied by private insurers that run the systemís huge new drug benefit program and offer other private insurance options encouraged by the Bush administration, a review of scores of federal audits has found."
"Medicare officials have required insurance companies of all sizes to fix the violations by adopting 'corrective action plans.' Since March, Medicare has imposed fines of more than $770,000 on 11 companies for marketing violations and failure to provide timely notice to beneficiaries about changes in costs and benefits."
"The companies include three of the largest participants in the Medicare market, UnitedHealth, Humana and WellPoint." 10-07
- -10-30-07 Merrill Lynch Searches for New Leadership (New York Times)
"E. Stanley OíNeal, the embattled chairman and chief executive of Merrill Lynch, stepped down from the brokerage firm today, capping a tumultuous 10 days that included a significant quarterly loss and write-down." 10-07
- -Editorial: How One Trillion Dollars Could Have Been Spent (ABC News)
"The price tag for the Iraq War is now estimated at $700 billion in direct costs and perhaps twice that much when indirect expenditures are included. Cost estimates vary ó Nobel Prize-winning economist Joseph Stiglitz puts the total cost at more than $2 trillion ó but let's be conservative and say it's only $1 trillion (in today's dollars)." 02-07
- Stock Market Meltdown: Some Advice (US News)
"Wall Street might be in a panic, but here's how you can keep calm and maybe even profit" 08-07