How One Woman's Home, and Dream, Foreclosed

Texana Hollis' son admits he stopped making payments

(NEWSER) - A particularly sad foreclosure story out of Detroit: Texana Hollis has been evicted from her home of the past 58 years ... at the age of 101. As if that's not depressing enough, Hollis and her late husband owned the home outright—but in 2003, Hollis' son persuaded her to sign it over to a reverse-mortgage company for $32,000. That money was supposed to help make home repairs, but Warren Hollis also bought a car and $5,000 worth of other things, WXYZ reports. Hollis was evicted after her 65-year-old son failed to pay property taxes to maintain the mortgage, the AP adds. ( Update: HUD officials are giving Hollis her house back .) More»

Uncertainty is the 'new normal' in America

(NEWSER) - For many Americans, "recovery" feels a lot like recession—and it may take a decade for that to change, finds the New York Times . At the current rate of job creation, for instance, it would take nine years to recapture jobs lost thus far. Home prices, meanwhile, are down 20% since 2005; even assuming 2% inflation, it would take 13 years for the market to reach pre-crisis levels. Everywhere, offices sit empty. More»

It's been a bumper year for BS from the big banks, writes Nomi Prins

(NEWSER) - As Wall Street happily trots off into 2009's sunset, same old bad habits in tow, things aren't looking so hot on Main Street—no matter the crocks the bankers sold us, writes Nomi Prins at AlterNet . Here's some of Wall Street's finest whoppers of the year.

• The economy has improved. "Sure—if you work at Goldman Sachs or had an affair with Tiger Woods," writes Prins. For the rest of us, unemployment is in double digits and next year is looking bleak.

Evicted owner takes Wells Fargo to court

(NEWSER) - After being evicted by Wells Fargo, the owner of a Rhode Island animal shelter wants a judge to force the bank to provide food and care for the animals—which he says haven't been properly cared for since Monday’s foreclosure. Dan Mackenzie has seen “total strangers walking off with his animals,” his lawyers tells the Providence Journal , though with the current cold snap, the welfare of the 136 animals is his utmost concern. More»

Ariz., Fla., Ill., Mich., and NJ among others facing crises

(NEWSER) - California has by no means cornered the market on enormous financial problems at the state level, with a report out today saying Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin are also at tremendous risk. The Pew Center sees widespread unemployment, huge budget deficits, and the ongoing foreclosure crisis as common factors—plus various constraints that keep many of the states from raising taxes. More»